All Forum Posts by: Jorge Gonzalez

Hi Robin, this estimated PITI at $4400 already includes conservative taxes at about $11k per year.

Hi everyone, I have a duplex in Dallas, Texas that I'm looking to cash out refinance. I'm looking to see if there are any DSCR or private lenders that lend at 80LTV terms. LLC is in place and credit score is 740+ experienced investor with 7 properties. Thank you in advance ! 🙏🏽

Estimated value = $650k

Estimated rents = $5,500

Estimated mortgage (PITI) = $4400

Debt service is at 1.25. 

Would love to establish relationship with a lender that offers this loan product. 

- Jorge 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $600,000
Cash invested: $80,000

BRRRR Duplex in Dallas, Texas. Purchase Price $370k. Rehab Cost $125k. ARV $600k

What made you interested in investing in this type of deal?

This was an off market deal that will cash flow even at the 7% interest rate

How did you find this deal and how did you negotiate it?

Off market wholesale deal

How did you finance this deal?

Hard Money Lon

How did you add value to the deal?

I completely renovated all cosmetics and some CAPEX. Purchased distressed property as an off market deal.

What was the outcome?

Purchase Price $370k. Rehab Cost $125k. ARV $600k. Cash flow will be $1500 monthly.

Does anyone have any BPCON tickets they’re willing to sell? Willing to pay a premium! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $450,000
Cash invested: $95,000

Small multifamily purchase with Projected Rent on this property is $4k, with opportunity to make this triplex into a fourplex to increase the value and cash flow of the property. Ton of commercial multifamily and luxury townhomes being built around. Excited about this purchase.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $450,000
Cash invested: $95,000

Congrats on this flip. How much do you have to fund from your own capital with a HML? Do they fully fund acquisition and construction costs?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Dallas.

Purchase price: $355,000
Cash invested: $100,000

My business partner and I purchased a duplex in the DFW area, traditional investment 25% down. We will be splitting costs and profits down the middle.

What made you interested in investing in this type of deal?

There is a potential value add to force some equity and it is located in a very prime area that we anticipate future development nearby.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

25% down using my own and my business partner's capital.

@Bryan L. Ramirez Hey Brian! I'm also from Riverside and moved to Dallas to specifically house hack, it gives investors the opportunity to qualify for as low as 3% conventional for first time homebuyers or 3.5% for FHA, as opposed to doing 20% down for a single family or 25% down for multifamily here in Texas. I visited Houston, Dallas, and Austin before making my way to Dallas, it has strong appreciation and some cash flow in certain markets. You'll find some great multifamilies here for high $300k to $500k in Dallas. There's still opportunity, but it is very competitive, so act fast when you see a property that meets your criteria come up. Off market is also a great option as markets are really hot all over Texas.

@Brandon Gurrell There's still opportunity out there, so the first step is to not lose hope! I've purchased all of my properties on the MLS with tons of competition, I'd suggest keeping a close eye on every new listing that meets your investment criteria and act quickly. I've submitted competitive offers even minutes of it going live on the mls and has been accepted. Even in this crazy market, you have to scout for properties listed under market value based on comparables, it's one of the ways I haven't paid over market value and still have been lucky to have some equity upon purchase.

I have a multifamily duplex under contract right next to white rock lake, but it did require going $40k over asking, but it will still get me my targeted 8-10% CoC. The 1% in the dfw area is almost nonexistent unless you go in the outskirts of the Dallas metro. There will be few opportunities for 1%. Best of luck on your search, and stay optimistic and keep on submitting offers.