All Forum Posts by: Gabriel Ugarte

Please send me the details. 

[email protected]

Thanks

Welcome to BP. I am also pretty new in the industry and I am in your market. Definitely let me know if you find any good wholesale deals. Good luck. 

@Naseer Khan In regard to your post above. I had a similar question. I live in California and currently have a CA based LLC. I am flipping a property in Texas and thus far that is my only business activity. I know that in order for me to resell the property in Texas I have to either transfer the property to my name, register my CA LLC as a Foreign Entity or form a new Texas LLC. Do you think it's best to register as foreign LLC or create a Texas LLC with my CA LLC as a Member? If I do form a new LLC, does that mean I am subject to self employment tax twice?

I also recently purchased two buy and holds in Maryland under my personal name but would like to also put those in an LLC as I will purchase several more. Could the Maryland LLC also be owned by the same CA LLC or should I form another one? If so, could I potentially tax the Texas LLC as an S Corp and standard pass through taxation on the Maryland LLC or are all taxes filed through the one California LLC?

Thank you in advance and I apologize for any confusion if this does not make sense. 

Thank you every one for the warm welcoming. 

@Shawn Peden I have been researching for years on the markets that I wanted to target for both buy and holds and flips. My research consistently brought me back to Baltimore as a great starting point for my buy and hold career. The purchase price including rehab is under 100k in gentrifying neighborhoods and they should produce great cash flow. I do have family in New Hampshire so once I settled on Baltimore I made a trip out to visit properties, network and make sure I had made the right decision on who I thought would be my contractor. Everything seemed to align so I jumped in. Also prior to my first purchase I set up property management and 3 lenders that pre approved me for a refinance after a 30 day seasoning. The appraiser said that my first property should appraise for 120-125k after all repairs. I am all in at 85k giving me 30-35k in immediate equity. Market rent for similar properties is 1600-1700/ month or I can Section 8 at around 2100/month. The cash flow should be insane even after cash out refinance. I understand that a city like Baltimore has a rough reputation but its all about cash flow for me. When I am more comfortable I will focus on properties closer to home but those will be bought more for appreciation and I am not willing to take on that risk right now. 

@Kim Stofan I spend approx. 6 months putting together teams that I felt comfortable working with and where there was mutual benefit for everyone involved. It is risky, don't get me wrong. My realtor is my boots on the ground and I just got a full video walk through and pics of the property this morning. 

@Brentin Trent I have purchased in Belair-Edison next to the golf course and in Coppin Heights directly across the street from Henson Elementary School. I have been to Baltimore to visit my properties and get familiar with the area. From my research these are gentrifying neighborhoods. I really like Charles Village, Locust Point, Federal Hill, etc., but I am buying for cash flow and it doesn't seem that for the purchase price in those areas that rent prices do not make up for the difference. What are your thoughts? And please be honest with your opinion about the areas I have purchased in. 

@Al Williamson I have signed up for your email list and also look forward to meeting you in person sometime soon. 

Hello BPers, 

I have been a member of BP for several months now but have failed miserably at introducing myself. 

My name is Gabriel Ugarte and I am a new real estate investor from Sacramento, California. I purchased my first primary residence in 2012 and by mid 2015 my property had doubled in value. That's the California market for you. After I sold that property I realized the power of real estate and I was hooked. 

So at the beginning of June 2016 I purchased my first flip out of state in Fort Worth, Texas. The project is well under way and I should do decently well on that property. The same week I closed on my flip I purchased a buy and hold in Baltimore, MD. This property needs full gut rehab and is also well under way. I plan on using the BRRRR strategy on this property and have already lined up a lender to refinance. This week I picked up my third property also in Baltimore for a buy and hold.

I hope that by finally introducing myself I can make more connections. My goal from BP is to learn from experienced investors and hopefully build relationships and/or partnerships that could be mutually beneficial. My goal in real estate is to primarily focus on buy and hold opportunities with an emphasis on multi-family once I meet the right person to teach me that part of the business. I will also continue to flip properties both out of state and in Northern California. 

I welcome all connections and advice and hope to partner up with one of you some day. 

Respectfully, 

Gabriel Ugarte

Hi Sipo, 

I am also a newbie investor. I am out of California but started my investing career a few months back by purchasing my first flip project located in Fort Worth. I have also purchased two rental properties in another state as well. 

Anyhow, I would love to connect with you sometime and talk shop. I plan on doing many more deals in the northern Texas area and it would be awesome to form a relationship/partnership with someone like yourself. Good Luck!

@Andrea Stewart I would like to make the meeting next Saturday at Temple if it's not too late. Thank you.

Hello everyone,

I would love to join you at Temple next Saturday if you have room for me? 

Thank you. 

@Claudia Lambsdorff I am interested as well. I am a serious cash buyer. Please send me the list. 

[email protected]