All Forum Posts by: Raul Ruvalcaba

I typed the post via my cellphone, I don't know what happened that it erased the content, lol.

Thanks! I re-typed the initial dilemma I am going through.

I'm sorry, when I put the post it was via my cellphone so somehow it erase the info I typed.

My goal is to buy 4 houses this year. It was 5, but I'm closing one deal in 2 weeks. The problem is the financing. I bought one last year with a loan of 60k. The one I'll close in a couple of week will be with a loan of 92k. So, basically my debt will be of 152k together.

I make around 50k from my job. I have no other debt besides the two mortgages which I'll pay approximately $900 per month for both. I am anxious to buy another one.

I have partner with my mother to reach this goal. However, I don't know if it's better to pursue the loans with her together or by myself. I asked the loan officer if we could both get a loan together... she has the money and credit... I have the same as well.

However, I don't know what is the max I can borrow... Or if its possible to get a big loan together with my mother or just one deal at a time deals.... I think I will just focus my interest on properties between 70-80k... with 20% down.

What would you guys do? I am really aiming for 5 rental properties by the end of the year....

Thanks a lot! And I am sorry for the 1st post.

Thank you

@Karen Margrave

Thanks for the help. I'll look into it. One more question, what should I do then, to limit what I am being charge for the loan origination cost for myself?

Thanks to all for the help.

Thank you

Hello,

I have a real estate license which I currently use for personal use. I had no interest in devoting time to make it a part-time job. However, lately, I been thinking about making a few business cards and passing them out to friends and relatives with the hope of making a few bucks to use a down payment for investment properties.

Lately, I been thinking about getting the loan origination license. I think it would be better if I could assist the client throughout the transaction and use both commissions investment purposes. However, I am not sure whether state law allows me to wear both "hats" at the same time.

I have read online it is possible, but I wouldn't be able to do FHA loans. However, according to the student assistant at the online school, I wouldn't be able to do both things at the same time with the same client.

Which one is it? It is hard to find a mortgage broker to take part-time officers?

Thank you in advance.