Angel Torres

Just living and enjoying life
My tweets are not financial or investing advice or any advice for that matter.
PDX-BOS-OMA-BOI-DCA 🏔☀️ 🏜

[moose @mooseincrisis]

what starts with “m”ends with “e” and we all love it

[Angel Torres @Angelsduplicate]

@RampCapitalLLC @EconomPic Thank you ramp capital! Every share counts.

[Angel Torres @Angelsduplicate]

@alessiocp Gotta call Kevin hart "the milk man" after that, with the way he milked those players.

[Makayla | Real Estate Investor @REIMakayla]

I bought a drug dealer's house from the US Marshals

There was still a money counter on the kitchen counter and a safe bolted into the bedroom floor

He's doing 14 years. I paid $61,000 for a house the county says is worth $148,000

It took my locksmith 40 minutes to get that safe open. I'll tell you what was inside in a second

When someone gets convicted of dealing, the government can take the house he bought with that money. It's called forfeiture. Once a judge signs off, the US Marshals own it, and they really don't want to be landlords. So they sell it

Everyone asks how I found it, like you have to know somebody at the DEA

Anyone can buy one. You don't need a license or a connection. The US Marshals list properties through their website and real estate brokers, and some are sold through online auctions

Mine went to an online auction. So how did I get a 3-bed in Dayton for 41 cents on the dollar?

The rules on that auction knocked most regular buyers out before they ever bid:

- I put a $10,000 deposit down just to register
- It was sold as-is. One open house and no inspection period
- About 30 days to wire the remaining $51,000
- No loan contingency. If your mortgage falls through, your $10,000 deposit is gone

A first time buyer on a regular mortgage can't work with that. Their lender wants an appraisal, repairs and 45+ days. So it was me and 3 other investors bidding. A normal listing on that street gets 20 showings the first weekend

The other thing that scares people off is the story. They hear "drug house" and picture the worst. Mine needed:

- Carpet pulled, $2,800
- Paint everywhere, $1,900
- Rekey plus opening the safe, $350
- A deep clean, $600
- One window the police took out on the way in, $400

$6,050 in repairs. $67,050 all in. Rented in 11 days for $1,375 a month

$1,375 a month on $67,050 is 2%. My rule is 1% before I'll even look at a house. This one doubled it. That's $16,500 a year in rent coming off a house the county values at $148,000

I lose more of these than I win. I've bid on 9 and won 2, because I set my max before the auction and let it go the second someone passes it

Oh, and the safe. One rubber band and a receipt for $1,100 of rims

If you want to bid on one, do it in this order:

1. Download the property packet from the listing. It shows which liens get cleared and which ones stay with the house

2. Go to the open house with a flashlight. Check under the sinks and the basement walls. Then drive past it at 9pm on a Friday and see what the street is like

3. Pay a title company about $150 for a lien and tax search, and call the county about back taxes and unpaid water bills

4. Pull what renovated 3-beds on that street sold for in the last 90 days. Your bid plus repairs has to land under 70% of that. Renovated 3-beds on my street sold for $150,000, so my ceiling was $105,000 all in. I came in at $67,050

5. Have the full purchase price ready before you register

Step 5 is where winning bidders get burned. They win the auction, realize half their cash is already promised to the rehab, can't close in 30 days, and lose their deposit while the house goes to the next bidder

You can't put a house on a credit card, so the wire is always cash. That's the only job my cash does

Every dollar after the wire (the carpet, the paint, the locksmith) goes on 0% business credit I set up months before I ever open a listing. The rent pays it down before the 0% runs out

If you've got 700+ credit, use the free calculator in my bio to see how much 0% business funding you could qualify for before your next rehab

[Boring_Business @BoringBiz_]

So you built your DCF model, but forgot to account for the CEO getting honeypotted by a Chinese spy in your downside case?

[Angel Torres @Angelsduplicate]

@WalmartHwang I think they call that, "value investing"

[Angel Torres @Angelsduplicate]

@sircalebhammer

[Beeswax Pat (e/acc) @BeeswaxPat]

@ieatantz Ask them where the testosterone donation station is

[Angel Torres @Angelsduplicate]

🎶 and i told myself "boy away you go." It rained so hard that it felt like snow. 🎶

[Martin Shkreli @MartinShkreli]

cc @jordihays

[Angel Torres @Angelsduplicate]

@DailyLoud He put the taco in taco tuesday's

[Angel Torres @Angelsduplicate]

@realEstateTrent I didnt know the wallflowers was the band that made the song one headlight, until seeing this post. #legendary

[Massimo @Rainmaker1973]

Dogs’ reactions when you ask them if they want a walk.

[Daisy🇺🇲 @Daisy19_98]

In New York Mark Wahlberg daughter was insulted

[Angel Torres @Angelsduplicate]

🎶 I need happy hour!, on sad days. 🎶 -weezer

[Ramp Capital @RampCapitalLLC]

Proposal: For the next election we remove party affiliation from every ballot, only show the candidates' names, then see what happens.

[Ramp Capital @RampCapitalLLC]

If you’re in line, STAY IN LINE.

-Chipotle manager walking out with fresh batch of barbacoa

[Ramp Capital @RampCapitalLLC]

How much do you guys usually tip after you vote?

[Angel Torres @Angelsduplicate]

🎶 and if you feel like leaving
You don't need a reason
Just pack a bag and drive out to the ocean. 🎶 - michael marcagi

[Chadwick “LANK” Gains III @LANKdevteam]

“So how long ya been ubering for?”