All Forum Posts by: Jose Salcedo

Exciting times, congratulations. Best advice I can give you is to stay over 1.2 DSCR and shoot for 1.5 or greater.

As long as foreclosure procedures have not been started then you should get a purchase contract in place, secure a title commitment with the firm of your choice, and have them get the payoff on the current mortgage and any other possible liens on title such as property tax liens.  I hope this helps.

Best advice I can give is to aim at the larger market place.  If the smaller 3-2 sold that fast, I suggest keeping the 4-3 count.  Good luck.

Trust yourself and walk away.  Never convince yourself to do something that doesn't feel right. Make sure you perform the right due-diligence on the next project and do your risk assessment.  Best of luck.  

Well done, you kept your personal feelings aside and succeeded on weight-in the risk, made your adjustments and now you have started a great business relationship. Upfront communication and honesty is the best cure.  Stay sharp and get the next property going!

I would ask "ready to sign guy" if this is his best offer because you do have other parties interested.  Once you have that answer revisit your options.  Two other parties performing their due diligence can be asked to submit an offer sooner because you are making a decision by the end of the week but I would advise against it if your "ready to sign guy" didn't performed his own due diligence then I'll just say wait.  Best of luck!

Market analysis can be managed from afar but it requires the right team.  First time investors should be involved on every aspect of that investment to gain a true understanding.  In order to grow you should be able to trust your business partners so you can hold everyone accountable, including yourself. 

Would you be looking for a line of credit or a mortgage loan?

That's how you get it done. Good job!

Before!