All Forum Posts by: Andrew Garcia

Hi @Finnegan O'Connor, your funding plan is sound. As the others have said, the occupancy for the DSCR refi will likely be the biggest issue that you run into.

Other than that, it sounds like a solid plan.

Let me know if I can be of further assistance.

Hi @Kevin Clayton, if you are going to be able to pay off the HELOC in a short period of time, I encourage you to go that route.

However, it seems that you are funding construction projects (ADUs) with the funds. This is an inherently long-term deployment of your assets unless you plan to sell or refinance.

If you plan to refinance, I would just refinance now to have greater certainty. If rates go down in 6 months, you can refinance again. If rates go up, you still have the equity that you currently have in the property to allow you to do a HELOC if you so choose. It also allows you to lock in a rate that is lower than you would have gotten if you had done a HELOC into a refi.

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

Hi @Dominic Bailey, I would get a conventional loan if you can qualify. If not, you can always go non-QM or DSCR.

Since you are going to be renting out your current primary, I would try house hacking for your next purchase. I know it is not for everyone but if you are interested in maximizing profits, that is a great way to do it.

Obviously, buying at a discount or creating a discount through strategies such as BRRRR are great ways to maximize profits. Those do take more time and effort, however.

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

Hi @George Fox, obviously flipping is a great way to build capital. Investing more time in your agent career is also a very viable strategy.

However, I would not try to do both. Focusing your efforts on one or the other would likely be best.

You can also refinance your current properties to free up capital to reinvest elsewhere.

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

Hi @Stephen Daniel Pace, you could get a second lien on the property and go up to 90% LTV.

Hi @Patrick K., you can get a renovation loan to rebuild a home as long as you use the existing foundation.

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

 @JonPaul Kessinger, I would talk to them about the other two as well. That way, they can tell you if you have enough reserves for their guidelines.

Hi @JonPaul Kessinger, you also have to factor in closing costs. Most lenders will require 6 months of reserves + closing costs in order to give you a loan. Check with the lender and see if you have enough assets to buy all 3.

Let me know if I can be of any assistance.

Hi @Giovanni Cortes, I agree with Eduardo. 

Giving the option would be the most attractive option. However, that can be tough to do so. Having control of the HOA is the most important thing to an investor so since you have that, 9 units should be fine.

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

Hi @Lance Bean, as long as your record does not contain a felony for fraud, I would be able to help you out. 

Feel free to shoot me a message.