All Forum Posts by: Joel Lopez

More then likely yes, you have to find a good deal to make it cash flow right now. Especially in the market over 150k. The 1% rule should help you find a house that makes sense. But I would ask around to make sure these are the numbers in your specific area. Side not houston is around 9% vacancy. And conservative people normal do 10% maintenance, 10% cap. If this house is newer or your remodeling you can lower these numbers. Also I’d recommend you manage your property’s to start but it’s a good  idea to calculate for it anyway. Have you considered how much equity your going to put into the property. Use the monthly payment for the actual loan amount. 

@Kobe Xin From the perspective of someone who wants to get my license. While I don’t really want to sell houses, I think it’s a plus. You don’t need access to the mls to find deals, or to run comps, understand contracts, or make connections. But from my agent friends it definitely seems to make it easier.

I’ve been running numbers, and to make a deal work for me I need a property in Houston, TX. That meets the following criteria. Do you think it’s possible to find this deal?

Purchase Price: 80K

Rehab Cost: 40K

ARV: 165k-170k

@Jesus Roman I’ve got an awesome lender, idk credit score but rates as low as 3.25 rn. I think you might have some difficulty finding a duplex in your price range but you never know. Message me for his info!

@NA NA cash flow 500? Only minor upgrades. That’s crazy, good job!

@Darrell Wallace How long is your construction time frame? I have an excellent lender but again I dont think a traditional lender would do this. It seems like hard money is your best bet if you can qualify for a regular loan after I don’t see why not. But then again your timeline is very important. I’m sure their are hml for 9 month periods.

Following

It kind of depends on what you are doing but generally. Get your inspection as soon as possible. If financing get all your paperwork to your lender. If it’s a fixer up maybe get a contractor out their see what your going to need to spend. Lots of ifs haha it kind of just depends. 

@Andy Webb Never seen a investor this way, do you recommend who you worked with. Do you think I could get their contact info?

@Jake Collins Sounds interesting, do you plan on doing upgrades to the garage to make two separate units? Or are the sharing the common spaces?