All Forum Posts by: Jorge Duarte

@Kai Zhou 

First of, congrats on having the bug of Real Estate bite you! I have a feeling you know the answer to all your questions, but you only doubting a little of your potential. Like you have read on Brandon Turners book on Rental Property investing, at the beginning it will be hard because like he said or maybe someone else did but he took the quote, "its like a moving a locomotive, at the beginning it is hard to get it going, but once you have enough momentum the rest is history." Keeping you day job right now is crucial in order to get finance for a property, so keeping your job, reading on David Greene's Long Distance book, and using your weekends to plug in numbers for properties like you said in Idaho/Michigan, seems like a great lead measure. Once you get enough of that, I am sure you will find yourself signing on your first deal. 

You got this, best of luck Kai.

@Jeff Copeland

I didn't know that refinancing for an investment property would go only go as far as 4%, so refinancing doesn't seem to be the best of the strategies to take here now that I look at it. Paying extra towards the principal, sounds like my best option! Thank you Jeff I appreciate your advice!

@Cort Bacon

Yeah, the solar panels lease was a complete deal killer, when I found out about it. But I figured that if it was in a great location, with 4beds and 2bths, the house will always have good tenants in. With property management I am cutting even, but I am working on managing the property next year, and that would cause for the property to profit. I am just curious on how to make my mortgage payment a little lower in order to cash flow better, but with the market rent being already high enough, I'm afraid of raising the rent even more and losing these good tenants I currently have.

@Michael Craig

I Financed the property with a conventional loan with a first time home buyer down payment of 5%. I didn't need to live in the property for a year in order to rent it out, in comparison with the traditional FHA loan standards. And with respect to the loan-to-value ratio, as it right now it looks to be a little over the 80%.

I am currently renting my first property for $1100, I bought it with 5% Conventional down, $133,000 at 4.5% interest rate and my mortgage payment is $900 with solar panel lease payment of $140. I would like to get get a lower interest rate, in order to cash flow a little higher, and compound the return. With interest rates on an all time low, what are some things I should that I SHOULD consider before taking action? 

On top of Zillow and working with your realtor, driving around your desire purchase area would be a great way to find a distressed property. I tend to drive around using Driving for dollars, pin down the property, and when I get home I look it up on the county assessor's office and find out it's current situation. 

Hello Biggerpockets Fam.,

I hope everyone is doing well with our current situation. What best opportunity to get together as a community and network ideas for our future RE Empires!

My current market shows a high shortage of existing properties for investors to to either go with a fix n flip, buy n hold, or even BRRRRs. There are homes for sale, most are being sold at market value prices, leaving no room for investor friendly numbers. I understand funneling will be my best friend.

1. What are some strategies I can implement to effectively funnel through market value homes?

New constructions are in back order... I’m not an expert but I believe this means the house supply is short and demand is high?

2. Based on our COVID situation and my market picture, what would you advice me to do towards investing?

Thank you in advance,

Jorge

Thank you @Byron Scott and @Dane Tortalita 

@Greg M. The solar panels are being leased, they came with the property. And thank you I think I'm going to proposed the tenant the rent plus the solar panel month payment and sell him a rent increase option in there. Thank you once again!

Hello Bigger pockets family I just purchased my first rental property and I am now preparing the lease agreement, but I have a slight situation in my hands and your help! Do I include the solar panels payment on the rent or shall I just have the tenant pay it as a utility? The tenant is responsible for paying all of the utilities.