All Forum Posts by: Gabriel Zepeda

Hello Everyone,

I along with 2 other buddies of mine created a multi-member LLC to wholesale and refer real estate to agents. We are in the process of hiring people and want some advice on structuring our new 1099 clients/ contractors/ employees for lead management, acquisition and disposition. When our affiliates are using the company for business cards, door knocking, managing leads, performing acquisition, or disposition with our company does the LLC provide them protection? Should they be using our name? Do we need to get workmen compensation or other liability insurance? They aren't W2 employees as we are commission based so, how much does the LLC provide them with protection? Does it at all? What would I have to do to get them protection? I have a meeting with a business lawyer this Friday but, just want any other feedback before the meeting for further clarification as well as advice that I am not thinking about. Thanks in advance!

Best,

GZ

Hey Erik this is what the representative sent me:

Atlantic Capital Funding is certified by the FHA to do the FHA Streamline program. We're owned by a Veteran, James Henderson, NMLS 658360. They do both FHA and VA Streamlines. I would totally refinance into a conventional loan to remove MIP but you cant until you reach ~20% equity or have 15 years of payments? I could be wrong.

Hello Everyone,

I bought a home back in January 2024 using my FHA loan and I received a call from Atlantic Capital Funding saying that I could FHA streamline (interest reduction) from my 6.625% to 5.7% and could even get two mortgage payments covered, (allegedly). I meet the requirements, which are:

1) More than 640 credit score.

2) No missed payments

3) No second mortgages

4) did not use a down payment assistance program to buy the home.

Email is below:

~Hi Gabriel, It was nice speaking with you. Since this is an FHA Streamline, there is no appraisal, no income verification, no employment verification, no out-of-pocket costs, and nothing rolled into the new loan. You would skip your October mortgage payment New Quote: 5.75% with a monthly payment savings of $230. Annual savings is $2797 and lifetime savings of $84KIf you kept making your same mortgage payment, you would be paid off in 24 years. There is nothing out of pocket for this program. If you want to proceed, please gather these few documents, and email them over to me.

• Photo ID: Please provide a clear copy of your valid photo identification.
• Proof of Social Security Number: Documentation confirming your Social Security Number.
• Homeowner Insurance Declaration Page: Is the cover letter with your policy number and coverage amounts. If you don't have it you can call your insurance company and ask them to email you the declarations page
• Recent Mortgage Statement:
• 2 Different Utility Bills: Gas, Electric, Cell Phone Bill, Cable, Garbage, any two utility bills.
• Copy of Mortgage Note all pages: Was included in your closing documents when you purchased the home. It's about 2-3 pages and says "Note" at the top
  

Please keep in mind this is based on today's no cost rate which changes based on the market Should you have any questions or require any assistance regarding this process, please do not hesitate to reach out to me.~

Is this a scam? Should I speak to my lender first and see if they can match? Does this affect a cash-out refinance or pulling out equity in the form of a HELOC/equity loan?

I guess this is a perk of buying at the peak of rates now that the Fed wants to reduce rates in the near future. Let me know this is a scam sounds to good to be true and thanks in advance!

Hello Everyone,

I bought a home back in January 2024 using my FHA loan and I received a call from Atlantic Capital Funding saying that I could FHA streamline (interest reduction) from my 6.625% to 5.7% and could even get two mortgage payments covered, (allegedly). I meet the requirements, which are:

1) More than 640 credit score.

2) No missed payments

3) No second mortgages

4) did not use a down payment assistance program to buy the home.

Email is below:

~Hi Gabriel, It was nice speaking with you. Since this is an FHA Streamline, there is no appraisal, no income verification, no employment verification, no out-of-pocket costs, and nothing rolled into the new loan. You would skip your October mortgage payment New Quote: 5.75% with a monthly payment savings of $230. Annual savings is $2797 and lifetime savings of $84KIf you kept making your same mortgage payment, you would be paid off in 24 years. There is nothing out of pocket for this program. If you want to proceed, please gather these few documents, and email them over to me.

