All Forum Posts by: Manuel Fontan

Hi BP community!

What are the main differences between a Non-Conforming Loan and Portfolio Loan?

As it turns out, when an investor has more than 10 properties, they no longer qualify for Fannie Mae mortgage loans (conventional foxed 30yr & 15yr, FHA, 203k, VA, etc) and the way to leverage debt is by using portfolio loans.

Any guidance on the topic will be greatly appreciated.

This pandemic shows major flaws in vacation and short-term rentals. Wondered if anyone has experience with non-AirBNB investing in Puerto Rico? 

I'm thinking SFH or duplex for middle-class families. Puerto Rico will benefit immensely from the National Supply Chain legislation in Congress. There are dozens of abandoned industrial parks that can be put to use, many jobs will be added.

Hello BP community,

I'm a newbie real estate investor, looking to buy my first investment property next Summer 2020 outside of Boston. I was wondering about underwriting guidelines for small multi-family properties. 

What strategies can be explored if I want to purchase a 2nd property with a 730 credit score and living on the first one for 14-16months? I have read mixed reactions on the forums, some people mention that a 20% equity is required, others that 2 years living on the property is required, even read that a letter explaining the reason for moving might be enough to satisfy underwriting and execute a 2nd deal.

Any help sorting this out is greatly appreciated!

Best.

@Sean McCluskey 30yr fixed, 96.5% LTV, 4.12% APR for a small multi-family. Quoted last week before the Fed cut.

@Frank Patalano

I wish to house hack a SMF next Summer. What holds me back is estimating rehab costs.

By next Summer I will have just enough money to comply with FHA requirements for a 3-4 unit, so not much emergency funds. I am a first-time home buyer and the entire process is new to me. How can I learn estimating rehab costs and especially, manage a project knowing that an FHA approved contractor won't rip me off.

I know this is a lot, any help would be appreciated.

Manuel

Hello BP community!

Me and my fianceé are newbies from the greater Boston area and we are interested in small multi-family properties (tris and quads). We want to pursue a BRRR strategy in either the Norfolk county, Worcester county and Merrimack valley.

Since we are new to REI and recent grads at the same time, we do not have enough cash nor able to secure private money for the time being (we want to have a track record before seeking out partnerships). Furthermore, we renewed our 12-month lease just 2 months ago, so an FHA is not in our interest until next year.

Our financial situation enables us to seek for either sellers financing or hard money. Our max purchase price is around $300k and we are looking at 100% LTV and 100% rehab of hard money. We are educated but we lack the practical experience, our heads go blank once we try to map out the process and due diligence with hard money lenders and contractors.

We are in dire need of practical guidance. Any suggestions will be greatly appreciated! 

Thanks in advance!

Hello BP community!

My name is Manuel, I am a new RE investor and an engineer working in energy efficiency and sustainability sector, and I am more than excited to be part of this community. My interests lie in small-multifamily fixer uppers in Massachusetts (central Mass, Merrimack valley and Norfolk county just south of Boston). 

I am very interested in connecting with other investors, grow my network and achieve financial freedom!