All Forum Posts by: Ruben Dominguez

BRRR

Purchase Price: $77k

Rehab: $29k

Refi appraisal: $130k

Loan amount: $104 (80%)

Total out of pocket: $19,427 after cashout refi

Annual cashflow: $5160

Cash on cash return: 26.56%

@Mike Makkar  Would you mind sending that to me also?  I am looking for a refi at the moment.  Would really appreciate the info!

@Shanequa J. I will PM you.  @Mags S. We do not let the tenant call whoever they want.  They still need to come to us for any repair and we will call our normal maintenance people and if applicable we will bill them for the $100 fee.  Water heaters, roof leaks, A/C issues, sewer issues, or other major repairs are not included in the $100 fee and we explain that to them so they are not afraid to call us.  We explain to the tenant that if they fail to notify us of a repair (especially any type of water leak even a small one) they will be responsible for the full cost of any additional damage to the property caused by failure to report.  We also inspect the property at least once per year.

What Mike Makkar said. We put a clause in the lease that tenants are responsible for the first $100 of any repair (sans the water heater, roof, or AC) and that will deter any frivolous repair requests. Just have to be careful that tenants call you when things aren't working so it doesn't lead to larger issues. 

I was just about to sign up with Buildium but noticed the price increase....now it is way out of my budget.  I am using ***********.com but they don't offer any accounting features and they are slow to update.  What I do like about them is that I can send and sign leases online.  

I will start using 123landlord next property.  Their pricing is awesome and seem to offer some good features.

Thanks Seth. I am working with one wholesaler now but the deals have been mediocre at best I also wanted to try the agent angle. I would appreciate any referrals for agents and trustworthy wholesalers!

What do you think about local investment meetups or groups? Do you participate in those and if so which are some you would recommend?

Thanks!

Ruben

Awesome! Thanks for the info. I am ready to go just need to find the right property.

Thanks again!

I'm new to investing and I am looking for an investor friendly agent in San Antonio. I am looking for buy and hold properties. I DO NOT want to make tons of low ball offers like many newbie investors, I want to make a few solid offers that have a good chance of getting accepted. If anyone knows of any good agents in San Antonio I would appreciate their contact info. I have been searching on my own but have had no luck finding someone that understands investing and wants to help.

Thanks BP community!

Thanks Seth! The interest rate wouldn't change much. Its at 4.5% right now and it looks like 30 year rates are around that. Based on that I guess it wouldn't make much sense. Appreciate the offer on help and the advice on the hard money loan.

When you want to refinance the HML is it hard to get qulified? I assume you have to bring some money to closing and qualify with debt to income ratio, etc?

Hi BP community,

My name is Ruben and I am from San Antonio Texas. I work full time in IT and I am looking to supplement my income with real estate, specifically buy and hold. My long term goal is to eventually quit my day job when income is high enough. I am excited to be here to learn and network and eventually contribute back! Sorry I have no profile pic yet...I promise I will get that done soon.

I have an initial question that I hope I can get some advice on.

My rental is only generating about $80/mo in cash flow at the moment. It is about 7 years in on a 15 year mortgage and has some good equity. Should I refinance to a 30 year to generate cash flow or refinance take the equity out to invest in additional properties? Or should I leave it as is and use my savings to buy additional properties?

Thanks again for any advice!