All Forum Posts by: Ismael Ayala Jr.

That is great advice. Thx. Especially posting the same questions on multiple forums. I didn't realize that was a problem. Now I know better.

Would Someone be able to explain the process of finding selling financing through a wholesaler? What to look for, pitfalls, protections and contingencies to have in place for the investor perspective aand from the wholesaler perspective. What documents are absolutely needed. How to close quickly and efficiently. How to get a notary and real estate lawyer? Or is that all provided by a investor friendly title company.

I'm speaking from a new investor/landlord perspective that has not completed a seller financing deal.

It's a loaded question, so I'm okay with partial answers from you area of expertise as well. Thanks so much. 

Would Someone be able to explain the process of finding selling financing through a wholesaler? What to look for, pitfalls, protections and contingencies to have in place for the investor perspective aand from the wholesaler perspective. What documents are absolutely needed. How to close quickly and efficiently. How to get a notary and real estate lawyer? Or is that all provided by a investor friendly title company.

I'm speaking from a new investor/landlord perspective that has not completed a seller financing deal.

It's a loaded question, so I'm okay with partial answers from you area of expertise as well. Thanks so much

Would Someone be able to explain the process of finding selling financing through a wholesaler? What to look for, pitfalls, protections and contingencies to have in place for the investor perspective aand from the wholesaler perspective. What documents are absolutely needed. How to close quickly and efficiently. How to get a notary and real estate lawyer? Or is that all provided by a investor friendly title company.

I'm speaking from a new investor/landlord perspective that has not completed a seller financing deal.

It's a loaded question, so I'm okay with partial answers from you area of expertise as well. Thanks so much!

Hello, I'm new to investing and active in the market. I'm in the Tampa Bay area(Hillsborough County) and I'm trying to accurately calculate property taxes. I'm seeing taxes that are much higher than the actual property tax percentage of Hillsborough County which I believe is is 1.09%. 

I understand Zillow gives estimates and is not always accurate, however,  I've confirmed numbers through the county Appraiser website. But Im only able to pull up AD Valorem taxes but not non-Ad Valorem taxes on the county website which adds more to my confusion.

Would someone knowledgeable in this area be able to walk me through a live example? I'm doing something wrong and Google answers are not helping.

Would a unused, open HELOC affect my credit worthiness or increase the risk in the eyes of a traditional bank lender? I'm honing in on a townhome that's closer to work. I have 2 SFH. I live in one and rent the other for positive cash flow of $400.

After all is done, I would have 2 rental properties. And a townhome as my primary residence.  I'm leaning towards traditional lending withh the new home builder because they're offering 5.5-5.99% interest rate. 

Quote from @Theresa Harris:

If your tenants lose their jobs, then they should also be expected to move out of the rental.  Don't let their problem become your own.  Also the chances of two rentals having a vacancy at the same time is pretty low.  On the other hand if you truly think a recession is going to happen, why wouldn't you wait for house prices to go down to a buy a rental?

If an emergency happens, why not look into getting a line of credit set up now, so you have access to that money? 

I see your points, they're very valid. Would a unused, open HELOC affect my credit worthiness or increase the risk in the eyes of a traditional bank lender?

Quote from @Kerry Baird:

Immediate thoughts: is your rental on your taxes for 2 years? That will help counting the rents toward your overall income.  What is your attraction to this townhouse? Can you get a discount or add value?  Unless there is a compelling investment reason to buy it, I think I would choose to save up the extra funds.  I might look for a property where I can get a discount or otherwise add value, and have the extra cash.  

I do want to contribute a thought that, when I have enough reserves, three houses will pay for the 4th. When I add rental houses to my portfolio, the extra cash flow offsets a vacancy.  I consider one rental house to be much more risky than several rentals.  Another thought: I can keep going forward buying one owner occupied house each year, turning the last into a rental…

The draw to this townhome is that it is much closer to my job. And closer to our church I might add. Saves me 25 minutes of driving each way to work for a total of 50 minutes/day. It's affordable and less maintenance as a rental unit if I were to move again in 3 or 4 years. That's my thinking. I could then do section 8 for current home so that Id receive guaranteed income to protect myself from a market downturn,  if that were to happe . I'll maybe cash flow negative 100/month for a year based on Hud and housing authority rates. But I cashflow $400 in my other property to absorb that for a year or so. What do you think?

Quote from @Joe Villeneuve:

Quote from @Ismael Ayala Jr.:

Quote from @Joe Villeneuve:

Quote from @Ned Carey:

@Joe Villeneuve makes a good point. There are always great deals to be had. How easy they are to find will depend on where you are in the market cycle. 

 ...and, what market you're looking in.

 Hillsborough County, Florida

That's not a market, that's a city.  A market is defined by common properties, of the same size and type, within a specific area.  The size of that area is defined by how wide these common properties stretch out and are connected.

Okay, gotcha. I'm looking into the SFH market, 3-5 bedroom homes, and maybe townhomes.

Quote from @Jacob Sherman:

Have you looked into investing into section 8 ? 

I have. I will be learning more about it as I signed up for a class.