All Forum Posts by: Ramon Flores

@Andrea Finkelstein My only advice I can give is to attend the HOA meeting and persuade all the HOA members to make the board of directors know that there is a problem with vermin. Perhaps they can also send emails complaining. If enough members approve then the board of directors should be able to approve pest control for all the units at once. They would send out letters and all the units would have someone come in and fumigate their place.

This happened at my condo and we had a pest control company come in on a Saturday. We had to remove all the items in the kitchen shelf so the pest control company can fumigate. We also had to leave the unit for a few hours and let it air out. Best of luck!

@Marielena Salazar It largely depends on your finances. If you have enough money and if you know you are going to live somewhere for more than 5 years then I recommend buying your first home. You will receive a lot of tax benefits that will easily offset any cash flow you will be getting from a rental property. Plus you will build equity and hopefully make money when you sell your property. Hope this helps!

@Malcolm Cotton Hey Malcolm, how are you financing this property? It says down payment is $2,380. If it is bank financed it should be 20% or 25%. The interest rate seems low, I'm guessing it may be around 5.25. 

This is scary. A lot of other states follow California's lead and it would be devastating to us real estate investors. It is sad that the media is also putting all the weight on the landlord's, like they are horrible people. Why don't the utility companies give out free utilities? Why don't the banks forgive mortgage payments or credit mortgage payments? Why don't the insurance companies give out free insurance? Scary times...

@Jack Plantin

 I agree with @Daniel Guerra about finding out if the property is in a class C or D neighborhood. Since it is a SFH, I believe you will be putting down 20% down and not 25% down.

The deal looks good, however I would make sure the property is in good condition since you offered 5k less than the asking price. If it is not in good condition I would negotiate with the seller and bring down the price. Best of luck!

@Joe Aiola Thanks for the tip Joe! I am a long distance REI investor and I have been curious about getting a license. If I get a license can I also work with a real estate agent and split the commissions? Is that ethical or normal?

@Jelmer Hilhorst My biggest tip right now is to house hack. You are young and I wish I would've done that when I was younger. Rent or buy a house with lots of bedrooms and charge your tenants for the room. I assume you will cashflow and live for free. SAVE all the money and buy a property.

Other than the podcasts, my advice is to find your niche or what you are interested in, go to REI groups, also BRRRR strategy is great and it is a good starting point. Best of luck!

@Jay Marz If you are using conventional bank financing then getting a new LLC won't do you any good. The lender will look at your work history, W2 and bank statements to see if you qualify for a loan.

If however you have LOTS of cash and/or are using creative financing, then an LLC would be a good option. It really depends on your purchase strategy. Best of luck!

@Greg Yunov I have invested out of state and here are a few suggestions.

- Get to know several real estate agents in the area, if they have their own investment properties then it is even better. Make sure they understand what you are looking for in the investment and they will guide you. They will help you find a good property management company.They will also have a list of lenders they work with if you don't have any.

- Understand that turnkey doesn't necessarily mean that you will never have any issues. A tenant can leave and/or stop paying rent. So be prepared and have cash reserves ready in case anything happens.

- If you want a deal then use BRRRR method. That way you can get several properties instead of one. Your capital will go further that way.

@Abel Curiel Do you recommend being a real estate agent if you are an investor?