All Forum Posts by: Angel Valerio

@Tom S. Still looking into getting a refi to get my name of the loan.

@Brant Richardson oh man.. Me too! 495k. Her credit is decent enough, she's just not good at saving. 

@Jonathan Farber I've been reading the debates on getting LLC or not and it's a coin toss. I haven't thought about scaling to that level yet but if ever I do, that's definitely LLC and prop management territory. Thanks so much for the info!

@Tom S. I thought that 5% down while occupying was the case. Thanks so much for the info!

@Brant Richardson I'm still on the mortgage as I cosigned on refi as well. It's great to know that I can be taken off of mortgage if she does it again though. I was led to believe it was a really complicated process. I'd have to cover the closing costs for her as she isn't in a great financial position. Unless I can find a "no closing cost refi" with interest rates that she can handle.. I'll have to look into that. Thanks for the suggestion!

@Brant Richardson Does it matter if she has already refinanced before? Also, I thought FHA loans were approved if home would be my primary residence as opposed to 2nd , 3rd etc investment rental which required 20%, no? Thanks so much for your response..

@Aaron K. Oops, I did fail to mention. I haven't been pre-approved. Just wanted some pros to chime in and settle my nerves a bit. I have been running the numbers on properties for sale in my area and although prices are higher than average, ROI still check out. And I'd definitely live in the area (born and raised here) Thanks so much for the response.

Hi BP members.

I am eager to start investing in multifamily homes as buy and holds for rental income.  I did cosign on my mother's home after parents divorce while I was still a college student. However, I've never partaken in ownership responsibilities.

So my plan is to purchase a multifam, live in one of the units for a year while saving my usual 35% of salary plus 15k I'd now be saving from what I currently pay in rent. I'd then have a healthy down payment for another home; Move into that one and rent out full property on 1st location. Eventually repeating the process until I can supplement my income. 

If I'm not mistaken, I can get a conventional loan and put 5-10% down to avoid PMI after paying down 20% of 1st home. The rest would be full 20% down.

Given the mortgage and rental rates in my area, I'd likely need 8-10 units(3-4 properties). So what do you guys think? Also, considering this strategy, would it be best to start an LLC up front, switch after having purchased in my name, or just getting a large umbrella insurance?

Any information would be greatly appreciated. Thanks in advance.