All Forum Posts by: Frank Contreras

Love the post! Gets me excited to get started!

@Brian Adams this is really inspirational and with time and hard work, will strive to be at your level one day! Thank you!  

Started taking action steps, in purchasing my first rental property. I have started off with;

• 1.Reached out to real estate agent and had him set me up with automated emails with properties with certain price and location in my city. With criteria being single family homes with 3br 1+ bath.
• 2.Reached out to local credit union and had them sent me a conventional home loan worksheet quote.
• 3.Did go on to lending tree to see if that was a better option with shopping for quotes on loans. DOES ANYONE EVEN USE LENDING TREE?
• 4.Did call credit union again to see if I could pull cash out from equity on my current Property.

Feel like action steps I’ve taken are wrong, should I be looking at properties first with realtor, then look into how I’ll be financing property? Don’t have any cash on hand to fund a down payment, was quoted that my current property would cash out $9,200 to help with down payment of next property. If I went with conventional home loan, would that require me to move into the new property for a certain amount of months? Do I go with invest property loan which requires the higher down payment and avoid having to move out of my current home? Not sure if anyone on here had this same situation when starting off, what would ya’ll do in my situation? Just stumped here and getting a little uncomfortable with this whole process.

Should I even be getting pre-qualified for a loan at this point? Should I be going out looking at properties, then seller would have a bank that we could qualify with and maybe get a better deal?

@Andrew Postell when you say charge you, would that be the cash required at closing?

@Andrew Postell yes, this would be a property I would move into. I would be renting out the property I currently live in. 

Hi Everyone,

Starting to take action on getting my second property. Did reach out to a local credit union on getting a loan. They've reached out to me on an estimate, but not sure what I should be looking at to see if I should proceed. I provided the sale price being around 130,000 and she was able to provide LTV at 95%, term being 30 yrs and Rate at 4% and they currently have a promotion that they'll pay up to $2,500 of closing cost. Should I be shopping around for different rates or is this something I really don't have to worry about, since we want to get seller to pay as much of closing and any other fees as possible? Any advice would be greatly appreciated!

Thanks for the response Chris!

Hi everyone,

My Names Frank Contreras, out of the El Paso, Texas area. I purchased my first home about a year ago and would really like to turn this in to a rental property and purchase a second home. The thing is I have no idea what next step is or what I should be doing. I've bought real estate books to get me started and now joining the bigger pockets community, so that I can meet and learn from people in and out of my area. I currently work for ADP, but with time would like to trade my cubicle and be in real estate investing full time. Really excited to join the bigger pockets group and even more excited to chat with ya'll. Thanks!