All Forum Posts by: Sergio Castillo

@David Torres I have some questions about the rights of redemption process in New Mexico. Do you mind if I pick your brain as well?

Hello, I am an investor in Santa Fe, Albuquerque, and Rio rancho. Would you please add me to your buyers list

@Costin I. - So far I am mostly interested in the land trust with the LLC as the beneficiary. The reason being that I am a partner of 6 in my LLC. I would like to purchase a 4-plex on a 203k FHA loan in my name. I would like to Buy, Rehab, Rent, and Refinance. My attorney can draw up a promissory note with the purpose of my partners buying out their shared interest in the property when refinancing into a conventional loan. This is when the land trust would be implemented and naming the LLC as the beneficiary. My partners are all also doing the same process. We are searching and analyzing for the deals together but purchasing individually on each of our names. Then we would like to use the equity in these first 6 individual investments to move forward from residential properties and fund our investment properties from there on. In other words, I am mostly interested in this process because it would allow my partners and I to grow our equity together from the beginning with the lowest down payment available for first time home buyers which would be the 203k FHA loanin regards to our strategy. What do you think of this?

Costin Iorgulescu Would you be so kind to share those notes you took with me as well?? I have been looking also into the benefits of keeping a property as a residence instead of investment property while adding a land trust with the LLC as the beneficiary. Does anybody have any experience with this method??

What cap rates are other investors in the albuquerque or Rio Rancho Area accepting for small multifamily properties? 

Working on my first project with a partnership of 6. Spoke to the lawyer today about drawing up a partnership and operations contract. We spoke of getting a seperate 203k FHA loan for a multiplex under each of our names. Our investment vehicle will be the BRRRR strategy (Buy, Rehab, Rent, Refinance, and repeat). We will each be living in one of the units of our own personal investment.

The thing is that an FHA loan is for non-investment purposes. We were looking to create a promissory note in which would allow us to buy into each other's personal investment property after the refinance stage. In that case, we will transfer each personal property into the LLC of equal undivided shares. As far as funding goes, we would each be able to put in our own down payment in each of our personal FHA loans due to the having to have proof of where the down payment money comes from. We will also be putting in money into the LLC because the LLC could also grant a loan or investment to our own personal selves during the FHA finance for any other expenses that may come up.

For example: I personally begin with one residential 4 unit apartment. After each property is refinanced I am in an LLC partnership owner of 6 investment properties and a total of 24 units... How we will begin.

How we will go about acquiring the properties, running the numbers and doing our due diligence is another story. 

I would like to network this idea with as many of people as possible! Questions, concerns, constructive criticism, etc. Please!

Due to the fact that I am in this for the long term and have big goals in real estate investing, I am thinking that using the FHA under my name first then have the second one under my brother/partner's name would be the best option so far. What hesitations does anyone have with this process?

I would think the advantage of using the FHA loan would benefit me more for the long term investing due to the fact that there is less down payment required and the money that was left over could fund another deal for it's 20% down with a conventional loan.

I was thinking about the possibilities of refinancing each of our FHA mortgages after the year of completing the required term of living in one of the units. That way I could exempt myself out of the additional fees and insurance for having it under an ha loan. What are your thoughts on this?

The reason I am leaning toward this is because I would like to have much more rental investments and I am in in for the long run. Pay less down on the first two and be ready for the next investments. I am completely open minded to listen to doubts, hesitations, ideas, or other methods. @Mark Hughes @Account Closedundefined

Hello, I am currently looking to purchase my first home. I want to take advantage of the FHA loan and house hack with a multi family home with my brother. We are both first time home buyers. We were thinking of looking into a fourplex in either Albuquerque or Rio Rancho, nm. We also only plan to live in one of the units for the 1 year required by fha. Our goal is to have a cash flowing property after we move out and at the least live rent-free for the year we live in one of the units.

What would be some good things to take into consideration when analyzing the property?

What would be some things to factor in when analyzing a property due to using an fha loan.

What other strategies would be suggested for my brother and I looking to start out with multi family homes? Would it be recommended we each use the fha loan for a duplex or triplex each? Or would it be best for both of us to go in together on a fourplex? 

if we both decided to use the fha benefit together on a fourplex, would that mean that we are both now unable to use the FHA loan benefits or would we be able to use it on two projects since it is two of us.

My brother and I are partnering up in Real estate and are going all in.

I live in new mexico but am interested in a partnership to split up funds for a fix and flip project. If interested, pm me

@Account Closed Where are you wanting to start flipping? I am also looking to partner up with someone to split up fund requirements in a fix and flip project