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All Forum Posts by: Alberto De jesus

Alberto De jesus has started 6 posts and replied 59 times.

Post: Investor from Boston

Alberto De jesusPosted
  • Investor
  • Lynn, MA
  • Posts 60
  • Votes 23

Welcome to Bigger Pockets @Nathalia Ashworth. It's good to have you aboard. 

Post: MA Market - Middlesex County

Alberto De jesusPosted
  • Investor
  • Lynn, MA
  • Posts 60
  • Votes 23

I am finding that any house on the mls, even if discounted by a good amount, are not cash flowing for me. Ultimately to way to win this game is trying to find off mls deals. Direct mail, wholesalers, ppc campaigns, word of mouth and other ways to find off market properties seem to be the way to go. 

I'm gearing up a new direct mail, ppc campaigns and a few other things since I'm not finding anything on mls. I think this is probably the way to go.

Hmm. I'm sure what the business credit line is used for. Can you elaborate what the business line is for? Maybe there might be a better way to get it or the money you need.

Is the property assessed as a multifamily or 3 SFRs?

For fha, generally you need to have the following requirements

1. 3.5% down

2. 580 credit score

3. The owner needs to occupy the property.

4. Property needs to be in what the bank considers rentable condition.

I'm still trying to make money. However, the education I get from this site definitely prevented me form losing money.

Post: Financing question

Alberto De jesusPosted
  • Investor
  • Lynn, MA
  • Posts 60
  • Votes 23

@Joseph Tarallo Sorry, maybe I missed something. Is the question, "Can someone get another mortgage even though they owe on another mortgage?" 

I would say the answer is, "Yes, if they are in strong financial position and have a good relationship with a bank". I owe 200k on one property and already approved for another 400k loan for buying another property with a bank. 

Now this assumes that a person has a good credit score, been in the same profession for a while, makes enough money, and their debt is not too much.

If that's not the question, what was the question?

Post: need advice

Alberto De jesusPosted
  • Investor
  • Lynn, MA
  • Posts 60
  • Votes 23

What do you need the $2,000 dollars for? Down payment? Marketing? Training?

If we knew your goal, we might be able to suggest something that can help.

Post: Financing question

Alberto De jesusPosted
  • Investor
  • Lynn, MA
  • Posts 60
  • Votes 23

Investors buy multiple houses by building systems. 

One person systems might be to get hard money loans to buy, fix up houses, refinance and then rent. Another persons strategy might be to use the FHA to buy multifamilies and repeat every year. Another might just pool money from other investors to complete commercial purchases.

Ultimately success in investing is repeating the same strategy or strategies over.

If it's cash flowing, you might actually have that income count towards your buying power for qualifying for loans. 

A lot of starting investors don't own their house free and clear. The main exceptions would be people that inherited or bought the houses extremely cheap.

There are a lot of ways you can acquire that next property. 

A few are:

1. Conventional loans

2. FHA loans

3. Seller Finance

4. Use Home equity loan

5. Commercial loans

I suggest reading the book called "The Book on Investing In Real Estate with No (and Low) Money Down". It's really good and opens up alot of options you may not have thought.

So some options to use other people's money are:

Hard Money lenders - They lend out money based on the strength of a deal. They charge high interest & points for a short term loan. If you have an amazing deal, you could maybe fix up the house and refinance to a conventional loan. Most hard money lenders do not loan to owner occupied though. If the person who borrowed money occupied the house and choose not to pay them lender back, it would be a legal headache for the lender to gt the property. Using an FHA means this method would not be the way to go.

Private Money - These are people that are willing to lend you money based upon whatever agreement you can both agree on. Professional private money lenders don't lend on owner occupied properties. Same reason as above. Other private money lenders can come from your circle of influence, such as friends and family. You might be able to arrange something with a friend or family member. Especially if they want to get into real estate.

Commercial Investing - It is possible to structure a commercial deal so that you actually get paid to do that deal. It's not easy and takes a lot of time to find and put one together. If this interests you, check out some books on commercial investing.

 If you can buy a property as buy and hold, you should have enough money to either put down on the property or pay monthly cost on hard money/private money loan until a refinance. If not, don't buy the property. Same with flipping property except make sure you can sell property before the loan is due and you make enough to pay back lenders.

Best advice I can give you is join a local real estate investor association (REIA). Go to the meeting, listen to the workshops, network with people, and buy some people lunch/dinner/coffee to pick their brain. The people in those meetings have valuable experience that can help you get started. Also, you'll find people that may want to partner up with you.

I hope that helps

I would say you should always be looking for houses to buy. It doesn't matter what season or the state of the market. If someone needs to sell a house and it's a true deal, buy it. 

The worst you lose for trying is time and effort. The best you could gain is a deal.