All Forum Posts by: Carlos Valencia

Congrats Joshua! Happy to connect with you I'm in orange county and we host monthly RE meetups in Anaheim where you meet other like minded people. New and experienced investors are welcomed. No need to be and investor to come by but its a good place to meet other realtors as well to connect adn ask them for some tips on how to succeed in this Real estate market. Dm if interested and I'll send you our link.

@Albert Bui @Matthew Kwan

Hello Tahirih, 

Do you plan on purchasing as an investment or open to the possibility of house hacking where you live in one unit and lease out the rest? Owner occupied usually needs at least 3.5% down if using FHA or 3-5% for conventional. As for Investment properties you will need 20-25% down payment. Just look at the area of where you plan on investing to see how much you will need to save. Hope this helps.

@Albert Bui @Matthew Kwan

Hello Clarence, 

You can potentially have 2 FHA loan simultaneously with some exceptions (buying for elderly parents whom could not otherwise afford a home on their own or for a child who is disabled). This is allowed for both fannie and freddie mac conventional financing.

@Albert Bui @Matthew Kwan

Hello Reid, 

I would suggest on working on saving as much money as you can while you continue learning just like @Reid Balmelli mentioned. If your in Seattle and are interested in attending local meetups lets connect and I can provide you with more details about our monthly Real Estate meetups we host monthly where you can connect with other investors as well and learn from them. Hope to connect soon. 

@Albert Bui @Matthew Kwan

Hello Derrick

Yes thats important to work with an agent who is an experienced investor. I would also recommend finding a Lender that has experience as an investor. Make sure to do a high level consult with them to help you start on the right foot and help grow your real estate portfolio with the least resistance as possible. 

@Albert Bui @Matthew Kwan

Congratulations Waneeshe on taking the next step to begin your RE investing journey. First thing I recommend is to look for a lender thats also and investor to provide you with a high level consult and help you get started on the right foot. How do you exactly plan on attaining 2 duplexes or one quadplex? How to set your self up so you can continue to repeat the process with the least resistance as possible when buying your next property? Those are just some things to think about if your trying to grow your portfolio in a good timely manner. Happy to connect to learn more about your scenario. 

@Albert Bui @Matthew Kwan

Hello Manuel, 

Welcome to the BP community. Great place to network and learn from other experienced investors. Happy to connect with you. My team and I host monthly meetups in OC about 20 miles south of LA. If you ever want to check it out let me know happy to send you all the details. 

@Albert Bui @Matthew Kwan 

Hi Allen, 

If you can go conventional that would be the best option as its less restrictive when purchasing a 3-4 unit property. FHA has a few more guidelines you have to overcome when doing 3-4 purchase.

@Albert Bui @Matthew Kwan

Hi India, 

No need to be a real estate agent to begin investing. It helps to write up your own contract and represent yourself so you can save money on buyers side commission. If you think those are some good perks then I would say go for it. The great thing too of being licensed is that if you end up loving real estate that can be a source of income for you that can possibly help you get to your real estate investment faster as its a high ticket sale with the possibility of earning great compensation. Having a high income will also give you an advantage to get there more quickly. 

As for gaining knowledge your in the right spot reading other peoples forums on Bigger Pockets is a good resource. I would also look into Real estate meetups in your area to meet other like minded people and discuss whats worked for them and maybe you'll find a mentor at those meetups.

When looking for a lender I would suggest to work with a lender who also is an investor themselves as they will be more familiar with the guidelines for investment properties and how to strategize when buying your first deal while also already pre planning your next purchase. Theres different strategies to make sure your set up for success. You dont want to be stuck after your first deal. 

Lastly Banks are more strict and when working with self employed and real estate investors. I highly suggest working with mortgage brokers. 

Good luck with your real estate journey. 

@Albert Bui @Matthew Kwan
   

Hi Adam, 

You have a very common scenario and theres many ways to analyze your numbers where it can help increase your borrowing power to help you get to your next deal. Its always important to have a strategy when buying your next investment property to know how you will buy your next one even after buying a second one. What is the fastest way to get there with the least resistance? Based on your scenario all you have to do is move out from your current property and lease your whole house and the lender can use 75% of the rents to help you offset your DTI. Therefore freeing up some of that buying power. Hopefully you can cover your full mortgage taxes and insurance using the 75% of rents so that way you can get your DTI back to what it was before buying your current home. Hope this helps you with your investing journey. Happy to connect if you have any more questions and would like to discuss your scenario more in detail.

@Albert Bui @Matthew Kwan