All Forum Posts by: Eladio P.

Hi everyone, one of my main search criteria i have to find my first few triplex in Providence or close by is - buy with a 10 to 20% built in equity (off market), my question is;

is this reasonable for providence? Can i stand firm for 20% or am i pushing it? 

Thanks in advance for anyone 

Thank you @Anthony Thompson

@Danny Nelson you have to get a merchant account with another llc not linked to you so you can cash out the card without the cash advance fees. 

@Brett Read thank you, of course i would not mess with mortgage fraud, just wanted to see if investors had a legal loophole around this. 60% higher! Jesus christ! That is abusive. Thank you @Anthony Thompson :) 

 @Frank Patalano ill see you there this thursday, is there a fee for non-members?  So glad the million dollar assets is a myth :) and just learned from you that a portfolio lender is the same as a local bank.  Thank you! 

Hey @Brandon Ingegneri thanks for the advice, of course I'll stay out of big banks and go local. Everyone has confirmed I don't need a million in assests for CRE. I love that about going opposite of the mainstream, that's something i always do for personal and other decisions. Thanks a lot!

Thanks @Brett Read, yes everyone has dismissed that “million dollar assets” idea i had (think i saw it in a Youtube video).  How do investors get around this “ 1 year owner occupy” ? Do banks go check at the property if owner actually lives there? 

of course a criteria i have in mind is buying with a minimum 10-15% built in equity, don’t know if 20 would be pushing it, but i know you make money getting IN the deal not out. Or at least is a strategy i have in mind to be “safe”. Local credit unions require this reserves for 3 family purchases? Thanks you so much. 

Hey @Anthony Thompson thank you so much for your extensive reply, looking forward to meeting you at the REIG. Yes, everyone has dismissed that “million dollar assests” idea i had (got it from a youtube video). That's exactly what inhve in mind, doing reaidential until I can’t no more for the rates. 

So non-owner-occupied is lower taxes than other wise? 

Wow that tax situation must be serious if it’s keeping him investor away from providence. I can perform a basic title search but can not understand completely 100% everything that comes up. At first glnce this looks lovely like a investors paradise compared to NYC where im from. 

Thanks for business credit card suggestion and your thorough reaponse. Looking forward to see you ! 

Thanks everyone for your suggestions and advice! Really felt the support. 

Hi BP, i was just wondering if investors usually find cheaper houses in Pre foreclosure or in REO in their market?

Hi BP, my immediate plans aside from purchasing a triplex to live in one unit with Rhode Island Housing were they have a program that finance 100% of loan, is to apply for a few Business credit cards (not linked to my personal credit report), cash them out for a down payment (not with cash advance, to avoid high fees) on 1 or 2 triplex in the Providence area. Of course the deal would have to make sense number wise, then obviously refinance those 1 or 2 properties with a HELOC to pay back the Business credit cards before the year 0% intro APR is over and repeat. looking to go in to the buy and hold strategy.

i also have a questions regarding commercial RE. 

1- is it true i need 1 million dollars in assets and a certain income per year to get financed from any bank for CRE ?

2- How does anyone recommend financing your first few (not commercial) properties ? with a commercial or portfolio lender? or under yourself until you reach that 4 property maxed? 

3- What advice can anyone give on investing in the Providence area? do Providence investors have/prefer Boston or CT as the "next door investing state"?  

4- Has anyone been to any of those Auctions listed on the Providence Journal? any suggestion or advice on that? 

i will be attending this next local REIG meeting to get a bigger picture of Rhode Island investing scene, even though i have been reading and learning for about 2 years now, but i am ready to advance now that i solved a credit issue. 

i know i asked a lot, i had a few questions and just figured to asked them all instead of posting a different post every few minutes. Thanks in advance everyone.