All Forum Posts by: Miguel Luna
Miguel Luna has started 13 posts and replied 33 times.
Post: Wholesale with VA Loan Buyer
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
So I have a 3 bedroom 1&1/2 bath single-family home ready to be put under contract at $78,000. Market value of the property is $95,000 and cost for repairs is ~$8,000.
Now I have a buyer ready to purchase the property, but he's planning on financing through a VA Loan. What are some complications that I could run into and is it still worth selling to my current buyer.
Post: Advice on wholesaling
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
So I'm about to meet up with a realtor and have a walkthrough on this property. I'm trying to get started in wholesaling but I still dont know what I'm doing. Decided to bite the bullet though and drive around looking for properties for sale and or looks like they've been abandoned. Gosh what should I be doing to prepare for this meet up? How should I make my offer? How do I go about putting the property under contract? Help 😭
Post: Buying Real Estate as an Active Duty Service Member
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
@Frank Geiger meeting in person would be awesome!
Post: Buying Real Estate as an Active Duty Service Member
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
@Abraham Trevino yeah it all sounds good, I just dont know the process of going through with it haha
Post: Buying Real Estate as an Active Duty Service Member
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
@David Pere how are you doin brother
Post: Buying Real Estate as an Active Duty Service Member
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
So I've been in the service for about 2 years now and I've been thinking about buying some property to rent out in the area and also rent out to fellow service members that are trying to get out of Government living quarters. I just want to know how can get started with my first property? I want to bite the bullet, but I'm not sure how to go about it because I've never bought a home before. Do Active Duty/Veterans get any perks in terms of taking out mortgages? Should I even worry about mortgages?
Post: How to get exposed to Real Estate?
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
Hey BP! I'm trying to get started in REI and I wanted to know what would be the best way to get myself exposed to it all? I've signed up for a local REIA meeting and I'm considering a job as an assistant property manager. Should I take the job? What other ways can one learn about REI hands-on?
Post: How did you start investing?
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
How did you get started investing in real estate?
When did you first get the idea to invest in real estate?
What prior education did you have?
What helped you the most?
Post: What would you do if you were 19 again?
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
Originally posted by @Michael Blitshtein:
Hey Miguel.
I find a lot of similar things with you. I am 23 years old, I'm working on my last year of Computer science bsc, and way more excited about learning economics etc. On the other hand I'm already working as a fully time software engineer so my savings are growing. I'm wondering how you want to buy 3 properties in a year, because I only fantasize about start buying properties and probably start at 2016 year, but maybe will manage to buy 1.
I wonder how did you do your math or see the way it is happening.
That's the thing. It's not that I want to own 3 properties, I'm going to own 3 properties. I have to hold myself to that if I'm going to make it big. I have to find ways to get to that goal. If the numbers don't make sense, I'll find a way to make them make sense. If funds are the problem, then I work harder. I will bust my butt to get where I need to go. If it requires a 2nd or third job, then I'm applying. Once I get that first property, I'm going to be up and running.
Post: What would you do if you were 19 again?
- Rental Property Investor
- El Paso, TX
- Posts 33
- Votes 9
Originally posted by @David Faulkner:
I went to college, worked hard, played hard, and had a great time while still taking care of business. When I graduated I landed my "dream job" ... after a few years the dream turned into a nightmare and I found out that what I went to school for and thought I wanted to do for the rest of my life was not at all what I was expecting and made me miserable. Things change, and when they do you move on and take your lessons with you. Expect them to change and don't paint yourself into any corners.
Things I did right: Mastered personal finance and saved up a sizable down payment. Bought a house that needed work, did the work myself, and then filled it with roommates to offset the mortgage. Saved up my next down payment with the roommate rents and living frugally so I did not have to sell my 1st place before buying my 2nd. Married a frugal woman who shared my values and enthusiasm for REI. Waited patiently through the bubble until the market crashed before buying my second, and third, and ...
Things I did wrong: Let my cost of living increase with my salary. Bought 1st place at retail price. Did renovations that I thought were cool (eg: Koi pond) rather than what added value in excess of what they cost. Rented to friends for below market rent. Tried to learn and do everything myself rather than finding a mentor. Hung out with people my age because they were fun to hang out with, not older mentors because I admired and wanted to become more like them. Chose my location based on the job, convenience, and family, rather than where was affordable and good for investments.
Your traditional Asian parents may not see the vision of REI yet (and may never), but I bet they would be all for you buying your primary residence. You'll likely need to finish college, get a job with W2 income, and save a down payment 1st. That doesn't mean that you can't still learn about REI as you finish your degree and get a job. Finance is a great choice. When you do buy your primary residence, buy it like an investor, not like a retail 1st time home buyer. Good luck!
Thank you. I would like to hear more stories and experiences you've had, I'm all open ears! I'm 100% interested in what you have to share. You're beginning: how you started, where you started, your thoughts, concerns, barriers you had to get over. And is there not a rule stating strictly no renting to friends and family? Haha, I have to be honest, I have considered it, I'd charge them the regular cost of rent, but I knew they'd ask for a discount that I wouldn't be able to deny (I would just feel really bad and guilty if I didn't. Like I was using them as cash cows or something). After asking around about my whole college situation, I have decided that, yes, I am going to go through with my education, and most likely continue into grad school. I just enjoy this subject so much that I don't really ever see it as "work." All this learning and discussing and possibly volunteering, I don't see it as work. And I think that is what's going to get me to the top. Ever since I stepped into REI, I've been happier with life! It wasn't the same with computer engineering, I developed a liking, but it wasn't to this degree.
I do hope to bring this up to my parents, and soon, because I'm on the verge of getting kicked out (different story for a different day). How should I present this dream of mine to them? I want to show them that I know what I'm talking about. I know that at the moment, I know very little about the subject, but I want to convince them that I can be successful in this field. I want them to see my dedication, my determination to make this work! "He has potential" is what I want them to think. It would would help out immensely if I got them to get them to that point.