All Forum Posts by: Sebastian Marroquin

hello

Pleasure!

What are you looking for? And what specific areas? 

let me ask you a very simple question? 

Are you looking specifically for a "foreclosure" or simply a GOOD DEAL? 

@James Rodgers (you don't have to wait on a larger property or loan for it): you do have to qualify for it: base on debt to income ratios: 

the message is that you should do this every time no matter how small or how big you are purchasing- it covers you in many ways: one of which would be - if for what ever reason you default or the property loses equity: you still have the initial equity available and then have it incase you need it. 

(this is a lending question: ask your lender and see the pros and cons) 

and like the person above me said: you can get a hard money loan: to close and then refinance right after: (you will loose some money upfront but you can also offer: 80k cash (and even if you lose 5k to 10k by using hard money initially - you are still in the clear and got a great property) 

@James Rodgers put your offer in: then (research escalating offers/ clause:) in case it goes to multiple offers. 

do all inspections necessary now: (if you really want it: take a contractor and assess: if contractor gives you green light: then you can remove inspection contingency if you choose: a realtor of your choice should do some comps: for value and appraisal; that way maybe you can remove that contingency as well.   (you don't have to of course) 

Seller being a realtor; can cause problems: (may or may not be ethical) but they will stay clear of information otherwise known if you use your own realtor: (even if you "have" to use the seller as the representing realtor: still get "a realtor of choice " just to do the due diligence - and let them know that they will have your loyalty there after or when you sell it. 

- ask for previous rents: 1 year or more: I know its cash: but they should have receipts of payments and when exactly tenants paid (on time or not). 

Do have a "tenant stoppel" : lease coming in for all tenants : signed before COE that will be good for when you own the property. Who ever does not want to sign (or agree on terms) can vacate the unit. 

Talk to a commercial lender: to see if all your numbers pan out. 

see if you can get an equity line of credit for the equity (coming into the loan) * at the same time: you will put down 20k so the equity line should be for 20k (and increase the line as the units appreciate in value): this way you can have available funds incase something happens: i.e.: tenants vacates: eviction, repairs, or simply buy something else in the future (you don't pay on the line of credit unless you use it or a portion of the money). 

I have several homes in Pasadena and surrounding cities. Are there any investors that are looking to buy and hold, as we often receive great properties. We get a lot of homes that are intended to be "flips" but many times these homes do not have the $200k margins my flipping investors want to take on, but are at $80K to 150k below market value: these would be great for buy and hold investors. 

Example: 539k purchase price: ARV about $650k (for 1400 sq ft home): rehab under 30k for buy and hold purposes.

I would get this home under contract for about $500k 

We have a lot of homes coming to us with these types of numbers. 

I get mine from: 

other whole sellers

meet up groups

asking/ marketing to industry professionals: (i.e. attorneys, doctors, accountants (high net individuals) and then other professions (as is not good to judge ;) ) 

Looking at previously flipped homes: (just sold or just bought)

look for "cash only" remarks on MLS of 'sold' homes (then looking on title)

cross net-work with investors in other industries (as investors like to diversify their portfolios) and are already or will be looking to buy real estate. 

the list goes on... 

@Glenn R. thats what I told him ;) 

@Jeff Wallenius thanks: what are typical returns for syndications? 

@Joe Splitrock @Andrew Johnson

Thank you: exactly what I wanted. Appreciate it.  (I was thinking the same thing: just needed a co-signer for confirmation) 

I am also thinking of buying my first rental this year (2017). So this helps. 

I am in real estate and growing a team now: so, need to allocate funds for expenses, more marketing and growing the team. (and part of me knows that like you said: i should aim at growing my real estate team to make more income and then leverage by buying rentals once that happens). We flip homes in LA county and help investors flip out here also so I have a good understanding in getting off market homes for a lot less than market value).  Thank you for your thoughts: they do bring me a different way of looking at things. Thanks 

@Christopher Brainard @Joe Splitrock

ok guys. thank you and trust me: I get what you are saying and suggesting. :) but I am really not getting the intended responses for this question: 

Lets say that I had $50k (extra money): and I am passionate about real estate and investing: and I wanted passive income. 

What would be your advice/ suggestions then? Home hack? Buy and rent it out? Buy and do airB&B? buy here? buy outside of here? 

What strategies should I use? what has worked for you? What hasn't ? what lessons did you learn?

:) 

Thank you kindly