All Forum Posts by: Luis Maqueira

Alberto

Welcome to bigger pocket.  House hacking should be part of the school system. 

Is the path to wealth. House hack, Duplex, Fourplex,  8 plex  Apartment building. 

Look for Real Estate Investors Local Club,  find the team you need to keep growing. Aim for the sky... you will reach the ceiling.... 

Learn from the ones buying Multifamily and you will do house hacking with no problems.

Luis Maqueira MMP

"How do people usually find partners? Any suggestions on how to go about this? I'm looking for small multi family in Philadelphia.""

That is a great question ... no the Answer if you find a system to follow it .... 

what type of partner are you what partner do you want?  But Trust, experience, and Attitude all I need. 

Good luck (after 3 marriages, living in three continents and more than 7 partnerships and JV) I tell you reseach is key. I was told ones, easy to get marriage divorces are to costly... let's get in love first.

Yes yes sure need to sell and 1031 the proceeds into something else.

do the research what typo asset and involvement on the work to manage it you want.

My personal opinion is invest in to a property management and apartment building. 

Just buy right, manage right and the benefits are warranty. 

Tell me and asset that never never againg never stays down in value ... and gives you cashflow, Tax benefits and appreciation.  Is not the fastest but is very safe and only goes up with history. 

You can be Apple and tomorrow there is a tesla phone and ..... 

Luis M 

You have equity Capital now you need to get another level of information to invest it right.

Luis Maqueira MMP
 

is 30K enough? answer: it depends

based on the information you provided, plus the median home price in Miami, I would say - almost certainly no it is not.

""""

Totally agree   but we are focusing on the Money.... 

The key here is experience to find a deal, to recognize a deal.  tell me your time line and path. how are you budgeting for that. And what is your exit strategy? 

My advice leverage the knowledge or a "Power Team" not just professionals that they can charge you for they services.  

I tell you for experience 15 years doing rehabs,buy & Hold  Multifamily etc...

DM I send you our calculator to do the numbers but that is just numbers.. 

You need a Plan to succeed, fast and from the beginning. 

You are in the right place bigger pockets has all the knowledge you need to acquire. But experience is what is need it for success. 

Go to local investor clubs,  meet people who are doing what you want to do...

In Miami 30K 20% down that is 150k property very unlikely to find  and all the rest ... 

My personal opinion find a JV group to invest with is not easy but you will learn a lot by investigating them.

go for it Real Estate investing is an awesome way of life.

Luis Maqueira MMP

Well done 

I took me 3 years and 10 years of flipping houses till I jumped on the Multifamily market. 

But the last 2 years have been the most profitable time in Real Estate investment. 

Secret get the best team, work with them, and keep going.

Luis M MFP

I am just an investor so I learn from team of professionals around me. 

But as 99 % of the home owners if they have a Mortgage and they will say YES. 

Wrong Wrong Wrong

We do not read documents, as Randy mention

We have a note that the bank gave us which is a promise to pay and spells out the terms of how the loan is to be paid.

We gave a mortgage for the amount of the loan to the bank, which us a security instrument to ensure the bank has the house as collateral to  get paid back.

Talk to a attorney hi still need to do the title.

And owner financing is a great strategy, why you think banks have a due on sale clause ... No way they will allow you to assume a 3.5% mortgage that is paying maybe 40% principal now....

if they can give you the same loan for 7% now, with all interest upfront and charge you fees and processing fees.  But be happy you can stay paying to the bank 30 years.

Good luck

Luis Maqueira MFP 

Dario 

You have a free loan 3.25%  inflation over 9% and Appreciation, and principal paid by your tenat. 

You are should be netting over 10% of profits. 

Also how much was your downpayment that is cash on cash, compare  the 8000$ to that. 

An then tell us where are you going to invest and make over 10% ....

Find ways to tap in the equity as a second lien position. 

Good luck

Luis M  MMP

You are in the right path seek seek you will find. 

let's chat, I did your path the last 15 years, Realtor, wholeseling, rehab-invest lost everything 2009 and keep going. Today Multifamily is my Market.

What you learn is yours.  This site is great for info and knowledge,  then go to the local Investors Club. Find groups that are doing the work not selling you classes or courses. That you can get free reading. 

Keep going this industry is amazing.

Luis MFP,

My Friend, 

Keep learning here in bigger Pockets, I love and encourage your attitude lets buy my first Multifamily. No matter how big a millionaire you are today, we all started there with our first deal. 

Advice be part of an investor club find doers, partner with a team.  You need to buy right(so dont expect an agent selling you or a seller to be on your shoes, you are on your own.) They are just providing you with information. Ask them how many they own that will tell you how experienced they are in managing a multifamily property. Their job is to sell no to manage.

Then you find the property now what type of financing should I use for this Unit?

Then how do I manage the units to get the highest return possible?  

When should I refinance to cash out or not ?

How do I taxes to take full advantage... 

My personal opinion if you don't have money to overcome mistakes, partner with a team for a few deals. Then you can keep buying and buying. YOu will buy more because you know more. 

Luis Maquiera MFP

Loretta

Why buy away?

Do you have a management company, Handyman company source of deal no a list of things to sell a consultant no just  pass information?  We buy in our backyard if we need to handle so many surprises. You need the whole picture you buy but then you need to stabilize and make a profit.

We buy here in Florida only,  small 1 to 8 units. So we now the crew that manages them. May be a bit less profitable but I know what is going on 30 years living in Miami.

Good Luck,