All Forum Posts by: Carlos Rodrigues

Thank you Penny Clark I've learned to raise value in my future property to be able to get a equity loan or a HLOC. And I also now know thanks to you that I could use my rent income as a source of income when applying for a loan.. Thank you! If anyone else would like to add more information please feel free, I'm here to gain knowledge and learn from you!

Thank you Bruno C. this HLOC was new to me and I did some research on it and now I have an idea on how it works. And you're right, I guess I do have to be creative.

Good afternoon BP users, thanks for reading and helping me out in advance! I have a question, after your first FHA loan putting 3.5% down, what did you do next when trying to purchase your second multi family property? Do I simply just need 20% down? Or pay off the remaining 20% on the first, then refinance to a conventional loan? And by doing so I can get a new FHA loan on the second property. Thank you!

Good afternoon BP users, thanks for reading and helping me out in advance! I have a question, after your first FHA loan putting 3.5% down, what did you do next when trying to purchase your second multi family property? Do I simply just need 20% down? Or pay off the remaining 20% on the first, then refinance to a conventional loan? And by doing so I can get a new FHA loan on the second property. Thank you!

Josh Mitchell okay so only on FHA loan at a time which makes sense. So if I got this correct the only way I could purchase a second home is either with 20% down to use a conventional loan or pay the remainder of the 20% of the first property and then refinance with a conventional? Is there any other loan program that would help me purchase a second property without putting 20% down for either property? Or is my only option is to gain more funds to continue to grow without using 1031? I'm sorry if I seem confused or lost, honestly it's because I am. I wish to continue to grow once I purchase my first property after about a year or two but I don't have a clear image on what I should do once I get there. Thanks again everyone and Josh!

Good afternoon BP users! Let me indeed ice myself once again. I'm new to BP and the real estate business, and I'm currently sitting at a Barnes and Noble reading and learning the business to better myself. I'm also taking my 75 hours to get my real estate license. I joined BP because I'm planning to invest in real estate. I currently work in a corporate company as a electrician in the solar industry and I'm seeking future financial freedom. My plan is to purchase a multi family property and rent it out. I was trying to put as little money down as possible the 3.5% but I didn't want to commitment of keeping the property as my primary residence. My plan would be to live in the basement for about a year and rent out the other two floors, garages and rent parking spaces in the backyard. After about a year I'd like to move out and purchase a second property, again another multi family property. Now could I do this? How would I be able to do this legally? I would like to purchase the second property again with little money down with the 3.5% down payment. Could I have two FHA loans? Is there any different loan programs that could help me in such situation? What should I do? Thank you in advance, sorry this is all new to me. I'm reading real estate books and listening to BP podcasts. You can also guide me to a podcast and or other threads. Thank you once again!!

Rafael Norat thank you for letting me know about this meet up. I just did a quick search on it and it looks like it's every first Wednesday of the month. I'm not to far from West Orange and I'm going to contact the group to see if I'm able to attend. I'd love to learn, hear and share other people's experiences! Thanks again!

Thank you Jeff Copeland I will do as you advice. I will definitely contact a mortgage broker and discuss different types of loans and see what's best for me. I will also talk to a well experience realtor do get some guidance as well. And the only reasons I worry about having to keep it as my primary residence for x amount of years is because I would like to continue to grow in real estate and not be locked in for 3 or 5 years. But I'll look into that some more. I appreciate your time in responding and for your help!

Hello landlords, my name is Carlos and I'm seeking a future within real estate. I'm currently taking real estate courses to get my real estate license. Book after book I'm doing nothing but gaining knowledge of the business. With still many unanswered questions still in mind I'm on Bigger Pockets to ask questions and learn from you! As I sit in my car listening to BP pod casts, read blogs and write down notes I jotted down notes as I wait for my real estate class to start. Again this is a new field for me as I my occupation is being a Electrician/ Solar Photovoltaic Electrician, so I'm sorry for any silly questions or ideas I might have that might not make sense. Currently taking my 75 hours in NJ to get my real estate license. I choose to take this class mainly for knowledge! It's part of my "college tuition". Getting more into the course I realized how important and useful taking the state exam and getting my license could be. So hopefully by the end of August I can hold my NJ Real Estate License. I think plan on buying and holding a real estate multi family property. I was seeking a two family house with finished or particularly finished attic and basement. Along with 1-2 car garage and a good sized backyard.. The plan, which we can probably see where I'm going with this. Rent both floors and the attic along with the garages and make parking spaces in the backyard for 2-3 cars. I would also like to live in the basement. I would make the basement habitable if current conditions aren't habitable. The goal would be to have some positive cash flow $300-900 a month and live for free. My only worries it renting the attic and living in the basement. Also I would only be putting a down payment between 5-10% and I've head with under 20% I'm required to have this property as a primary residence.. My questions: Do you think I'm over my head? I know it's not a legal 4 family only 2 family, what are my risks? Am I required to make this my primary residence with being under 20% down payment? What other ways would you go about my situation? Fee free to leave any other comments and or links related to my situation for additional advice. Thank you again, and sorry for any punctuation errors.

Thank you everyone! I feel welcomed on BP. I've been listening to the pod casts while at work and while driving on the road. I'm currently on episode 11 and it's only been a few days since I've started. I'm also reading a few real estate books and now thanks to BP I'm generating a list of more books to read/ listen to on audiobook. Thanks again, later on I'll share my plan and I'd love it if you could all give me you're honest opinion and any comments or remarks. Thank you BP!!