All Forum Posts by: Luis Maqueira

ABi

My personal opinion House hacking is a starting point for single or young ... It will be back to roommates' situations.

After many years of being a realtor ... Someone introduced me to multifamily. When you learn the numbers, best ways to qualify for financing, you get a business not just a house with roommates, the income is two or three independent apartments and the potential in equity building is 3 times more.

But your budget, you payments is only for one unit still, the rest of the building gets paid by the rent of your tenants.

Simple you get a business you hire a professional manager and your partners (tenants) only participation is to give you capital so you build wealth.

Look for a group, or team that helps you to acquire and manage multifamilies and you will build wealth for you and your family.

The information is here in Bigger pockets...

advice

Information with out action ..... is just information.

good luck

HI Edgar, 

What do you have to offer for the investor to consider to do business with you?

what is your presentation to the investor?

Welcome to the BiggerPockets forums!

I know where you are 20 years ago I got the license and didn't know what I was doing..

In fact my first offer my title company still now help me to do it.

Give me a call let's chat Real Estate is an amazing career...

Luis Maqueira

Miami Multifamily Partner

We need to do proforma on our deals. 

looking for simple software to do Proformas.

Thanks 

I use this us this Management company.

SYS Management they have different services some is only to screen tenant and also show the property. 

Tel  786-930-7147  they are located in Miami.

With the hi demand ther is for rent now,  is totally worth it pay a fee and get the best tenant possible.

Stefano 

You need a team, buying a property is the easy part.

as a Foreign citizen there is a tax FIRPA that you may have to pay and is 15% of Sale price.

Need an accountant, a lawyer and a relator that understands that. 

Join investors group and kee learning here best blog

Luis Maqueira

Hi

Investing is great when done right.  Active investing requires research, you need a team. Fliping houses look great but you need to find the deal, rehab fast and at an efficient price. Then sell for the right price. Or buy and hold passive income and sell at the best moment.

Team deal finder, realtor, title company, fiancing group, GC jobs need permits, realtor to sale. 

Simple and clear then you make 30% to 50% profits. 

Read, join investor meeting and keep being here Bigger Pockets

Luis Maqueira

Why just an apartment?

there are many other strategies like house hacking. 

You can use an FHA loan with a 3.5% downpayment.

Have you talked to your financing person you will need a minimum 10% to 25% down to buy condos,  with the reserve situation in most of them.

Also why not a triplex... you need the same down income to buy a triplex ( your income + 2 rental income) to qualify. 

but is like buying 3 apartments today ..... will help to build wealth faster.

Good luck and keep reading bigger pockets

we are refinancing 3 properties and Did some research.

long term after 6 month of owing the property  cash-out 

condos only upto 75% loan to value

SF properties 80% loan to value

Rental market is strong for the next 3 years so don't worry to get the income...

Do it BRR is the game changer

Definitely a great question?

Do I fix my car or I learn how to be a mechanic?

Is this going to be your only rental,  do you have the time or willingness to manage a rental property?

Find a good realtor some on that do more than 30 rentals a year.... ask them to show you their MLS history is to see what rentals he does, if his expertise is condos in Miami Beach and you have a house in Kendall no good?

"it is what you don't know what is going to hurt you...  no what you already know..."

Mistake owners do:

take two months to rent a property 2500$ you just lost 5000$ of 30,000 you lost 17% profit.

overprice the rent  you will lose 2 month or more when people go to zillow they look for price first

if you are 100$ over you are out...

do you know you will get 30 or more phone call in a month asking you the same question you put in the add what is the price how many bedrooms ....?

then you need to drive to show the house, hope you leave close  traffick in Miamia???? and by the way your clients are always late.... because they were working.... they think as your were having fun at the property waiting for them...

Contracts do you know them, and which one to use?  how much to put for repairs by tenant or repairs by owner etc...

I can keep going and going

So conclusion if you want to run a business and have many properties hire a property management company ... at least the first year for shure your are paying to teach you how to do it the right way.

If you are going to do it yourself you will pay with time and to acquire the knowledge. And you are still on your own by yourself.

Get professional advice,  learn the process of renting making money and buying more..

good luck