All Forum Posts by: Erandi Lechuga

Searching for recomendations for an attorney who is experienced in real estate in Denver Metro area Co

I am planning on purchasing a multi family property this summer (4-6 months) in CO.

How soon is it recommended to connect with an agent? How soon is too soon? 🤔

I want to make sure I have my ducks in a row prior to connecting. 🙃

@Jake Wiley Thank you! This helps a lot!

@Michael Dumler Thank you! the property is under my name only so I'll likely get a lease to help with the DTI.

I *finally* have though capital for a down payment on my first investment property. I plan on househacking a small multi family 2-4 units in CO. I own my current primary resident but will not be renting it out (my parents will live in this home when I leave and they will cover the mortgage). Long story short I purchased this home when I was 19 and single and they helped with the down payment and we agreed to live together. I now have a family and am ready to leave but they want to remain here.

I have a few questions/concerns:

1. How will my primary mortgage and taxes work when I move out and leave the home to my parents? Do we need a lease? Will this affect my approval for the next loan? How do I explain this to lenders?

2. What steps and in what order should I be taking to get closer to my first house hack besides the first step of getting pre-approved with a lender? (Opening bank account, registering an LLC, finding an attorney, connecting with an agent, etc.)

I know it's a lot to unpack. Any advice is appreciated.

TIA

In the process of cash out re-fi'ing my primary residence and will need to invest the money since I won't be able to open a new loan until 6-12 months after the closing date (if i understood correctly).

Thoughts on investing in billboards? I thought it may be a good way to protect my cash from depreciating while the seasoning period is up and I can jump on my first investment property.

Any podcasts related to this? Would you recommend it? Would you not? Why not?

TIA!

@Sean Starkey

I am in the same boat you are! Hoping to refi my primary residence to make down payment on a multi family property. Glad I am not the only one with these questions! 😁

@Jeff Shumway

Since refi'ing is so similar to when you first purchase the home, is it recommended you work with an agent? Or does one simply go to a lender?

@Matthew Crivelli

If I want to buy and hold the investment property, would you still go with a private lender?

@Kenton LeVay

I read somewhere that I should go to as many lenders as I can in the timeframe of 2 weeks-ish to avoid my credit being impacted? Do I need to wait for one lender to deny me the loan before I go to the next lender?