• Photo ID: Please provide a clear copy of your valid photo identification.
• Proof of Social Security Number: Documentation confirming your Social Security Number.
• Homeowner Insurance Declaration Page: Is the cover letter with your policy number and coverage amounts. If you don't have it you can call your insurance company and ask them to email you the declarations page
• Recent Mortgage Statement:
• 2 Different Utility Bills: Gas, Electric, Cell Phone Bill, Cable, Garbage, any two utility bills.
• Copy of Mortgage Note all pages: Was included in your closing documents when you purchased the home. It's about 2-3 pages and says "Note" at the top
  

Please keep in mind this is based on today's no cost rate which changes based on the market Should you have any questions or require any assistance regarding this process, please do not hesitate to reach out to me.~

Is this a scam? Should I speak to my lender first and see if they can match? Does this affect a cash-out refinance or pulling out equity in the form of a HELOC/equity loan?

I guess this is a perk of buying at the peak of rates now that the Fed wants to reduce rates in the near future. Let me know this is a scam sounds to good to be true and thanks in advance!

Hello Everyone,

I bought a home back in January 2024 using my FHA loan and I received a call from Atlantic Capital Funding saying that I could FHA streamline (interest reduction) from my 6.625% to 5.7% and could even get two mortgage payments covered, (allegedly). I meet the requirements, which are:

1) More than 640 credit score. 

2) No missed payments 

3) No second mortgages 

4) did not use a down payment assistance program to buy the home.  

Email is below:

~Hi Gabriel, It was nice speaking with you. Since this is an FHA Streamline, there is no appraisal, no income verification, no employment verification, no out-of-pocket costs, and nothing rolled into the new loan. You would skip your October mortgage payment New Quote: 5.75% with a monthly payment savings of $230. Annual savings is $2797 and lifetime savings of $84KIf you kept making your same mortgage payment, you would be paid off in 24 years. There is nothing out of pocket for this program. If you want to proceed, please gather these few documents, and email them over to me.

• Photo ID: Please provide a clear copy of your valid photo identification.
• Proof of Social Security Number: Documentation confirming your Social Security Number.
• Homeowner Insurance Declaration Page: Is the cover letter with your policy number and coverage amounts. If you don't have it you can call your insurance company and ask them to email you the declarations page
• Recent Mortgage Statement:
• 2 Different Utility Bills: Gas, Electric, Cell Phone Bill, Cable, Garbage, any two utility bills.
• Copy of Mortgage Note all pages: Was included in your closing documents when you purchased the home. It's about 2-3 pages and says "Note" at the top
  

Please keep in mind this is based on today's no cost rate which changes based on the market Should you have any questions or require any assistance regarding this process, please do not hesitate to reach out to me.~

Is this a scam? Should I speak to my lender first and see if they can match? Does this affect a cash-out refinance or pulling out equity in the form of a HELOC/equity loan?

 I guess this is a perk of buying at the peak of rates now that the Fed wants to reduce rates in the near future.  Let me know this is a scam sounds to good to be true and thanks in advance! 

Hello Everyone,

Where could I find purchase sale agreements for wholesaling and any other contracts needed to make a deal legally in California? I would appreciate having a contingency for inspection clause and because I am targeting foreclosures... I would like to not be liable as a foreclosure consultant and include that in the agreement. Maybe I have to make this myself? Thank you ahead of time! 

Best,

GZ

Hello Everyone,

I know the 1031 exchange is used to defer the capital gains under the condition you use it to buy another home. Is there a tax strategy for using capital gains off the sale of a home to pay off other homes in your portfolio to improve cashflow? Thoughts? 

California !

Best,

GZ

Hello Everyone, 

I am working on getting my real estate license to represent myself, my family, and friends when buying our homes. Do I need to work for a brokerage to make that happen? If I represent my friend, could I pledge my 3% commission into the home for credits, buy downs or as more money down for a down payment instead of taking a cash deposit? Thanks in advance! (In California)

Best,

GZ

Hello Everyone,

I just purchased my first 5-bed, 3-bath house using my FHA loan, and I am planning to rent out the rest of the rooms. I would like to keep house purchases like fridge, washer, dryer, etc. separate from my personal bank account, so... Is it a good idea to open a new business bank account and business credit card to keep my finances more organized for tax season and reap the benefits of points on a credit card? If so, what credit cards do you recommend for this? Does renting the other rooms and buying appliances qualify as business expenses? If you have experience with house hacking, what would you have done differently when starting out? Any advice helps. Thank you!

Best,