All Forum Posts by: Nicole Candelario

@Mindy Jensen

Btw I totally geeked out when I saw your post here! You’re one of my fav’s! When you speak I can hear your smile 😃 You are super encouraging. I hope to meet you one day....... I better get going if I’m gonna be on your podcast! 

@Jennifer Brennan

You’ve got a lot going on! You sound like a wonderful daughter! One thing came to mind as I read your story. If the house is owned out right and you just don’t have the time, money or energy to get it up to market value, selling it at a discount sounds good. However, instead of selling it to a wholesaler, you can sell it to an investor and see if they’d be willing to get creative with you. You could sell it cheap and see if they could let you carry the loan so she could still live there (all repairs figured into the loan) or when you discount the property you can add in extra for your Mother’s moving expenses. Not sure if this was helpful but keep us posted what you end up doing. Watch out for the sharks! 

@Jordan Lewis

Hello my friend! You are awesome! What a positive attitude you have! You WILL be successful in real estate because you are asking all the right questions. I don't have a pro membership so I need to be careful with my advice but I have a few things that might be encouraging. First, if you can find a less expensive room to rent for the immediate that might be a good start. Second, go to naca.com and read what they have to offer. Their main office near LA would be Hawthorne. Uber definitely counts as income but the other poster was right, you'd need to show 2 years in the same line of work for a loan. If you are willing to look at the BIG picture and wait for 2 more years to show consistency then you could take advantage of the FHA or NACA loan and yes you can use part of the rents you'd be receiving from the MF to add to what you qualify for your max piti 😊. That's exactly what we did. Then you will have some skin in the game to purchase your next rental property etc!! I'm excited for what you decide to do. Keep us posted. Good luck 👍

Thanks @Ali Boone! It does help 🤗

Thanks everyone! It’s so nice being part of a “family” to watch my back! My “gut” tells me the same thing you all are saying.....move on from this guy! As this will be my first flip, I should have my ducks in a row. No wholesaler needed. Gonna take a walk and take some notes. I look forward to sharing my SUCCESS story soon!

@Warren Currier @Mindy Jensen @Sam Shueh @Jo-Ann Lapin @Eric James @Wayne Brooks 

@Warren Currier.....neither of these were from that Craigslist guy, thank goodness 

Hi guys. I'm so confused. As a new investor looking to buy a distressed property I contacted what I thought was a wholesaler from a Craigslist ad. He called me back and started by saying he doesn't assign properties. Hmmm....so I guess he was just marketing for sellers to fix, flip and sell himself. That's fine. I asked him if he would be interested in assigning me a contract as a newbie investor and he said yes. Then I told him I'd be using an HML and he said No that wouldn't work. Then his advice to me was to never use OPM on a fix and flip and that I should save money and purchase with my own cash. Then he said that if he did hand me a deal, the closing would be 24 to 48 hours with no inspection period or even time to look at the property. He said he figured all the figures ahead of time when he talks to the seller. My first thoughts were all red flags. I have been hearing here on BP that using OPM was a good thing and to figure the numbers myself. The "rush" concerned me. Please tell me your thoughts! Thank you!!

@Ali Boone Thank you! That really helps! We didn’t put a lot of money into the 4 unit. 100% financing and our interest rate is 2.765% Does that help our cap rate? I’ll really have to learn these figures! Can I come to you if I find a deal to flip for 70% below market value to check my figures? You seem to know your math! 

Nicole 

@Ali Boone.....I have a 4 unit multi family property where we live in one unit and rent out the other three. If I moved out of my unit, I could rent it out and make a cash flow of $1600/mo. The property is in Cherry Valley and we purchased it for $740k. Multi families cash flow for more than SFR's but if I purchased a modest 3/2 in Cherry Valley for $280k with 20% down and rented it out I could cash flow for $200/mo

Yes I'm going to use a HML for my first deal. I know it's challenging in this market but I don't want to go out of state as a newbie. Too many risks. My husband is my right hand man and we know a lot of subs here. I'd hate to hire people we don't know to run a job that we can't manage. So we'll stay local. I'ts not impossible.......there are distressed properties out here, we just have to be patient.