All Forum Posts by: Joas Espinoza

Hello Everyone, 

I am writing because I need your help. 

I was recently approved for my first FHA loan that I plan on using soon. I have the 3.5% I need to obtain it, however, those funds are tied up in another asset that I cannot access for some time. Would anyone know how I can navigate this situation, or have any tips for funding the 3.5% needed? Would appreciate the help?

So I’ve got about 16-20k in savings that I would like to use for a down payment on a property. But I also have some student loans (~38k) and a car loan (~19k). Should I pay off my debt before considering getting into a property? Or should I hold off on paying the debt and use the cash to get into a property? Any tips/advice is appreciated.

So there's a situation where a tenant has occupied the property for at least 10 years with no contract. Owner is looking to establish a contract without creating issues. How can one go about doing this? What steps are necessary to protect themselves from a potential lawsuit or other legal retaliation? Any advice, tips?

@Joshua Noth

This makes sense, thank you!

@Bill Brandt

Got it. Thank you for clarifying.

So I know that the 1% rule states that your property’s monthly income should be approx 1 percent of the purchase price.

However, let’s say I purchase a single family home worth 600k. Wouldn’t it be a little absurd to claim $6,000 rent? Assuming that no rent increases occur. How would this amount even be justified?

Or does this rule only apply to multi family properties?

@Bill Brandt

I’m probably missing something, but I’m so confused by these numbers. Can you explain where you got “$225” and “$337” from?

Also, are you saying that for the purchase of 2 x 100k properties with 50% down, there would essentially be a loan of 100k (200 x50%) which would be used on both properties?

Hello everyone. I am currently looking over homes that can potentially become my first rental property when I began thinking about placing a tenant in the building. I thought to myself, "Should I have the home first and then create a leasing-contract, or create the contract first and then purchase a home?" I would assume that by having a contract ready-to-go I decrease the time the property will remain vacant, potentially saving me some cash . But what if I create a contract and I am unable to qualify for or unable to close on a home? Who can I talk to in order to even begin writing up this contract? 

Would Appreciate some tips and suggestions from anyone that can help and has already gone through this process. 

I've been think about moving out of state to begin real estate investing journey. Mainly because my area is too expensive. Been thinking about Washington state around Seattle, Vancouver, Portland, or maybe somewhere along the outskirts of these cities. I would most likely be purchasing an SFH and would think about adding an ADU, or converting the garage into a livable area in order to rent out the main house. Would appreciate some input, thoughts, and tips! Or if anyone has some suggestions on what to look out for in this market that'd be great.

@Aj Parikh

Would definitely like to connect and talk more about the 2 properties you closed on and how that worked out for you!