All Forum Posts by: Polo Vazquez

Yes, you can definitily but a condo to live in next. Just make sure it rents good for when you leave because you won't be living in that condo forever! You can buy it with as little as 3.5% down, since you will be living on it, meaning you should be able to buy it without pulling any equity from your current home. Keep working and saving and before you know it, together with your savings, you will be able to pull enough savings from your equity to but another property! I've never sold a house so far, and I don't regret it. 

To me the only reason to sell a house is if you can sell it for a really high price and the house doesn't rent very good. In my market, this would be the equivalent of a $300k house that only rents for $2k because I know that with $300k I can buy 3 $100k homes that rent for $1000 each.

You don't need an intership. Whenever you see a house being remodeled just walk up and ask if you can give a hand and if you could meet the contractor. From there you can later meet the investor. Learn from anyone!

Once you get to you 5 loans, you can begin using a hard money lender suchas as lendingone.com or lendinghome.com. Right now their interest rates are about 6 to 8% on 30 year loans which is not bad at all. You can definately make it work using the BRRRR strategy!

You might be able to find a local porfolio lender with better loan rates to.

Hey! that is an insane amout to pay for insurance. At that point you are better of not paying it and by the time something happens (if it ever does) you would have so much more money. If you can't find cheaper insurance, I would just go by without it. Just keep a little more in reserves just in case.

My wife claims that Ikea is cheap. She could be lying so I won't get mad she buys furniture there hahahaha. I will say that she is not the only one that has told me so and they do have a great bariety of things. You can buy absolutely everything you need for your Airbnb there. Forks, matts, plants, pots, bottle openers, art etc etc

Hi Andre! Since San Antonio is a big city, I would recommend you look for someone who is familiar with the area you want to live in. Most people right now want to live in Stonegate, Boerne, Leon Springs, Alamo Ranch, but of course; pretty much the North, Northwest side. I would make sure to pick an area close to your new job as San Antonio does have some traffic (no way near as bad a Houston though) that can turn a 20 min drive into 45 mins or more. 

Regards

Alright! Thank you for the info and tips everyone

Hello expert CPA friends or Lawyers at BP!!
One of my clients recently asked me if he could sell an investment property (a rental) with a 1031 Exchange and use that money to buy a primary residence. I didn't know what to answer and was hoping somehere could help me.

Thanks in advance.

@Latoya T. You don't necessarily need a mortgage broker that is an investor. You need one that is investor friendly! In other words, one that doesn't have to follow a bunch of rules and requisites.

I used better.com (You get a discount if you are Pro member, it used to be $1000). They did a decent job but had to do 25% down.

Guaranteed rate let me do 20% down only and were pretty investor friendly. I felt their costs were a little high but it might be just what you are looking for.

DO NOT USE: rocketmortgage or any of the big banks if you want investor friendly mortgages. If it is for your primary residence then go for it. They provide very cheap loans.

You should had put a lien against the property in exchange for the loan. Anyway, enough about the past haha.

You could do what Nathan or John said. They are polar opposites but valid. I would probably lean more towars Nathan's, but if you don't a possible solution is to have him give you interest in the building. Lets say 50% ownership of the building? Maybe more. Then you can finish the building (it will probably require more money so I would ask for more ownershipt) and start collecting rent based on whatever % you are owner.

Just make sure you run good number and quotes of the ammount of money it would take to finish the property. Don't fall on the same hole he did.