All Forum Posts by: Emanuel Vega

Welcome to BP @Peter D'Auteuil the forums have a great amount of information and people who are willing to share their knowledge

@Neyva Raya Hello, thank you for reaching out. I would like to connect & talk more about REI but I wont be able to make it to Cincinnati on that day unfortunately, I also wanted attend the meet up Joe F hosts.

@Aliz Raksi Hi Aliz, how is the search for investment property going in Cincinnati?

@Scott Lyons Hey Scott, I would like to connect with you as well. Are you investing locally?

@William Lynam Sure wil! 

Hello BP community,

It recently occurred to me the value I can contribute and solutions that can be found in relation to good quality general contracting work that will be up to code and pass any inspection. I am a local union electrician for Alameda county and have been building up a list of contacts of the tradesmen I met throughout my career and got along with on the job site, these individuals specialize in their own trade and are trust worthy people in general which was a big reason we got along. Then it hit me, I am diving into out of state REI and I understand how difficult it can be to find reliable construction workers who wont take your money and run. I believe I have an unfair advantage when it comes to finding the best person for a specific job, due to being on union job sites all around the east bay daily. My contacts range from electricians, plumbers, carpenters, HVAC, drywall, mud and painters. I am still working on building my contacts daily to exterior work (stucco), stone work and more but construction in the bay area is a small world and can find anyone needed.

I am looking to build local connections and get to know more from other local investors, as I would also like to add value to whoever is interested in building a mutual friendship. If you are in need of reliable and professional workers feel free to send me a PM here on BP  

I've just jumped in the local Oakland real estate forums and I would like to chime in here, perhaps find some solutions for those in need of quality work. A little about me I am a local union electrician in Alameda county, being on the job site daily gives me an unfair advantage with other local union trades in the whole bay area. I started building up contacts of good quality workers from all lines of work including, electricians, carpenters, plumbers, HVAC, drywall, painters you name it and if I don't have the contact ill make it a point to find only the best of whoever is needed on the job. These tradesmen are union and do work that is up to code and can pass any inspection, each individual specializes in their  career and I would be more than happy to give these good people side work. I am not a GC but more than happy to provide value to the local BP community with what I have to offer. 

@Emily Refi checking back in with the post, I've gotten in contact with local lenders and they are all telling me the same things which leads me to believe finding the right lender with good financials as @Ned Carey mentioned will be most important. My main concern is to protect the assets of my private lender, I need to look further into this due to them possibly having to be on the loan and would like to avoid that due to them possibly being caught in a litigation dispute down the road. Trying to move forward with the best legal protection without the seasoning period. Being new to investing I don't have the best financials but I would like to start with a strong foundation, will be looking for a solution to this and update the post then 

Hello BP community,

I am currently seeking property manager recommendations in the Cincinnati Ohio area, I am new to the market and would like to start investing here as the returns seem better. Searching for small multi families of 2-4 units in B class properties, l am also looking to connect with anyone from the local area as well here on BP. 

@Slocomb Reed I definitely am looking forward to flying out there and meeting the local investors in the Cincinnati area, will keep in contact in the meantime! Hope to see you one day soon

@Ned Carey I see, Initially I went with my local credit union for the pre approval and found out they had a minimum loan amount where the closing costs could not exceed either 5-7% of the loan value but the person I was in contact with mentioned the pre approval was good for 3 months which now I see that can differ from a hard credit inquiry through another lender I searched for with no minimum. 

What they meant by seasoning was having the funds sit for 2 months in my account, my partner is going to be a owner as well. But I did not ask if HELOCs would require seasoning, I have cash in my account that I got from selling a car and pulling from stocks at least the stocks withdraw has a history.

My partner is worried about protection of his assets so we are looking to just have myself on the loan and us workout payments and dividing cash flow, we will eventually transfer the title to an LLC with both our names being split 50/50 in the company. I understand having adequate insurance is crucial to having protection from lawsuits and have been looking up the best way to go about this, what do you recommend in this situation? The due on sale clause can be triggered when transferring the title but we just want to go about it the best way to be protected going forward

@Ned Carey Thanks for the input, I’ll be sure to look for local & community lenders in the area. I got pre approved with a lender that requires seasoning but since I already have gone through the initial hard credit inquiry I believe There Is a 3 month time frame when I can “shop” around for other lenders without triggering a secondary hard credit inquiry is this correct or does this vary through the lender as well? Thanks again

A private lender and I are going 50/50 on a down payment, I have cash & my private money partner is using HELOC funds and I am wondering how we can legally go about using our cash ASAP without a 2 month seasoning of funds. We would eventually start an LLC before we close on a property. I know through traditional loans the banks like to see a seasoning of funds for 2 months but I would like to be able to offer on properties as I am already pre approved just need help with the additional amount needed. What are my options here? I would hate to sit around to let the seasoning set, I am seeing deals that would make sense and they go to pending because I don't have the entire amount. I know I can have a contingency for financing depending how motivated the seller is but I would like to know what I can do in this situation. I ordered the raising private capitol book bigger pockets just released but wanted to ask the BP community