All Forum Posts by: Elliot Mendoza

Good info to know then. I'll keep it in mind for the future, maybe I'll manage to sell my place for more than what I'm estimating.

So out of curiosities sake, since the timeline adds up with my current situation (deployment till september).

What would the actual cost of the buildings be vs the rents?

Also, would the only method of purchase be through convential means or would you offfer non-conventional financing?

This peaks my curiosity, of course I'm a no-name person in this industry but I am absorbing as much information and planning ahead as possible.

Joe Delia, I'm not entirely sure what you're talking about.

Lend to them? I'm not even sure where to start on lending to people for 9 months.

Thats good to know Xing Zhu. Wasn't aware that the liability is on the inspector.

I'll have my property double checked prior to selling then, figure if I fix it before trying to sell it, there shouldn't be any crazy 'hey this faucet is leaking, and I want 2 grand to fix it' costs.

Alrighty, I appreciate the info.

So realistic number I'm looking to walk away from my property is ~89k.

I guess the next question, with the numbers roughly looking like 40k+35k+89k, what should I do with about 164k to start? I have good credit but i'm willing to bet with the new quad purchase, my debt to income ratio will be a little high in order to make other large purchases on loans.

I do have approximately 60k in credit cards, but not sure how I feel about maxing out credit cards for stuff in general. I guess if the monetary outcome in the back end is really good, then it's not a big deal.

You mentioned flipping is work. Somewhat lucky for me, I live in north mexico (el paso, tx), so finding 'construction' workers is rather easy here. If i used all my own cash, I wouldnt need to use hard money lenders and could close fast(er?). I would just have to find a CPA versed in that sort of business from what I've been gathering on here.

Now aside from flipping, what other ways would be cash generating? I've read a little about purchasing non-performing notes (foreclosing loans to my understanding) directly from banks, but I' don't even have a clue as to where to begin on that and then what do I do after I have a loan from someone who isn't making the payments to begin with?

Thanks in advance.

Gotcha.

So I'll have to do some reading how this 50% formula works exactly, then figure out how to put it into my spreadsheet calculator (i love excel, it makes my life easier in so many ways).

THEN, figure out how to find such properties and finance them since i doubt 150k will be enough to do more than 1, maybe 2 good deals.

Incorporation?

Ah, well I was factoring 3% to pay a buyers closing costs and such, so would that be considered concession?

So my real adjustment would have to be increasing the commission to 6%, but everything else should be about the same.

So to re-correct my original numbers, i should be expecting approximately 87k then, sounds about right?

Well ****. I've got a lot to learn then.

Lol, guess I'll do some more reading. Maybe edumakate myself in the next 9 months before I start putting more money into things and end up screwing myself.

@Brandon Turner Hey there(just figured out how to tag your name right after i said I didnt know how to hah). I'm new, but I read a lot and am slowly becoming obsessed with absorbing as much information regarding these subjects as I can.

Maybe I'll eventually pick your brain some. I spent a few hours last week making an excel spread sheet for investing into quad's. If you're interested, maybe I can send it your way and tell me what you think, maybe let me know if i missed something or some way of improving it.

Any tips are always welcome.

They -are- building more on-base housing, but lets face it, 10-15k soldiers coming back within a 2 month span, and sure lets even say 1/3 of them PCS to another duty station or leave the army entirely within 3 months. The rest of them still need housing for their families. And even with the current housing development, it wouldn't be enough to support the sudden influx of soldiers coming back. They're also building more working buildings in general to expand bliss as well, which means more soldiers coming to fort bliss from other duty stations.

And yes, most soldiers prefer to live off base in general. More privacy overall and less people breathing down their necks about pretty much everything. I plan on making my properties pet friendly which will expand my market of renters as well, just adding an additional pet rental fee per month.