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All Forum Posts by: Rafael Ortega

Rafael Ortega has started 3 posts and replied 13 times.

Hi,

.  After receiving the 3 day notice, my tenant voluntarily moved out of my rental unit on 5-9-25 due to lack of  rent payment. She didn't inform me but until 5-13-25. She left some furniture ,a washer/dryer behind and even her pet behind and spoiled food in the fridge.The property shows a lot of damage inside like it was done on purpose.Her lease agreement originally was supposed to end on 2-1-26. Now that she moved out. Can she return the property to retrieve her items or can I go ahead and change the locks so she will need to contact me first to get inside the house ? otherwise ,could it be considered trespassing?. 

Any advice?

Drago,

. Thank you for your respond. That's makes a lot of sense actually. I sent you a request.

Quote from @Jason Wray:

Rafael,

After the hard money loan I would suggest closing them under your LLC using a DSCR loan or portfolio program. These two programs allow for an LLC refinance from hard money with no due on sale clause issues. Rates on DSCR are lower and they offer ARM and I/O interest only options.

DSCR is going to want to make sure the loan amounts are over $100K in most cases. Feel free to email me if you have any specific questions. I enjoy helping and talking REI!

 That's valuable information Jason, Thank you so much.
Quote from @Joey Zaniboni:

Hi Rafael,

Some hard money/ business purpose lenders have better pricing if you close in an LLC (me) so that's one factor to consider. As for the refinance aspect, if you're going from LLC to individual (or vice versa), at my shop you would just transfer title into (or out of) your LLC at the close of escrow, so that part is no biggie. Hope that helps!

Hi Joey,
Thank you so much for the information. I really appreciate it.

Hi  Team,

I have two properties under contract ( single family homes). Should I buy them under my business name LLC or just under my name? these will be my very first rental properties. I will use hard money lender at first as they need rehab, then refinancing with the bank. How's refinancing would work when the property is under LLC Vs your name?.

 I thought about joining Peter Harris program and actually went through different phone calls with one of Peter's recruiters and the director of finance. It's like they tried to make believe you should  feel so lucky they accepted you in their mentorship program.But the end,  I think the truth is anyone willing to pay 40k,25k or 15k for their program will get accepted regardless..lol

Red flags for me:

* Avoiding to talk about how much the program cost but until last phone call

* The terms of the contract 50/50 on the profit up to 500k plus the cost of the program seems to be a little excessive.

* They tried really hard to put me not on the least expensive plan but the 25k or 40k plans.

* Once the recruiter  learned I wasn't sure about signing up for the program, he turned mean and arrogant towards me. He even said that I had a consumer mentally and that 25k or 40k was nothing in his mind..lol

* Very few reviews online besides their website.

Quote from @Jack Matthias:

If your looking to do 2-4 unit properties then the 5% Fannie Mae program is perfect for you. It's a conventional loan and we can use 75% of the rents to help you qualify. Sounds like the next step for you would to get preapproved that way when you see the right place you can make an offer before it's gone. I'd be happy to help you with that and also run you through closing costs here in the city of Chicago as well.

Hi Jack,
  I have a similar situation with a Triplex I would like to make an offer to. Is that okay to message you to discuss?

Thank you so much Joseph. I'll definitely  DM you with some questions :).







Quote from @Benjamin Aaker:
Hi Rafael and welcome to BP. When starting, save 10% of every paycheck for your first down payment. While doing that, start reading. I like The Millionaire Real Estate Investor by Gary Keller. Find some local meetups in your area and diligently go to them. I recommend finding a mentor in your area whom you can meet with.

 Hi Benjamin,

.        Thanks for the book recommendation( I'll buy it).Saving 10% of every paycheck sounds really good and necessary.

Quote from @Taz Zettergren:

@Rafael Ortega welcome to the forums. Biggest piece of advise is to take your time and really understand the ins and outs of who/where/how you'll be investing. Like Joseph mentioned the southern/middle part of the country is great because the price points are much easier and the laws are landlord friendly. If you have the right team in place it'll make for a very passive investment. 

Best of luck on the journey! Feel free to reach out if any questions arise 

 Hi Taz,
    Thank you so much. There's so much to learn but we'll make it work.