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All Forum Posts by: Elvin Tolentino

Elvin Tolentino has started 4 posts and replied 19 times.

Post: Which loan product to use for BRRRR?

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Whitney Hutten

Good afternoon!

Thank you for that article link and your post! That’s exactly what I was looking for.

I will PM with any questions.

Much appreciated.

Post: Which loan product to use for BRRRR?

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Marcus Auerbach

Thanks for your reply. I was considering hard money and i know people who have had success with it. Is it wise to use a homestyle loan?

Post: Which loan product to use for BRRRR?

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

Hello everyone,

I just sold my primary residence and will be using some of the gains to invest in another single family property. I plan on using about 20K for a down payment (maybe slightly more). My credit is decent. The major potential set back is my student loan debt (about 40K) which would increase as I advance through grad school. I am working to get pre approved for a conventional loan to purchase and potentially fund the rehab/holding costs but that student debt is hindering me.

Im working With a very knowledgeable potential lender at this time. I just wanted to know what loans people have used to acquire properties at low and no money down. The thing with conventional loans is that according to my lender I cannot put the property in an LLC. Sorry for the long post. All advice is appreciated.

Everyone here has given great advice. I would also mention that you need to know if your lender does refinancing, if they have a seasoning period (if so, how long) and the percentage of LTV they are willing give you. This needs to be known and clear to all parties PRIOR to purchasing the property.

Post: Guidance/help on my first deal

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Allen Thompson

I would never have thought that. Will see what I can find. Thank you.

Post: Guidance/help on my first deal

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Patrick Menefee

Thank you for your response. I’m glad you were able to figure out numbers that worked for you.

Post: Guidance/help on my first deal

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Jonathan Bombaci

Great response. I most likely would not have looked at it from the perspective. Definitely going to start running numbers from a MPP angle. I was just doing the numbers based off monthly cash flow.

Thank you

Post: Guidance/help on my first deal

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Joshua Baker

Thanks for the response. I have only called one RE attorney but I’m familiar with some others as well. Yes rents in Orlando are at an all time high I was wondering when property value was going to cap. I still see prices increasing all of the time.

Post: Guidance/help on my first deal

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

@Ted Felsberg

That’s a good suggestion. Id definitely do that for out of state investing however I’m gonna apply it to this market.

Thank you.

Post: Guidance/help on my first deal

Elvin TolentinoPosted
  • Posts 19
  • Votes 7

Good evening BP.

I am working on my first deal. I have a lender, agent, and CPA in place. I am working on speaking with a real estate attorney but I am not sure if it’s necessary at this point. I know it will be for sure in the future.

I am looking for SFH in Orlando to BRRRR. I am looking to buy late his year or early next year. I am most likely going to go with a homestyle loan along with some private funds. I have also been analyzing properties, but none of them have been worth my time. Here's what I'm not sure about: how to accurately analyze properties (ive read the BP post and I'm checking numbers against the stock market cash on cash return)

When to involve a real estate attorney

What areas in my city are “up and coming” and how to find out without relying on RE agent

Basically am I doing things correctly so far? How can I improve? Sorry for long post.

Thanks.