All Forum Posts by: Jonathan Soto

Don't assume on the rehab price, get a GC to come take a look at it if you are able to then with that number you can make an offer price. Check out what other properties which are up to date selling for, than can also help on the offer price. go for it and be the first in line for the offer.

Go to meetups in your area constantly and Network. Use an FHA loan to purchase a 3-4 unit to house hack. Self educate yourself constantly for you can be better prepared once you purchase your first home. This is a Network business, put yourself out there and continue to meet new folks as you never know who can help you go to the next step.

Best of luck.

Welcome aboard. Best of luck on your move to TX. Start connecting with Realtors in the Texas area for you can begin looking at properties once you arrive. Look at the price range for multi families and make sure you have the capital to reach it plus reserves. Best of luck.

I will suggest to speak to your lawyer but I don't see an issue as the last tenant is breaking their lease and you are putting in another tenant. Why would you pay the tenant a refund, are you paying the same amount the new tenant will pay? that would cross themselves out and better off waiting the next month to rent.

Those numbers are pretty close as you will have to take into account maintenance, cap ex, vacancy and other expenses. At the end of the day you would be negative paying for a bigger home. If your goal is to own 10 properties why don't you use the refi cash to purchase a 3 to 4 unit in your area or surrounding area and that will cash flow to help you grow your portfolio. You shouldn't move up in house until you can have your tenants paying for them. Only my 2 cents, everyone has different ways to reaching their goals.

Best of luck.

Does it need work? are you able to force any appreciation to the property? the only way you can refi if you can force appreciation by adding a room for example. Are properties in your area selling for the same price range? IF so you may not be able to refi unless there is big price increase in the market around your area. If the property does need work and you are able to refi 70% ltv I will suggest partnering up with someone experienced and getting a hard money lender for this process. 

If you don't want to go the partner or hard money lender route, your only bet is to put your own money and use the cash flow and your savings to purchase properties when you have the funds. 

It all depends what your goals are and what you are comfortable with. 

Best of luck.

Speak to a local bank, they usually look at your DTI and see if you can qualify for a heloc. How much equity do you think you have? Most banks only allow a loan of about 75% LTV.

I would say continue to network and grow a team. if you have the capital for down payment and the income for a multifamily in your area then go for it. Banks look at the last 2 years of income to see if you qualify for a loan, not sure of your income in that time but speak to banks in your area to find out. Find an agent in your area who is an investor and they can also give you some great tips on how to proceed. continue to go to meetups in your area when you have the time. Best of luck.

Try partnering up with someone, a big rehab on your first deal and make or break you. There are many unknowns which can ruin your deal. Best of luck.

Congratulations on getting your license. My wife and I are currently investors and are looking to get our licenses by the end of the year. keep up the good work.