All Forum Posts by: Leonel Castellano

@Patrick Britton

They take into account the rehab, find similar house with similar renovations and then base the price off of comparable houses in that category. Is that correct?

@Brandon Turner

Thanks for the webinar last week on rental property investing. I can't wait to get started. 

I feel like next steps is to get my financing in order so when I find a property I can take action.  

@Patrick Britton

I had an understanding of the rental income needing to be more than than the mortgage for FHA loans. I've read also that it could beneficial depending on the situation to refinance to a conventional loan especially if your rehab substantially improved the property.

Thanks @Patrick Britton I will make sure and keep that in mind as I move forward because that is where I would prefer to start. 

Thanks for the advice @Paul Timmins! I will make sure and do that! 

@Conrado Casallo I'm availble evenings during the week and most weekends. I'll PM you. 

@Simon Wold

I'll definitely take a look at the website you mentioned. That's for sharing how you felt about the REI group. That makes me even more excited for the upcoming event.

Thanks for the replies everyone! I'm seriously glad I joined already!

@Simon Wold 

First question, I think you always have to think about cashflow so in a bad or good market you at least have money comming into your pocket. My only caveat here would be if your in a owner occupied multi unit and and your renter(s) are covering most or all of your mortgage. This would free up your income. And that to me would me feel like cashflow as long as your contributing to an account for repairs. 

I've been thinking about buying a little outside of Seattle but that will still allow a commute into Seattle for both renters and myself. Not sure on the city yet. I have seen really affordable stuff outside of Olympia and Tacoma but that is a little far for me. Especially since my fiancé is attending Seattle university.

Second question, the realestate group is called REAPS. Google it. Go to thier webpage and click the calendar button and go to July. On the 28 they have an annual investor expo that is free to attend. Click on it and register. I believe you have to register to attend for free or it costs money at the door. I haven't joined the group yet but it sounds really great!

If you go to the event lets connect we can bounce ideas off eachother. 

My name is Leonel Castellano but I go by Leo. I’m currently living in Seattle, WA. I work at a direct marketing agency down town as a data analyst. I’m engaged and will be getting married to my fiancé in the following year. My fiancé is currently in law school at Seattle University. I’ve read many books by Robert Kiyosaki and I’m always looking for real-estate books at my public library to read.

I want to fully commit to becoming a real estate investor. I wake up at 5:00 AM to watch webinars and read real estate books because I can only read and do so much after work. Any specific books that people recommend is always appreciated.

My initial goals in real estate is to start with a small multi-family investment that I would live in as well. I have also considered using a 203k FHA loan to buy a home with some work needed that my fiancé and I could live in. We could refinance later, rent out rooms or flip. This would allow me to free up some of my income so I could leverage that into acquiring more real estate. Any and all advice on making any of these two things happen is greatly appreciated!

I was thinking about going to one of the local real estate investment groups in Seattle and an Expo later in July so I could meet local investors.

I want to make new friends so please feel free to reach out It would be awesome to connect!