All Forum Posts by: Polo Vazquez

Sending you a DM

You don't have to refund them the money. When they pay they know there is a chance that they won't get accepted. It's pretty standard practice. However, I will say that if there is any application that has been submitted and it looks like a strong application you should probably let people know before they submit another application. I'm pretty sure you don't have to do this but I myself think is morally wrong. In your case it seems they both kinda did it at the same time so there wasn't much you could do.

SSFCU is great but they only do 15 year loans on investment properties. If you are a pro member Better mortgage gives you $1000 off. I've also used guaranteed rate because they let me put 20% only. Almost all the bank will do 30 year mortgages but their fees vary from one to the other so make sure to get at least 3 estimates!

Hey Mike!
I'm from Mission and invest in Mission, Edinburg and McAllen. If you plan to house hack you should definetely go for a fourplex to make the most out of the FHA loan. It can get a little complicated because you are going to have to buy a fourplex with one empty unit or kick out a tenant that is on a month to month lease. Luckily for you the valley has A LOT of fourplexes and month to month leases are very common.

1st go talk to a bank and get a prequalification letter. This way you know how much you can afford.
Then find a realtor to help you. Preferably one that ivests and can help guide you and lastly start making offers until you get one accepted!

If you haven't done any of this you should at least be looking at properties on zillow or redfin. Set up a seach for multifamily properties. This way you can begin familiarizing yourself with the market.

Good Luck!

I would pay for a 3D scan! you can get a way better feeling for the property and even take measurements. I can help you do this. Shoot me a message

You can do either! But I would recommend a real estate agent first as they can sometimes recommend you some lenders that are good with investors and some that you should never use as an investor. Regardless of what they say or recommend you should always do your own research yourself! Agent should also be able to give you some information your lender needs such as around what price range of properties you should be looking at.

Good Luck!

Welp.... I know I have changed the way I present the San Antonio market from a cash flow play to an appreciation play. Prices have gone up so much and rents have only increased a mere 2-3% maybe 4% on some areas. It has become very hard to cash flow properties now.

Hey Jerry, appraisers are extremely busy right now. I would start preparing to extend the contract. 99% of the time is not a big deal since most sellers prefer extending as opposed to starting over. Besides, if they start over they will only run into the same problem... Have your realtor explain to the seller that right now most closings are taking 45- 60 days. I've had closings take 70 days...

Texas markets do have their up and downs but the drops tend to be more subtle and not as significant. Houston, San Antonio and Dallas properties saw a small dip in 2008 then kept on appreciatin up through the whole recession. McAllen, Edinburg, Mission also seem to be very recession proof markets. I've been surpriced that even after catalysts, such as oil prices dropping and and Toursism from Mexico dropping due to tensions between the our governments, presenting themselvelves the Texas economy and housing market simply keeps moving forward.

Great insight Boone. 

Yes, a lot of people will say it is more risky. Having debt is always more risky than having not debt but applying this type of low risk techniques is the difference between becoming extremely wealthy and just wealthy.