All Forum Posts by: Eladio P.

i am getting my mothers credit in shape to make her buy a home with a FHA loan and will help her with closing cost and other fees. She is tired of renting her whole life and her dream is her own house. My plan is to get her a 3 family owner occupied with FHA. Her husband is a snake scumbag that lives paying debt with debt and always has a "great idea" with money which has cost them everything time and time again.

How can i prevent him from making her take a cash-out refinance, HELOC etc? she has no personality to say no to him. i plan on getting her a good deal to cash flow and equity, later refinance to keep on making her a small portfolio for retirement. How can i go about preventing him from taking everything south ? should i include myself as a joint borrower?

thanks everyone ! 

Hi, lets say i fix my mother's credit and get her to buy a house making it a good deal to cash flow (3 unit) a FHA loan the question is; what can i do to PREVENT her for taking a HELOC, refinance, second mortgage etc on the property?

Her partner is a scumbag that once he sees there is any amount of equity will get her to access it to do something stupid with the money and make the deal go south.

I have planned for the rent to be collected by a property manager so he wont be able to touch the money thats due for rent. But how can i prevent him from messing touching the equity? Can i add myself as a co-borrower so that why if i don’t sign any loan request he can’t get it?

Thanks in advance for your answers

L oan

@Josh Fenton Hey man the only way it could go all wrong is if the math behind the deal is wrong, there's a lot of resources here to learn how to analyze deals. talk to a mortgage broker so they can pre qualify you and the'll you exactly where you are standing and what you need to do. Don't worry about feeling like that, RE is a another world and you wont get 100% of everything right away. Good luck! 

@Daniel Haberkost Hi, was that a FHA loan where you provided your last 2 paystubs?

thank you @Christian Allen! yes im leaning towards buying one with fha and just make sure it cash flows positive and keep that more as a "home" than an investment. Then move forward with the second property which will be an investment 100%, without really counting on the equity of the first one. 

i was thinking something similar to your first FHA loan, make some repairs myself that way i wont have to include it in a 203k loan and just give it time to build some equity, since it will be a 96.5% loan starting out. thank you so much, i'll definitely PM if anything

i haven't looked at all the response so dont know if someone mentioned this one " Think and Grow Rich" by Napoleon Hill. its not about real estate but it will make you JUMP and go after what you want making you feel invincible lol, thats how it makes me feel every time i read it at different stages of my life.  

i haven't looked at all the response so dont know if someone mentioned this one " Think and Grow Rich" by Napoleon Hill. its not about real estate but it will make you JUMP and go after what you want making you feel invincible lol, thats how it makes me feel every time i read it at different stages of my life.  

Thanks @Anthony Thompson! Yes I agree with option # 1 going with the fha loan and put a down payment, maybe some rehab with my own cash in order to create some equity, the most important thing I want out of the first home will be to cash flow positively.

Yes that what I meant by “forgetting” the first property, moving forward to the second property without touching the equity in the first home which I will look at like a home instead of an investment. I wont have a problem staying more than a year and refinance when it makes sense $$. My intentions exactly about avoiding a “house of cards” since I am starting out I don’t want to risk everything and become a story of someone who lost before he started.

I’m thinking about hard money for the 2nd property going forward since I will be targeting distressed properties mainly here and in NJ where I have really good friends (lenders and contractors) and I would like to use as little cash as possible. But if these institutional mortgages work for this I will take a look at them.

Of course let me know of good real estate agents that you know of, ill be more than glad to meet with them. Thank you for your time and knowledge as always, I appreciate it so much !

Hi everyone,

I feel like the closer I am to pulling the trigger with my first home purchase the more unanswered questions I have about making this go right or faster. I will make this as short as I can but will try to put all the inquiries I have out there.

My main goal: BRRRR as many 3 unit properties as I can next year (hit the ground running)

In order to accomplish this, I feel I have to make a good first deal, or is it irrelevant ?

I know I want a 3 family to live in one unit and rent the other two here in providence RI

Scenario 1, get a loan through RI housing which is basically a FHA loan with down payment assistance and renovate out of pocket to create some equity, I know I have to live in it for a year.

- go this route without the down payment assistance and put some money into rehab to create equity in order to refinance?

Scenario 2, get a 203k loan for a distressed property, but I don't think this will create enough equity to refinance not even in a year down the line due to the small DP and large loan. It will have to be SUPER cheap in order for a BRRRR to work.

OR, am I just over thinking this and should just go ahead with a RI housing loan (either one) and just “forget” I bought this first property and continue the next one with hard money as soon as I can without counting on the first property’s equity? I mean, one deal under the belt and I think It will open doors with hard money lenders right? And I will have cash available to put in the next deal.

Is probably confusing but that's how my head is right now lol. One more thing, can someone recommend a rockstar real estate agent ? I am ready to get the ball rolling right away. Thank to everyone to takes their time to respond :)