All Forum Posts by: Ramon Cuevas

Welcome to BP @Kyle Kieke. I am also a newbie investor looking to get started in small multi-family investing. I agree with you on the less risk part and also love the idea of forced appreciation by increasing rents and lowering operating expenses instead of just market appreciation. I have used rentometer to get average rents for a particular area but I think the best advice would be to reach out to a few property managers in those areas that you are looking to invest in and build some relationships. You can also reach out to the commercial brokers on LoopNet that have the most listings in San Antonio and do the same thing, I prefer the PM idea since they don't have any incentive to sell you anything.

I am going to follow the discussion and see what other good advice you get from the experts here on BP.

Good luck1

@Bonnie Wintringer Welcome to BP. I was in a similar situation working at a job that I hated for 8+ years. After saving about a year's worth of expenses, I decided to quit and start investing in real estate. It has been 5 months and I have yet to close any deals. I joined my local REIA where I found a mentor who is showing me the ropes, tough part is that I have to generate my own leads and split assignment fee. @Austin Davis great advice on your post. @Dev Horn I have sent you a colleague request as I would like to lean more about your course.

@Alan Ginder @Greg Lawrence Welcome to BP guys, glad to have you on board. My family and I will be in El Paso for a few days in the coming weeks and I would like to get together with those already investing or looking to get started.

@Edward Pulido I am no expert here but don't see a reason why you would not be able to refinance into FHA after using HM to purchase the quad initially. I think some lenders require a seasoning period before you can refinance and obviously you will still need to qualify for the FHA loan (12 month owner occupancy, DTI, cash reserves etc). The property will also have to be in livable condition before you refinance.

Hello Warren,

If the owner is no longer occupying the home as a primary residence, the lender can accelerate the loan making the reverse mortgage due and payable which is similar to the Due on sale clause. They keep tabs on occupancy by mailing borrower an annual occupancy certification and can also have a field inspector check on the occupancy. A change of title can also cause a maturity event.

Hope this helps and good luck with whatever you ultimately decide to do.

Thanks everyone, this is one of the best post that I have read here on BP. I learned a few things about FHA loans that I was not aware of. Unfortunately, I have already used FHA financing on my primary home and have about 6 months left in order to meet the owner occupancy requirement. My market is very expensive and the numbers don't make a lot of sense on the few fourplexes that I have seen listed on the MLS. I am considering investing in other areas where prices are a little more reasonable( San Antonio, El Paso) but instead of a fourplex looking at 5+ units and commercial real estate.

Any advice/suggestions would be appreciated.

Thank you, Charles. Look forward to meeting you.

Hello EP,

I am looking to invest in El Paso and would like to connect with some fellow investors. I am planning to be there from Dec 23-28.

Hello Fred,

I would first do a search here on BP and read up on reverse mortgages. Unfortunately, most reverse mortgages are underwater and you will most likely run into a short sale situation. FHA regulations allow the servicer (Novad) to sell the property for the lesser of the outstanding loan balance or 95% of the most current appraised value. Ask the daughter if the mom had a trust, Last will and testament or affidavit of heiship, she is going to need one of these in order to communicate with the loan servicer. They should be able to provide her with general information but will not disclose loan specific information unless she can proof that she is authorized to handle the affairs of the estate.

Feel free to PM me if you have any other questions.

@Nikolas Ferreira great advice, I believe that Michael Quarles does something similar to Same As Cash with his coaching program. I am new to the investing world and just did my first direct marketing campaign. Used a local company here in Austin, had them mail about 1500 postcards to a list of code violations. I plan on doing yellow letters next. Any particular list that you had a lot of success with?