All Forum Posts by: Jose Botello

thank you all for the great information. the only way the owner will sell at this price is if i do it with the partner, my partner and the owner are related. the current owner has been a maintenance guy at a local business so he has maintained this house pretty good given its age. the house is located in a very small town next to the police department, which is located in i would say B class area. He wants to sell just because he is getting old and wants to not have to worry about the house, he doesnt need the money.

Ryan, thank you for the insightful information. there is a lot to learn and we're just trying yo make sure we set ourselves up for success

Looking at purchasing a first investment property. This would be with partner, both of us 1st time investors. 

Do we need an LLC to purchase the property?

What kind of loan should I be looking at commercial? Residential?

Insurance? What type and how much? 

A partner and i currently have the opportunity of purchasing a 4 bed 2.5 bath house with existing tenants. the seller is a close family friend that has had the house for about 14 years, he has had the same tenants in the house the whole time. He says they have only ever called him maybe a handful of times in those 14 years. it is an elderly couple in their 70's they always pay rent on time and don't mind that the house is outdated. 

the house was purchased at $31K when the owner bought it. he is wanting to sell for $39K. house has 7yr old roof, 2 yr old furnace, PEX upgrade through whole house and painted the outside about 5 years ago. He also mentioned the house was appraised a few years back for $80K. 

it is currently is rented for $550. at a purchase price of $39K i feel like its a decent deal considering the market. 

am i missing something i should be on the look out for? 

how do i go about for insuring the place if we do buy? 

any other advice is appreciated as this would be our 1st deal! 

thanks in advance!

Thank you guys for the advice! I may move forward with it and buy my 1st investment/house back property! 

If I purchase a duplex and live in one side and decide to renovate the side I’m living in. Can I write off/ deduct my expenses for the renovation?

I would be doing this to be able to rent it out in the future at a higher rental rate. 

Considering a duplex as a primary and rent out other unit. How do interest rates play in this scenario? It would be a primary home but will I have to pay higher rates because it’s a duplex?

As we all know, the market is crazy right now with rates and all but I have been wanting to start investing. I’m considering renting my current home. The downfall to that is that it’s in a small town with absolutely nothing to do. The town is not the greatest I would classify it as a Mid to low B. To get to the closest Walmart or hospital is a 20 min drive. The house is a 3/2 with a full unfinished basement, upstairs is about 1900 only 4 years old. Payment is just shy of $1500/month. 

My question is, is it worth trying to rent the house out or should I sell and try to get into a fixer upper in town where there’s more to do?  

Hello! There is some land near where I live that came up for sale. I feel like I remember hearing one of the podcast or somewhere that the appraised value of timber on the land can be used as down payment for purchasing the land. Am I totally making this up or does anybody have any information?

Are used to live in Cullman back in 2021 and fell in love with the Huntsville area. Wanting to get started in real estate in that area and I'm thinking that my best option is either fix and flip or BRRR. Is there something achievable in the area looking for any advice?

Thank you!