All Forum Posts by: Julio Garcia

First congrats on making the decision to use real estate to build on your goals. Second, do your research. 116k can fly fast in a bad investment. Learn as much as you can-podcasts/books. Don't feel rushed to start.  Do research on different niches. Possibly if you can find a mentor, it'll change everything for you. 

Advice- Something that really helped me was analyzing a property a day. I'm a buy and hold guy, so running numbers on a long term rental is what I did for about 3 months straight. Just getting practice and comfortable with the numbers. 

Lastly, find a REi in your area. put yourself out there.

Best of luck. 

Find a new realtor- shop around. I've learned through the forums that a investor realtor is the way to go.  There's a saying around here like 'if your realtor isn't embarrassed by your offer then you're offering too much." 

side note- find other ways to generate leads- on market deals are the top f the market, they tend to be most expensive. Look into a mail campaign or driving for dollars. Best fo luck 

Welcome Nick! way to take steps towards your goal. 

legal part is the Lease itself.(I'm sure more experienced landlords will tell you there's more to it than that). but Within it you can put the rules/expectations/when and how to pay rent. if you're ok with cash, then cash it is, YOU are the landlord, you set the bar. 

Get a leasein place, track that income- I use avail and stessa. Make it pretty, so you can present it to a lender.

Second questions, my lender told me I have to wait at least 1 year-1.5 year before renting it out and going for another deal. I'm sure if I shop around a diff lender will tell me something diff.

Advice- Do your due diligence when it comes to tenant screening.

FHA is 3.5- 5% down. As long as you have a w-2 job you're good up until a certain amount of rentals.

I use stessa and Avail. They're great 

I'm sorry your in this predicament to begin with. Tough situation. 

From a numbers perspective, oh yeah! buy him out and rent it out.  

Biggest advice, get a lease in place and due diligence with tenant screening. Find someone you can trust (and i use trust loosely)

In my neck of the woods, ppl who seek rooms to rent aren't the most stable. Best of luck.

Have you reached out to hard money lenders?