All Forum Posts by: Giovanny Garcia

Hello Arlena, I am new to the Nashville area, more specifically the Clarksville area and was looking for any Meet Ups in the area.  I assume this is a women only group?  Happen to know of any other groups in the area?  I thank you in advance.  

@Mason Magness financing multiple properties often intimidates people but it really is not as difficult as one would think. I suggest talking to lenders directly to ask what they’d like to see in order to qualify an loan. Being that San Angelo is so small, start off with the smaller local banks, versus huge corporations such as Wells Fargo or Bank of America. However, lenders are looking for generally the same things. Your debt to credit ratio as well as your debt to income ratios are very important, along with your credit history. Your debt to income ratio will benefit from the potential rental income that the rental property will produce and they will certainly that that into account.

All that is said to again, just communicate with local lenders, banks, credit unions, etc. to exactly what your plans are and what they need from you in order to make that happen.

@Taylor Watson how’s it going brother, I am stationed out of San Angelo, but overseas at the moment. I’d love to chat in the meantime and when I get back, hopefully this summer we can link up.

What size of a property are we talking here?  I ask because I have only dealt with 2-4 unit properties at this point.  But I believe the analysis is still the same it is just the Cap Rates for larger properties which I have not yet fully understood how to calculate and what makes a B Type versus a C Type etc.  

I would use rent-o-meter, local property managers, and call similar apartment complexes to see what rent is priced for similar properties in the area.  With that information do the math to see what a property of said size would generate and thus what you could buy it for and still make a profit.  Using the calculators here on BP would be a huge help in this process.   

Hey Nathan, welcome to town.  I was in San Angelo and will be returning mid next year.  Check out the FaceBook Group "San Angelo's Investor & Entrepreneur Network" they may or may not still be doing monthly meet ups.  

Hey brother, have you seen or been to the Meet Up?  The next one will be on the 17th.  Nonetheless, I am not certain but I believe @Amy Zetzman could bring some value to this discussion if not at least know someone who could.  

@Sarah Elizabeth Andersen

This is great! I can certainly relate on the procrastination piece. I also held off on completing the hard wood floor refund in my most recent remodel and essentially threw about two/three months of rental income. We live, learn, and adjust.

 Hey Eduardo, I was creating this for my own profile, I had no idea it would post as a thread so I do apologize for the extremely late reply.  I have since updated my original description of the deal. 

Absolutely, this is NOT a Cash Flowing property and it is in fact on the higher end of the market.  I did not purchase this as an investment property but as my primary residence, before I had any idea what made a good real estate investment.  I purchased the home for $177,500 with zero money down.  The first 6 months of owing the home was great!  My mortgage payment was $900, due to it being new construction I was only paying taxes on the land, not the structure.  I got a rude awakening around Feb when the next years tax assessment came in, bumping my  mortgage payment to about $1,100 a month, now taking into account 70% of the home's value and then again the following year taking into account 100% of the home's value making my new and final mortgage payment $1,300.

The rent has gradually increased over the years, but not enough to cover all expense.  As of today the property rents for $1,275 a month minus my property manager's fee (10%) I collect $1,147.50 making my monthly Cash Flow -$283 taking into account 10% for vacancy.  I do see the rent covering the entire mortgage within the next two years and becoming Cash Flow positive within the next three to five years.  I am also taking into account appreciation due to all of the construction in the area finally starting to slow down after they have built various shopping centers, gas stations, cash washes, etc. and the ever growing population that Fort Bliss brings to the area.

Lastly, although yes the rent is on the higher side of the market, it is not unreasonable or over priced.  It is actually quite conservative for the area and I have never had the home vacant for more than three weeks.  So I have been extremely fortunate in that regard.  My property manager who is great has also made a tremendously effortless to hold.       

Hey BP! I am currently in the processing of purchasing my first ever property in the state of New York and my first REO property. To add to it this is also my first Long Distance Investment.

So, my actual question is. Do I need an Attorney at Closing? All my investment at this point have been in the state of Texas which is not an Attorney State so I’ve never used an Attorney at any point of the transaction. What is the need for an Attorney and do I in fact NEED one? I already had a Title search done and have Title Insurance, everything is clean.

Thank you in advance for any input, it is greatly appreciated.

Investment Info:

Single-family residence buy & hold investment in El Paso.

Purchase price: $177,000
Cash invested: $20,000

My very first real estate purchase. This is a 4/2.5 SFR in Horizon City, Texas which is often just roped into El Paso, Texas.

What made you interested in investing in this type of deal?

I did not purchase this with the investors mindset, I simply thought it was a better alternative then to rent.

How did you find this deal and how did you negotiate it?

This was in a growing part of town that had multiple developers in the area and this one caught my eye.

How did you finance this deal?

VA Loan

How did you add value to the deal?

Backyard and Front yard Zero-Scape
Concrete stain in both the Garage and Patio