All Forum Posts by: Valerie Lopez
Valerie Lopez has started 8 posts and replied 33 times.
Post: A $175K property for $60K, would you buy it?
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
If you had an opportunity to get a property for $60k that current tax assessment is $175K and once renovations are completed could be worth over $200K because of the area:
Would you buy it?
If it would completely deplete your reserves, should you buy it and why?
What would be your next steps?
Post: My first rental property
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
You got this Jordan.
Post: My first rental property
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
Thanks, Said and David. I’m ecstatic and David, you got this.
Post: My first rental property
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
Investment Info:
Small multi-family (2-4 units) buy & hold investment in El Paso.
Purchase price: $100,000
Duplex with tenants already.
What made you interested in investing in this type of deal?
It’s a duplex
How did you find this deal and how did you negotiate it?
Online, with a realtor
How did you finance this deal?
HELOC and Mortgage
How did you add value to the deal?
Making repairs already and raising rent to Market value before the October
What was the outcome?
I have my first investment property :-)
Lessons learned? Challenges?
Closing costs are really expensive and it’s better to have money set aside for the needed repairs.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I work with Brian Hall, a local real estate agent.
Post: My first rental property
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
Investment Info:
Small multi-family (2-4 units) buy & hold investment in El Paso.
Purchase price: $100,000
Duplex
What made you interested in investing in this type of deal?
It’s a duplex
How did you find this deal and how did you negotiate it?
Online, with a realtor
How did you finance this deal?
HELOC and Mortgage
How did you add value to the deal?
Making repairs already and raising rent to Market value before the October
What was the outcome?
I have my first investment property :-)
Lessons learned? Challenges?
Closing costs are really expensive and it’s better to have money set aside for the needed repairs.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I work with Brian Hall, a local real estate agent.
Post: OK who has received all or most of their rent this month ?
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
Originally posted by @Brian Lucier:
We also saw rents coming in earlier this month.
At 200+ units under management (some we own), so far, we have seen about 3% reach out to us to let us know they were going to have trouble meeting the rent this month. Of those 6 units, only 2 of them are in a really hard spot without any rent at all. One of those actually gave their move out notice last month. Still need to follow up on their plan to move. Without any money to pay April, they may be staying put a while.
The other 4 having trouble have paid about 75% of their rent. Right now steady as she goes.
Weeks ago we put together a white paper for our residents outlining the different resources and assistance programs available to help out families in need. We think this has been helpful preparing our residents for the times ahead. Last week we did the same for our landlords. We have both white papers available for anyone who wants to download them from the home page of our web site. Some of the information is state specific, but there are a lot of federal programs you and your residents may be able to take advantage of.
On a side note, we have seen a tremendous spike in rental candidates interested in our available units. I just checked our guest cards and we have 73 that came in over night. Looks like another busy day from the home office.
Peace out!
Stay safe!
Wash hands!
PS. One of our residents actually paid two months in advance and sent us a very nice note!!!
Brian, thanks for sharing that letter of info for the tenants. Very helpful with the links.
Post: My Real Estate Journey
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
@Joe Alonzo
Thanks Joe. I’m on my way, looking for my next deal already 🙂
Post: My Real Estate Journey
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
@Valerie Lopez
I finally did it. I bought my first rental property. It’s a duplex 😁
See you all in the forums.
Post: BP Female Investors
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
@James Wilcox
Thanks for sharing the show. It’s great getting advice from successful women.
Post: BRRRR strategy in El Paso, TX
- Rental Property Investor
- El Paso, TX
- Posts 34
- Votes 12
Hi Jorge,
I’m in El Paso too and also have no experience but let me know if you need any help, I’d love to learn.
Valerie