All Forum Posts by: Jesus Roman

Hey @Linda Jimenez! We used IKEA for 90% of our Airbnb furnishing and it worked phenomenally for us. Best of luck!

My recommendation would be for you to save up. If you are having an investor fund your downpayment for a FHA purchase then I would assume you wouldn't have much reserves left for Cap-ex, vacancies, repairs post closing. Fourplex and Triplexs sound amazing on paper but what people fail to realize is that you have 4x times the upkeep. Keep in mind you have to take care of 4 refrigerators, 4 ovens, 4 microwaves, 4 washer/dryers, 4 HVAC units and if one of them goes out and you don't have the reserves to fix it then tenants wont pay. If tenants don't pay I'm sure you can imagine what happens next..

Great thing about using a realtor to rent out a home or purchase a home is that you don't pay their commission! Sellers/Landlords always pay for commissions so in theory it doesn't cost you anything to hire one. If anything I would recommend it since you are out of town. 

Uncle Sam will always find a a way to get his money. My guess would be a penalty fee and the difference owed. Have you reached out to the appraisal district to register yourself as the new owner? 

Maybe ask the sellers agent directly? Maybe tax offices hasn't updated all of the docs? 

@Stella Yufenyuy awesome find! 

Several things.

- I see you are from California so I assume you will need a property manager which can cost around 8%-10%.

-Vacancies,Cap-Ex and small repairs are expenses you will have to account for. I would Plug in 5% for each of those.

-$80 for insurance is pretty low. I would calculate it at $125.

After the readjustment cashflow comes down to  $216. Which is not bad as this is cashflow AFTER reserves. 

Hope this helped! 

@Cristian Vences Keep touching base with him. It sounds like sellers expenses are racking up at this point, I am sure they can only take so much loss. Maybe see if you can contact the other partner? Sounds like there is a deal to made here. Keep at it! 

@Jonathan Michael Hunn-- Best advice I can give you is don't wait to get your license to start marketing yourself. Start talking to everyone in the Military what you are planning to do, talk real estate with everyone. That is the biggest rookie mistake I see agents make all the time, they wait until they get their license to start talkin real estate. You have a great networks of people who qualify for great loans, make sure to tap into it to grow your business. Best of luck!

@Champaigne Shyne Sounds like you are on the right track! My biggest suggestion would be for you to start talking to lenders and maybe even small local banks. Every lender is going to have slightly different guidelines on what they can consider to qualify you for your purchase. Keep preparing in the mean time..hope to hear about your deal at the end of the year!

Best thing you can do is to just start. Reach out to local agents/lenders that understand what you are looking to do and go from there. Your real estate experience will be much smoother when you have common ground with the people you work with. Best of luck on your journey!