All Forum Posts by: Antonio Marte

Before looking into property in a certain market i would meet some property management firms in person. I did this and feel comfortable investing 1500miles away from home, even though i haven't found my first property yet.

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I live in queens the wiggle room for little guys like myself is almost impossible. I was looking in East,NY for a few weeks with two partners and everything that is some-what affordable for us goes to auctions where you will get out-bid 100% of the time or in the roughest blocks that have no promise of appreciation. I just came from texas looking for buy and holds and had no luck. Im going to look into different markets but definitely not considering NYC.

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welcome man! I'm from queens and I've been looking in New York city real estate for awhile myself, not much room for the little guys.

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Originally posted by @Adam Hershman:

Originally posted by @Antonio Marte:

Just came back from DFW looking for good deals on buy and holds SFR. We had no luck and will continue to look for solid deals but are now considering other markets. Every lender and insurance company wants to run your credit to give you the best possible rates,which i understand. Are there any ways to protect your credit from all these soft inquiries? Am i over reacting? I have great credit and so does my partner so we are using that as leverage besides our large down payment. Thanks in advance!

Hey Antonio,

It is a common misconception that soft pulls will hurt your score if there is a large cumulative amount of them. It really isn't the case. A soft credit check will never ever have any consequence on your credit score. Soft pulls are things like getting pre-approved for a credit card, checking your credit score with a credit monitoring service, and businesses you already have a credit account with checking up on you. Did you know that companies can pull a soft credit check without your permission?

The biggest determining factor is whether you have applied for credit. If you filled out an application for a loan of some sort, it will likely result in a hard pull. However, if you filled out an online request for a quote or pre-approval with your bank, they would make a soft inquiry that results in no harm to your credit.

Adam

Thank you adam! I guess I've been over reactioning to the effect soft hits have.

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Originally posted by @Joel Owens:

WHY are you getting pulls on credit without an accepted property under contract??

You find the property first and negotiate to get under contract. Then you decide on a lender and get a rate lock once initial approval is confirmed. Multiple pulls in a 2 week time period is usually counted as one pull as the algorithms know you are rate shopping.

If you get pulls going on a few months each time you try to locate a property to buy then it can affect your score.

If you know your score is high say above 740 middle score then you typically qualify for the best rates anyway and do not need credit pulled in the beginning.

No legal advice given.

Great Advice Joel! Thats actually what we've been doing. Sometimes lenders and insurance companies won't give the most accurate numbers. Especially in Texas where everything is credit rated. Appreciate the response!

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Just came back. Looked at some beautiful houses but it is truly a sellers market out there. Barely any wiggle room for cash flow, when the numbers on crunched especially when a conventional loan is used to finance.

We did get an insider tip through family and put an offer on a SF. I don't know if anyone here would be able to help me analyze it a bit further. We actually crunched the numbers on this particular property for about 12 hours.

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I just flew in from DFW about an hour again looking for a SFR buy and hold. Truly is a sellers market out there and they know it.

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Originally posted by @Ryan Kopczyk:

@Kevin Darrell

I am with an investor friendly title company here in Florida and the market is HOT here. I am in the Orlando area where anywhere from buy and holds to flipping is doing great. We have all of the attractions for one and the snow birds that come down.

Do you have any information on this company? I just came back from DFW looking for buy and holds with no luck, sellers market right now over there and they know it.

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Good evening everyone thank you for all the advice. We met with a property manager today and got a good vibe. Will continue our search on properties now. Property manager gave us a few zip codes where we might be able to get 1% rent. Thanks again.

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All Forum Posts by: Antonio Marte

Antonio Marte has started 5 posts and replied 53 times.

Post: Property out of state

Post: The NYC Market can't handle BP plans

Post: New Brooklyn,NY user! Looking to network with others.

Post: Protecting your credit from numerous soft hits? Advice?

Post: Protecting your credit from numerous soft hits? Advice?

Post: Feel like vomiting!! Begin our business venture tomorrow!!!

Post: The days of buying property in DFW for 65-70% minus repairs are over. What percentage are investors buying throughout the Metroplex?

Post: Protecting your credit from numerous soft hits? Advice?

Post: Best markets to invest in.

Post: Feel like vomiting!! Begin our business venture tomorrow!!!