All Forum Posts by: Yadriel Carrasquillo

I don’t have a property yet, but I grew up doing projects around the house with my dad, so I find doing projects myself fun, entertaining, and as an opportunity to bond. I imagine I’ll contract out some roofing, foundation, framing, electrical, and plumbing, but I’m pretty confident I can knock out the rest of the things with my lady to make our first property extra special.

@Jared Sandler

Thank you for the info. I sent you a request to connect. I’d like to know more details on this process.

@Rob Lee

Is 1% normally good enough to cash flow in DFW? I’m new at this. Barely starting to look at prices now

 @Brit F. thank you so much for sharing the wealth! 

So if I understood correctly, you said that the 25% down is if I’m buying the property at value, but since the property already has 50% equity I don’t even need to put a down payment for the $60k?

Is this through a bank or a HML, PML?

Then you said that when I refinance I’d need to wait 6 months unless I find a bank that would do it without seasoning period. 

And to make friends with a realtor that would help me with comps and insight on the market. 

And the info on the LOCs is awesome. 

Thanks again!

@Brit F.

Thank you! And thank you for the questions too. 

-my dad only wants what he owes. So the purchase price would be $60k. Thank you for the tax recommendation. I’ll do my homework with him on that. 

-the house is well taken care of. My dad did the roof and the a/c not too long ago and still has warrantee. If I were to expand on rehab needs I’d say the house also needs a 3’x10’ slab of cement to complete a walkway in the backyard, install a door to hide the water heater that’s on the movie room/garage conversion, and paint just for the new house look. I could do the slab and door in half a day and a visit to family I got there. So the paint would take the longest and I’d contract that out. 

-the ARV is more like $125 from some Zillow comps. $120 to be conservative.

-since I’m new at this I don’t know how to tell if the price would go up or down yet. Maybe you can recommend me some sites to help me study gdp msa ahi and any other metric out there. But I’ve found that Killeen has one of the lagest military US base, A&M is attracting students and that Killeen is growing southward (the area the house is located. They built a Walmart and a HEB nearby. I believe Starbucks is near too so I believe the prices are going up

-from the numbers I tried doing I'd have a 8% cash flow ROI

-the HELOC would be attached to the investment property.

I hope I answered your questions correctly. 

Thank you for your time again

@Dysha Hodge hi! I most definitely want to connect. 

@Demetriah Webster congrats on doing long distance investing. I believe I read somewhere that a lot of homes are rental but that the demand is still good since it’s a military town and A&M is attracting students. 

Has anyone come up with the same conclusions?

Soooo this is going to be my first property purchase. Im looking for feedback on how I can do this. If I’m doing it wrong please correct me. And thank you in advance.

I can buy my dad’s house which owes a little less than 60k, but the house is worth a little more than 120k right now. Since the house will be an investment home I’d need 25% down (15k) and closing cost around 2400 that would be a total of 17,400 to get the property. That would make the loan 45k.

First question. Is that correct?

The house maybe needs some painting and getting a renter through a property manager. (Rentometer and 2 property manager companies said the home rents for 1200/mo.)

At this point, if I follow BRRRR, I need to refinance. If I can ask for up to 75% of the home value, that means I can ask for 90k. That means I'd get 45k that I can use to invest since the original loan was 45k.

Second question. Am I understanding this correctly? If so, that’s amazing.

The other question I have is...

Should I do it like this or should I keep the original loan so I can keep lower mortgage payments and get to the equity through a HELOC? (I'd BRRRR with the HELOC)

Let me know if you need more details. And I’m open to other suggestions.

Again thank you for your time you took to help me analyze this first deal.

Killeen. Texas. Dallas. DFW. Hard money. Private money. Rent. Rental. Long distance. Investing. First deal.

Hello Killeen. I’d love to connect with investors and team players in Killeen, Harker Heights, and Copperas Cove. Please send me a message if you still invest in these areas. 

Thank you all for your answers. 

@Fred Shatzoff @Mark Safrin @Wayne Brooks