All Forum Posts by: Franklin Marte

It would be wiser to contribute your money to a income fund with a higher return than your present mortgage interest rate. As the fund grows you earn a higher return and you cash it out when large enough to use as a DP on a property.

There is no advantage to paying off the mortgage if you want the monet to invest.

When you say “income fund” do you mean another investment property? Or what types of income funds are there?

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Originally posted by @Eric Veronica:

@Franklin Marte is the line of credit unsecured? Would you be using conventional financing?

What you do mean unsecured is that where I get it from? And I was thinking of using FHA financing

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Originally posted by @Oleg Shalumov:

@Franklin Marte I would think that $45K would be too little for commercial property. I would agree with @Alina Trigub that you should try to househack smaller multi-family (preferably 4-plex). Please make sure you have enough money for reserve as the property may need some renovation after the purchase.

Can I use an FHA 203K loan to fix it up?

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I’m close to reaching 10k saved up I was thinking of paying off some debt and get my credit to at least 750 its at 720 now. After my credit goes up I wanted to apply for a line of credit and use it towards a down payment can I do this?

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I was talking to my dad about buying properties and the house we have now is with an FHA loan. I wanted to know if it'd be a good idea to pay off the house which is about $130,000 to then use a HELOC to buy another house?

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Originally posted by @Barry Thaler:

@Nick Rutkowski I have 75k credit card limit , with no deals . Looking for my first deal 🙏🏻

How did you get so much credit line?

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Originally posted by @Greg Scully:

@Franklin Marte - You may want to look into first time home buyers options through FHA. You can get into a property for 3.5% down. Maybe you can house hack a small residential multi-family to help get more capital and gain credit and investing experience.

Yeah I was thinking that but I live in New Jersey and I was planning to buy in another market possibly out of state, everything I’ve been looking at has an overwhelming price and I wanted to keep my current job and moving would compromise that. I was thinking down south like Florida

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Hey I'm currently 19 years old I live in New Jersey, I've had my mind on real estate for years now, I have established credit and working on my downpayment. Im graduating college in a few months. I have plans of buying my first house at the end of 2019 or sooner if possible. I have read a few books already, I'm seeking an experienced investor to help guide me I'm still fairly green. I'm open to learning anything and everything: flipping, hold and rent, BRRRR method etc. that will make me more knowledgeable and help in my future with investing. I'm willing to do small things to take time off of your hands that allow me to in turn learn. I want to bring something to table not just eat at it, I don't plan on wasting your time and hope you don't waste mine. Please don't hesitate to reach out to me I'm eager and ambitious to get started in my journey with REI, let's connect!

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Originally posted by @Brandon Sturgill:

@Franklin Marte What type of property and where? $45k won't get you very far...maybe $45k each? Or if you are in a rural or depressed location you can find something...just depends on what you are after. There are 1,000 types of properties under the "commercial" umbrella.

A 9 unit apartment building in Tampa Florida it’s a building C class. I wanted to fix it up a bit and raise the rent.

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Originally posted by @Jaysen Medhurst:

@Franklin Marte, I think your chances of getting a commercial loan at such a young age are slim to none.

Also, you're going to need a lot more than $10-15k. A commercial loan typically requires 25% down, plus closing costs, plus reserves. You'll need ~$150-175k to make it happen. Can you partner with someone? Parent, mentor, uncle...

Thanks for the reply, and no unfortunately I don’t have anyone that is willing to put money in. What about a PML?

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All Forum Posts by: Franklin Marte

Franklin Marte has started 12 posts and replied 37 times.

Post: Paying off house to use HELOC for another home

Post: Using a line of credit for a down payment

Post: I want to buy a commercial property, need help on how to do that

Post: Using a line of credit for a down payment

Post: Paying off house to use HELOC for another home

Post: How To Get Started WITH No Money?

Post: I’m 19 I have established credit I want to get a commercial loan

Post: Seeking to connect and get experience and guidance in real estate

Post: I want to buy a commercial property, need help on how to do that

Post: I’m 19 I have established credit I want to get a commercial loan