All Forum Posts by: Rick Pozos

We are meeting back at Luby's for JULY. Hopefully the house at 5601 Staack will be moving again soon. Not much has been done. Lots of contractor issues.

This group is for newer, older, experienced, not experienced investors. All ages and skill levels.  There are wholesalers, rehabbers, landlords and even some note buyers who will be in attendance. Come network with others and maybe you will learn something or can contribute to the discussions.

6pm - 7pm for networking and eating

7pm - 8pm for the meeting

All the way in the back of the restaurant. We have a sign that says Real Estate Group of San Antonio.

Any questions or problems give me a call.

When you go to close at the title company they will prepare the deed of trust and the note for you with their attorneys. You tell them how much you are borrowing, what interest rate, term, balloon or no balloon, any little quirks that you might want to add to the note. As long as the items are legal, the title company will do what your lenders want. And when I say what your lenders want, it really means: what you and your lenders have already agreed on beforehand.

Just assure your family and friends that the terms will be X-interest rate, X-years, etc. Also, let them know that they will be able to read the documents before closing and sending their money. It is really more of a trust thing when dealing with family and friends. If they trust you to do the right thing, thats all that matters.

Find deals that are not on the MLS. Do some marketing and find your own deals. You will find that the purchase prices are much better and you can be a little more creative with the financing.

I know someone who might want to partner with you, @Rich Ferradino.

Using a realtor is not usually a great way to find a deal on a property. You need to do some marketing to find the motivated sellers.

Also, how is anyone going to know you if you have no information on your profile??? Take some time to fill out your profile so that if someone is interested, they can see who you are and a little of your background.

@Tim Macy 

With that clarified, I guess you can borrow the down payment.

I wouldnt though. Unless you get some super duper deal, I would not go into a deal borrowing all kinds of money with just about no cash flow. 

When you find a property that looks like a deal, wholesale it. You will learn quite a bit and you will make some $$$. Do that a few times. Once you get good at finding properties, then you can cherry pick the property that you want to keep.

If you are doing this right, you will start to come across lots of properties. Market, network, market, network. That is how you will learn more and find properties.

Hey @Tara Myrick,

YOu mentioned in your first post:

-was told by mortgage broker that i cannot receive any down payment/closing cost assistance because i am seeking a 4 family

That means, you can not borrow the money!!  Borrowing the down payment is very dangerous. It means that you dont have any money in reserves for any things that may go wrong. And they always do. Also, it cuts down your cash flow to about ZERO. 

Welcome Mike!!

The key to finding deals  is to find motivated sellers  and Market to them . The hard part is to get out there and find who is motivated. If the seller does not have a strong reason to sell cheap, they won't.

If you did your own comps with homes in the same subdivision within 6 months and with size of home within 200 sf of your house there should not have been a problem. The problem is not doing a GOOD market analysis of the property BEFORE you buy it. I dont buy a bunch of houses, but when I do, I know they will appraise because I have done the homework ahead of time. Also, the rehab is done at or slightly above the other homes in the area. There is no way an appraiser can get a lower value than what I think. If for some reason they do, I will ask for the comps that they used and if I have to, I will challenge his comps.

The appraiser may have used foreclosed homes or homes that were not in the best of shape like a rehabbed house. They will not compare favorably. Sometimes you have to question the appraiser. They are human and believe it or not, appraisals are very subjective.