All Forum Posts by: Eric Guerra

Hello Every one. I am in a similar situation and need some ones opinion. I am currently procesing an eviction for failiture to pay two months of rent, how ever this is an inherited tenant from when I purchased the property whom I dont have any social security or ID information of him just his name. I will get him evicted and get a judgement on the owed rent. How ever, any ideas on how to get his info to hire a collections agentcy and get my money back?

Thank you for your commen  Karen I apreciate it 

I will move on,  I got a property in mind.

Kyle thanks to you as well  for your opinion.

You have brought up a great point about if the tenant leaves I would have to reinburse that money to tenant. I guess in the event this would happen I would have to pay out of pocket and it wouldn't feel good. 

What would you do to move foward ? 

Jaysen; Thank you very much for your opinion.

My original Idea is that if I owe 69,000 and I pay down 30,000  that leaves the mortgage at 39000. Increasing cash flow a bit once I refinance, and at the same time since the property is worth about 105,000. I have 20,000  plus 30,000 pluss some equity that the property gained when i fixed it. Would be 1 or may be 2 downpayments on cheaper properties  rather than using 30,000 on 1 new property.  (I guess if I pay the property as soon as posible I could use it as a piggi bank to keep puling the equity out and keep growing the portfolio.) But again its just a crazzy idea Im still green at this. 

Hello people. 

I gave 20,000 for a downpayment on a 92,000 single family home its now worth about 105,000 I now owe 69,000 property cash flows 150 a month, how ever tenant paid one year of rent up front which is 15, 000 adding it with my savings equals (30,000) I have an other property that can cover this house payments. Now should I dump it to the principal payment of the house to reduce amount owed  and do a cash out refi ? or should I leave that alone and invest that money in new property? I would like to read your opinions.

Hi Adriel my name is Eric Guerra I am originally from Brownsville Tx, I have one investment property in Beaumont. I would only be intrested in properties north west of I-10. 

Hi Zachry good morning, im in a very similar situation as Joe exept im in Houston area, could you further explain this prtion? And give an example I dont understand why he wont cash flow at 3% down 

One very important factor. On most deals, on market or off market, 3-5% down will not be enough to cashflow positively in the Austin area. The rents are behind the property values. If you intend to live in the property your bills will be reduced, no doubt. But 3-5% won't yield a low enough mortgage for you to be profitable on the vast majority of deals.

Hi congratulations to you and your partner on this awesome flip you all made an awesome deal.  I have done three renovations on houses smaller than this one, and I have used my money and even my credit cards to do so, could you tell me if you used your own money to do this? or if you borowed could you share some tips, money is holding me down I dont have or know alot of people, Im kind of new to BP. Thanks and congrats again keep doing what you do...

Hi Arriane, Thank you so much for your guidance, huge help. I currently live in Stowell, Tx its small town Hour and a half east of Houston , all my rental properties are curently located in Brownsville, TX south border, Thanks for leting me know about Jerry as well.

Hi again 

Well what I ment when I said that my 3 houses were on a lease was that they are currently under a rental contract. The bank told me that I canot get a home equity loan if they are under rental contract, as well they told me that if I wanted to get the equity loan that it could only be thru my current place of recidence and one vacation home. So I said ok I'll put my house down and then pick the most valuable rental property as my vacation home to get a bigger loan. How ever I live in 8.6 acres of land and a single wide mobile home and they said nope, we dont do mobile homes, I said what about the land its all paid off and got value, they said nope, then I said well what if when my contracts end I put my $65,000 house as my primary residence and the ,$25,000 house as my vacation home and they said I can do that as long as all bills are in my name and its not ocupied by tenants. So no more cash flow.

Its not too good of an option since I will not be able to receive rental income, plus I will need more money for the down payment since its just than just two of these properties. So I got this question. Do you think is posible that I could get some sort of loan putting all my paid off rental properties, while being rented and to be able to  include the place where I now live in which is also allpaid off ?