All Forum Posts by: Ivan Loza

@Jarod Dudley I’m quite clueless as to how escrows work. That’s what I’ll be binge googling next. I do know I received a check recently for over paying at closing, maybe that was part of my escrow 🤷‍♂️

I wasn’t aware of being able to defer one’s mortgage payments when refinancing; that’s a hack I will not forget, thanks!

@David Stone thanks for the push! That’s what I’m leaning towards, I like the idea of increasing the velocity of my money.

Only thing holding me back is the thought of the appraisal coming in under 150k. At which point I wouldn’t move forward with it, but I’d be down 500 bucks

One of my properties has appreciated roughly 30k in 1 year; should I do a cash out refinance?

I bought the property for 124k in a pretty good neighborhood in Dallas from a very motivated sellers who inherited the house. Redfin, Realtor.com and my realtor all agree that it is now worth somewhere in the 150k range. It’s also worth noting that those platforms still have picture of the House from before I beautified the kitchen, restrooms and added flooring and paint to the entire house.

After calling about 20 banks and mortgage lenders I found one willing to c/o refinance @ an 80% LTV with a 5% interest. This would reduce my monthly cash flow by $150, but give me 18k or so after closing costs.

The 18k combined with my current savings would free me up to purchase my next rental now. Otherwise I will have to continue saving and wait until around January for my third rental. What would you do?

If it helps, I’m 25 and my ultimate real estate objective is to generate a medium class salary equivalent through cash flow by age 32. So even though this would cut into my cash flow today, could it potentially increase my wealth and future cash flow.

@Ronnie Hutchinson last week I put a house for rent on instagram, fb and snapchat. I offered my followers a bottle of tequila to whoever found me my next tenants. 15 screenings and only a few hours later, I had the deposit and first month’s rent in my bank account. All it took was a 30$ bottle of tequila lol

@Sam Sindane it’s when you buy a property as a primary residence and live in one of the units while renting out the others. The objective is to live for free or at least at a great discount

@Jason Forgey I live in Oak Cliff, but have and am open to properties anywhere in the metroplex.

I don’t trust myself with the contract and title screening so I would definitely need a real estate attorney if I find my deals through wholesalers from now on.

@Lydia T. I will dm you!

@Lydia T. You’re right, business is business. I’ll begin shopping for dallas area wholesalers

@Lydia T. Do wholesalers take care of all of the paperwork as well or would my realtor still come in and take care of the contract, title screening etc?

I would feel bad abandoning my realtor who has been nothing, but kind to me lol

@Anthony Kwon Yes definitely keep me updated and don’t hesitate to reach out if you ever find a great deal that needs more capital. Best of luck!