All Forum Posts by: Polo Vazquez

I would partner with a relative that has a job and good credit. Bring your 70k and hopefully your partner can bring another 70k and do a BRRRR. Once you are done rehabing, refinance under your partner's name and do it again. Of course your partner might want something in return for having the loan under their name, so you can either tell them that if something goes wrong they can keep the property, pay him little more rent or offer to do all the management yourself.

If you do move forward with this transaction, make sure you get enough of a discount to offset the cost of the tenant staying another 6 months withoug paying (also have enough cash reserves to pay the mortgage and expenses yourself). Rental eviction protections are supposed to send at the end of the year, but I'm not sure it will. I would't mind dealing with a non-paying tenant if I can discount the property another 30k or so. 

As far as it being a good deal or not... It wouldn't in my area. I wouldn't buy it, but we live in different places and have different criteria and investing strategies.

From another point of view... most realtors don't want to work with investors anyway. Most people say they are "investors" but have never bought anything and might never do so. It's hard to differentiante which investors are true and serious and which are not. As a realtor myself, I keep my investor clients limited.

However, if you are a good investor then it doesn't matter as much who your realtor is. You just need him to open the door for you so you can see the property and have good negotiating skills so he can get you a good price. It's up to us to find deals and analyze them.

Great question. You could do both, work for a PM company and invest on the side with the 80/20 investor. If you already have a good paying job that will help you obtain capital for investing, then I would go with the 80/20 investor. You can learn property management from a book. Of course, it won't be as good as learning from a professional PM, but you will manage and learn as you go.

Good luck Edward

95% of lenders will tell you you can't do this. A lot of people do it anyway and get away with it. Lender's usually don't care to foreclose if the payments keep coming, but there is always a chance that they will activate the acceleration clause and make the whole loan due. I've never heard of it happening though....

Yes !% rule can definetely be done. It will mostly be in C and D areas though, shoot for Cs and you will be fine. Keep in mind, San Antonio is full of pockets. One street will be B+ neighborgood and the next street over can be a C-.

@Michael A. Ash DM

I just got one for 4%

As much as I would like to say.. yes you should! I can't if you are going to rent the property. You probably won't be able to charge much more rent for having solar on it.

Is it necessary? Nop. 
Does having a 6 figure income help as an RE investor? A LOT (Banks lend you cheap money very easily)

but... do you need a college degree to make 6 digits? Nop, I used to work alongside oilfield hands and welders (w/ 0 college edu) making anywhere from $100k to $250k per year. Plumbers, licensed contractors, RE agents, salesmen can all achieve this kind of income too. It's not easy work, but it can be done.