All Forum Posts by: Andrew Garcia

Hi @Tyler Tribble, I am assuming it is simply a collection of 1-4 unit properties in the same general area, not in the same neighborhood or apartment complex or anything like that.

Assuming that, you should ask the same questions that you should ask if you were only buying one property. However, ask those questions for each property.

You don't want to assume that each property is equal to the other.

I have never been involved in a portfolio transaction so take my answer with a grain of salt. Maybe some others on this forum can provide some better portfolio questions to ask.

Hope this helps! Let me know if I can be of any assistance.

Hi @Abraham Shamosh, it depends on the type of deal.

If it is a BRRRR or a flip, off-market deals or buying from a wholesaler is generally the way to go.

If it is an STR or LTR, generally they are found on the MLS.

I hope this helps! Let me know if I can be of any assistance.

Hi @Kwok Wong, going with your first mortgage lender could be a good idea but it is not always.

You can always shop around. Finding a lender that can do HELOCs on investment properties can be a little tough.

The good news is that someone made a list HERE.

A fixed-rate loan is generally better if you are using the funds for long-term use. For example, using it as a down payment on another property.

A HELOC is generally better for short-term financing such as financing a rehab.

Hope this helps! Let me know if I can be of any assistance.

Hi @Aaron Leger, the easiest way to see if someone is legit is to look them up on NMLS Consumer Access.

However, if they are not licensed, it can be a little tougher.

Hopefully, some people on here can provide some information on their experience.

You can also try using the search feature for his name or the company that he works for.

Hope this helps! Let me know if I can be of any assistance.

Hi @Lukas Phillips, BP is a great place to connect with like-minded individuals in your area.

I would love to connect with you! Feel free to shoot me a request.

Looking forward to seeing you progress on your REI journey!

Hi @Eric Stengel, before you give up on house hacking, I would recommend taking a non-traditional route.

Try going on the county website and doing a search for all 1-4 unit properties.

Then, filter out the ones in bad neighborhoods. Skip trace the remaining ones and start building relationships.

Maybe one of them is a tired landlord and you can land an off-market deal.

Hope this helps! Let me know if I can be of any assistance.

Hi @Daniel Rozen, you will likely have to refinance this property as an investment property.

You will be looking at much higher interest rates now and you might have to come out of pocket to make up the difference if you do not have enough equity.

You can also look into selling the home to make the lender whole.

Also, try calling the servicer of your loan and explaining the situation. Maybe they have a better solution.

I hope this helps! Let me know if I can be of any assistance.

Hi @Dillan Mamou, for the lender, you do not need to find a local lender.

All of the loan process can be done from a beach in Ibiza so if you already have a lender that can do loans in Indiana, use them.

If not, connect with some on here!

Same goes for finding an investor-friendly agent.

BP is a community filed with investor-friendly agents.

Go to the "Find an Agent" tab and find some local to the area.

Hope this helps! Let me know if I can be of any assistance.

Hi @Derrek J Hooyman, you can go through a non-QM lender. 

They offer programs very similar to hard money lenders but their rates are only 1-2% higher than conventional.

They will not be able to close in 3 days like a HML would but they offer better rates, term, and they are licensed so you do not have to worry about fraudulent activity.

You can either go through a mortgage broker or through them directly. Brokers are typically cheaper if you find the right one but some direct lenders are better priced.

Hope this helps! Let me know if I can be of any assistance.

Hi @Bryan Murr, welcome to the community, and congratulations on your first deal!

Since you would be doing a live-in flip, you can put as little as 3.5% done FHA as long as you live in the property for a year.

You can even finance the repairs into the loan with an FHA 203k.

That leaves you with most of that $100k available.

You can either use the funds to buy a flip or BRRRR that you are not living in or buy a LTR or STR to start generating cashflow.

Hope this helps! Let me know if I can be of any assistance.