All Forum Posts by: Robert Herrera

@Ed L.  You already said you are spending most of your time dealing with these guys, i would evict. If you accept the partial payment, the other guy will not pay, and they will get to stay there as you already excepted rent for 4 months. You will NOT be able to evict either one of them for 4 months, if you choose to make this deal. That is why you were advised NOT to take a partial payment. You could alternatively take 2 months FULL payment from the tenant and tell him, his buddy can pay him back if that is what he wants, but you are not going to sit around waiting for the other guy to pay you.

@Theresia Williams I start with Zillow. I put in the address in it gives me the Zestimate. Not a bad starting place, but not a guarantee on price.

@Denny Moody I would see if you can connect the 2 lots since they are adjacent to each other. This might allow you to tap into the current water and utilites already connected to the house. I would ask zoning what you could do.

@Jameel Tillman if you are going FHA, you will need to get pre-approved for a loan. Once that is done, you will know what you can afford. That will get you in to see the properties that can go FHA. Without a Pre-approval letter, you will not be able to view houses on the MLS. If you look For sale By Owner, you can just do the deal yourself without the agents, and you will save the seller money so they may give some concessions.

@Damian Solorzano I personally have not used Pueblo Bank & Trust, but I can see that as a viable option. I think i was discussing this bank with another person down there who was selling for around 40K on a nice 2br there. This was a couple years ago. I would recommend looking for a Mortgage broker. Of course there are loans to be found for these properties. It's real estate. Some companies and banks have a minimum because they do Multi-million dollar deals, so its not worth their time. There are smaller outfits that you should be able to work with. Try credit unions in the area as well.

@Damian Solorzano There is a map you can get of the area. I love investing in Pueblo, co! My cashflow is through the roof. For the skeptics out there, I bought a 3/2 on the EAST SIDE. Where everyone still thinks its the same from 10years ago. Purchased $70K, 5K down, owner financed at 8%. Payment is $558.55 PITI. Rent for $950/month. $391.45/month ($4697.4/year) cashflow. I know everyone wants to add in expenses and vacancies. I use lease options, so the tenant/buyer gave me $7K, non-refundable, to move in. They pay all repair/maintenance and utilities. If they move, i get another $7k from someone else and actually make more when it goes vacant.

If you just look at the cashflow, i'm around 100% return annually. Add that $7k and i'm around 250% ROI in the first year.

If i would have used traditional numbers... with $14K down, around 4%interest, $388 PITI. $562/month cashflow ($6,744/annually). Still close to a 50% return annually. If i add the $7k from option payment from tenant, that's pretty close to 100% return in the first year alone.

@Account Closed Welcome to the Pueblo, co Market. I invest heavily in this market. Minimum wage going up from $8/hr to $15/hr by 2020. Market is going to soar, rents are going to go through the roof. I own 9 properties their and I'm always look for more. I'll send you a message, lets meet up.

@Jameel Tillman @Gregory Walter I own 11 properties at this time. I have only used my credit on 1 of theses houses. It was an FHA loan. I'm actually working out an owner carry deal on some lots. About 18 of them. They are worth between $10k-$50k per parcel. I am going to pick them up as a packaged deal, with about $4K down, and owner finance the rest. I am buying them for $2K per parcel. Owner is out of state and they own 1 parcel that is connected to my Commercial land i currently own. My lot is zoned B-4 which is the zoning for a Dispensary here Colorado. We are looking to build and rent to a dispensary. We sent a letter to the owner to see if they would sell, since it's not on the market. He called us, and said he had 18 and would sell them all. He's from out of state and has just been sitting on these parcels for years. I know what they are worth because I know the area. He just needs money, and there isn't any competition since he isn't advertising it's for sale. I will sell them on finance terms and realize a huge gain.

Point here is, you can work on your credit, and you should, as i will be wrapping up my houses in a commercial loan soon, but in the mean time, there are always people willing to work with you. Also get creative. If you can only use a bank, you will be limited in the deals you can do.

Also, i mention the 50/50 from an LLC in the same post as before.

@David Marsceau Yes, sending mail and getting a forwarding address is the next step. I would go back to the city and ask them about the Taxes on the property. Maybe they haven't been paid and you can get a tax lien certificate.

Just going to put this one out there. If your plan is only buy appreciating properties and gambling on the market to keep Going up, we all saw what happened to those investors in 2008. If you invested in cash flow at that time, you could have rode it out until it came back