All Forum Posts by: Juan Reyes

Have you researched a checkbook IRA ? Purchasing property has interesting benefits (tax an otherwise) just make sure you understand IRS guidelines. And what your limitations are (for example when your IRA does not have enough funds, it is not as easy as just depositing more funds) definitely can be an interesting option if you are well versed in all aspects of it.

i would google real estate agents in the area and call to see what price range rentals are going for in the area. Maybe pretend to be a potential renter yourself, although I like to think most agents would give you an honest answer either way. 

I personally wouldn't, I love dogs but there is a decent chance that you will have damage. Maybe consider a higher deposit? could be an option or maybe consider getting a quote from an insurance broker for some type of landlord insurance. I am not sure if this is a type of covered damage but it doesn't hurt to ask

All depends on your marketing budget. There are several different ways. There is plenty of literature on BP that might help you, for example here is an interesting read https://www.biggerpockets.com/renewsblog/4-ways-generate-leads-work/

What is your exit strategy? will the property have rental income? you may be able to qualify for a Cash Flow Mortgage, meaning the mortgage is underwritten by the rental income for the property but most of these programs require an llc structure as well. Most times from my experience they will need an LLC. I am not sure I may be completely wrong, But I believe that it might have to do with lending laws to individuals vs business entities. ALL IMO

Depends on the terms of the HELOC, it sometimes can be a better option then other avenues. It would all depend on what you have available, what the terms are and what your plans are.

is he licensed ? check your local laws, in NY we are obligated to have certain disclosures and procedures to protect us from lawsuits. I am not sure what proof or right to lien your property he would have on a hand shake deal, and maybe you can come to an arrangement with him to make him whole for what he has done so far and you can both move on. 

Obviously none of this is legal advice or advice of any kind, you should consult a licensed professional to be sure. ALL IMO 

I haven't really seen your properties so I can speak specifically, However, part of being a good investor is being disciplined, and that accounts for the dreaded task of analyzing a bunch of properties before finding the right deal. Of course areas with high vacancy = higher risk = higher returns. Its all a calculated risk really but be patient something will pop up. 

know what to look for to avoid major money pits. Either learn how to check out a property and its systems or hire yourself a licensed professional (i.e inspector ) in whatever state you are in. Dont do this on every deal you look at only when your right about to invest your hard earned money. long story short do your due diligence. You can find alot of material online for free, learn some basic info to get a better picture before spend any money. 

I am not positive but I have seen a huge demand in multi family properties around my area. Coincidentally i have seen several lenders offer no income verification deals on multi family property. So low inventory might be because they may be more accessible. 

Of course just my opinion