All Forum Posts by: Diego Alvarado

Hi @Joehn B.

This is very informative but I have experienced similar situations. 

The first thing is that your friend reaches out a real estate attorney immediately. If you need a reference in DFW DM me and I can provide you with some.

There are many pieces of the puzzle when it comes to domestic violence and lease agreement so it could go many ways and it is better to get professional help quickly.

Hi @Tricia York

This is a major reno. I would say to be very careful with the estimates and request few quotes.

I had the situation that a pool refill won't be that expensive and turn out costing around $35k.

Let us know how it goes.

Hi @Axel Corado

Welcome to real estate investing.

The option that has the lowest risk is house hacking but that will also depend on the market that you are.

What is your market?

Have you collected for your down payment?

Hi @Joel Clifft

The cash on cash in this property based on the numbers that you shared is 15% so it seems to be a good investment with the little data that I have, even though the GBR formula gives 11% which I believe is the reason Travis won't invest.

One thing is that you look monthly estimates from different tools such as AirDNA, AirBnB, etc. I have seen that sometimes they are off on the estimations depending on the location.

Your calculation will depend on the amenities that you have in the property against the other properties in the same location.

Hi @Troy Anthony

Reach out and I can recommend you a few insurance agents that works with commercial policies. I always recommend to shop around and get feedback from multiple insurance agents.

Coming to your questions, in Texas it counts as a long-term if more than 30 days, but the rules are put by the underwriting insurance company so that will vary depending on who you go with.

Hi @Matheus Souza

Your strategy depends a lot on the market that you are at.

House hack is a great option in most market now a day because the increase on mid term rentals and rent by the room opportunities, so it is one of the ways that you will grow the most your savings for your next investment.

Rentals are tricky, if you can't invest 20% of the property value, that will let you cash poor and won't provide you enough cash flow to save for the next one.

Hi @Rick Albert

Wholesalers are the main ones that you have to be careful. There are a lot of fraud around and these are the ones that are more open to it.

You always have pros and cons, a renamed wholesaler will bring you a lots of deals that won't work in the numbers. The cost are high.

A new wholesaler could bring a lot of issues in the transaction.

I have experienced both situations so your due diligence is the most important in the process  Saying this, if you are doing a out of state investment then I would recommend you to build your team at least with a contractor and agent locally that will go and tour the property so you reduce the risk.

You always have to find ways to reduce the risk on the investment.

Hi @Mahmudul Shoikot

Fort Worth is having issues with rentals overall. I have listed multiple properties in the area and to get good tenants take time. In some cases it could take 4 to 6 months. You will have a lot of interest and applications but they won't easily qualify.

If you want to exist, the best solution is to find an investor that will accept seller financing. The prices that you gives you a good idea of the current price. Fort Worth was one of the areas impacted for the downturn this year.

Hi @Mike L.

DSCR loans may work in this case but none warrantable could mean other things too. Texas has a lot of condo complex that not even a DSCR loan will be accepted because of the state of all the buildings.

Make sure you walk the property and you won't have other issues on the condo.

Hi @Blake Armstrong welcome to BP and to the real estate investing world. 

There are many REI Meetup in Dallas. It will all depend on where do you live and what time are you available.

I like to join Rooted meetup once a month. 

finding a mentor is more difficult there are different online groups that I could recommend you if you are willing to put the time and money on them