All Forum Posts by: Pavel Reyes Valdes

Thanks @Trevor Ewen for your answer. I will check out the video

Just trying to weight my options

Thanks @Jon Holdman I did not know that. Once we agree on the details I will do it.

Let's just propose a date and see who can make it. I would say next saturday January 17th at 02:00pm in a place Downtown and anybody can pick the place and let us vote.

For me Mondays after 05:00pm or Saturdays and Sundays anytime.

I live in Louisville. Maybe we could meet here or any other place we can agree on. If you start another thread, please let me know.

I'm still interested, but it seems that we couldn't find a commond ground last time

As I said before, you all have good points and I really appreciate your opinions. @Steve Osowicz River City was the bank I talked to regarding the financing, but they wanted the whole interest and amortization paid back in 5 years instead of the regular 15 years they usually do, because of our lack of experience. That would bring my monthly payments to the roof with no cash flow and no money for other potential expenses. 

@Michael Seeker one of my exit estrategies would be seller financing to other investor or a retail buyer. That way I can still have income from the property during the amortization period and all other headaches would be on the buyer's side. Honestly, I don't see the market taking such a huge depreciation.

Hi @Michael Seeker thanks for all your comments.

I forgot to say, we are not buying all cash. Seller is financing the deal. We are putting 7k down and she is carriying the note on a 20 year term with 5 year baloon at 5.5 interest. We think we can refinance in a year or two, because I presented the deal to a local bank and they were willing to loan the money, but their terms were less appealing that the seller's and requested a higher downpayment. 

All your ideas are really valuable and I'm certainly taking that into consideration for our strategy. I expect to post our progress here.

@Michael J.  I have a similar approach regarding some areas in the West End, although I'm not an expert. We are buying a house for 30k. It's a 3BR 1Bath with new roof and new furnace and AC. It is in decent shape with a huge lot on the side that could be turned into a new construction for rental property. I know that you have to be careful and do a good analysis before going in. Our main goal right now is cash flow and this property was rented before for $750 with Section 8.