All Forum Posts by: Patty Gonzalez

@Min Hong

I bought a fourplex with an FHA loan just in my name and I was married at the time. We did not have any joint credit though and I qualified for the loan by myself with just my income and so I was the only one required on the loan. I took title as "a married woman as her sole and separate property". Hope that helps!

Thanks Keith. This is very helpful.

Hi everyone!  I need a realtor in Maple Heights, Ohio to check out a property that purchased in a tax lien.  Does anyone have a suggestion?  ...or I could also use a property manager to do the same.  Welcome any suggestions. Thank you!!

Thank you for your comments. I may go out there if I end up with the property.  Asking an Uber driver is a good idea but how do I do that ?? The app allows you to now modify pick up location but then do I call the uber driver once I've initiated the trip?  

Investment Info:

Small multi-family (2-4 units) buy & hold investment in South Gate.

Purchase price: $230,000
Cash invested: $7,000

This was my first investment property. I bought it as an FHA loan which required only 3% down payment. I've invested more over the years maintaining the property but the down payment was just $7000.

What made you interested in investing in this type of deal?

My father owned properties and in my 30's, I started remembering some of his smart investment moves and I began reading up on rental property investing and just pursued jumping in till I found the right property. It took me a year to find it.

How did you find this deal and how did you negotiate it?

I was scouring all listings to find an income property. I felt very confident with the $7K I had tucked away to buy a property. I called on a property I located in a real estate magazine. The realtor who took the call informed me the property I was calling on had sold but he had a property that had fallen out of escrow. I went to see it and made an offer. When it came time to close I only had a total of $7K; $3K short so the realtor threw in a portion of commission to close;he represented all

How did you finance this deal?

I took out an FHA loan which only required a 3% down. FHA requires owner occupancy so I kept one unit vacant for about 6 months. I did have to pay mortgage insurance but I still had positive cash flow.

How did you add value to the deal?

When I purchased the property, one tenant move out. I renovated the unit by painting and changing a toilet. When a second unit vacated I renovated it with $1800 painting it all white, replacing kitchen cabinets, new carpet and a ceiling fan and rented it for $1000 from $750. It rented right away.

Hi Bigger Pockets Community!  I purchased a tax lien on a property around May of last year and tried to foreclose to collect but the owner filed bankruptcy.  The bankruptcy protection has ended and now I have to pay the additional taxes that have accumulated totaling about $11K and file the foreclosure to collect.  This means I will either end up with the property if it does not sell at the sheriff's sale or I'll get my money back + the guaranteed 18% interest. My question is, how do I go about getting someone to go check out the property to see if the property is actually still standing.  Should I ask a realtor to drive by?  or a potential property manager to go look at it? I'm unsure what I will do with it if I acquire it (I may fix and rent and refinance or I may wholesale it). I'm in California and the property is in Maple Heights, OH (a suburb of Cleveland).  I welcome any advice. Thank you all!!!!

Investment Info:

Single-family residence buy & hold investment in Monterey Park.

Purchase price: $135,000
Cash invested: $40,000

Single family home purchased for low price because it was in bad shape. It had an unpermitted family room. Originally purchased to flip but ended up living in it for 16 years. We kept it and now rent it out.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $230,000
Cash invested: $7,000

Bought in 2001 and has tripled in value.

What made you interested in investing in this type of deal?

My dad used to tell me that the only business in the world where you make money while you are sleeping is real estate because on the 1st of the month..even if you have done nothing..someone owes you money.

How did you find this deal and how did you negotiate it?

I found another property in a real estate listing magazine and I called the realtor and the property was under contract but he had another property that had just fallen out of escrow and this was that second property.

How did you finance this deal?

FHA. 3% down. Back in 2001.

How did you add value to the deal?

Updated flooring; painted exterior to make more appealing and cemented a portion of the front instead of patchy grass.

What was the outcome?

It's been a money maker for us.

Lessons learned? Challenges?

We did have to evict one tenant and I did it myself but I used to just use an eviction service (attorney) because it will go faster and they know exactly what to do. I have a full time job and do not have the time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a real estate agent.