All Forum Posts by: Jasmine Cotes

Is it really? @Jay Hinrichs i thought upgrading was a perfectly acceptable reason for obtaining another FHA especially if i actually intend to live there, please elaborate! I definitely don't want to be dealing with anything risky just creative workarounds that are legal and make sense.

@Mark Langdon  @Jer Fortenberry  thanks for the advice good point on getting the property first!

Any rationale as to why i should be aware of points A and B in your last statement @Jer Fortenberry

Thanks!

Hey looking for a mortgage broker who knows the deal when it comes to REI, creative financing, the work arounds on how to avoid the traditional 20-25% down and any other loop holes there may be out there.

I'm trying to get my second home I currently live in a small 2 fam, I plan on upgrading to a larger two family now that the kids have outgrown sharing a room. I know i should be able to get a 2nd FHA loan under this condition but what happens to the 1st home (any penalties?) and how will i get myself into the 3rd property which i plan on obtaining shortly after, can i keep upgrading and keep the older properties at the same time, when does that plan run out? I'm just clueless when it comes to getting creative i need a guy or gal who knows the ropes and is willing to help my situation. Please Refer!

Hey Yonelle, Thanks for the feedback, how did the refi go? Did u need money down and did they want to see a lot of reserves in your bank to qualify? Also did you start the process of prequalifing for the refi prior to applying for the HML?

Hi Ibrahim Thanks for the reply! Anything preliminary I can do before investing so much into something that can be an obvious bust?

Hi Dave,

Yes that's all important! thanks ! I updated my post to include some of those details.

No partners just me and husband. I plan on managing but will potentially outsource in the future. I'll be investing in multi families and predominantly buying and holding. I will be doing my first few deals through hard money and plan on implementing the BRRR strategy.

And I'm not really sure why I would need one, that is the reason for the post , I've read briefly about them and want to know from real life experience why they are valuable.

Hi 

Any advise as to where I can locate lists for probate and preforclosure properties in northern New Jersey, mainly Bergen, Passaic, Morris, Essex, and maybe Hudson.

Also whats the process for obtaining them? (wait time, cost, applications?)

Also any other types of deals out there that are on a list such as these? (not including the multi-criteria direct mail type listing)

Many Thanks !!

Hello,

I will be investing in multi families in northern New Jersey and predominantly buying and holding. I will be doing my first few deals through hard money and plan on doing the BRRR strategy.

I already have an FHA loan and funds/reserves are not high enough that I would want to risk throwing so much into a conventional. Hard money looks like my only option.

Any crazy/hidden fees or agreements I should be aware of.

What are points and what do they mean in dollars$?

How much more is it really to go hard money vs conventional, talking small money loans (100-250k)?

What happens when I go to refinance anything problematic or over complicated to be aware of?

Thanks for the help!!!

Hello again!

What are the benefits of an LLC, When should I look into opening an LLC, prior to my first investment purchase or after? Also where do I go to do this? and how much?

Thanks for the advice!!

Hello,

I will be investing in multi families in northern NJ and predominantly buying and holding. I will be doing my first few deals through hard money and plan on doing the BRRR strategy.

When should I begin looking into a RE Lawyer? When will I be using them with regards to the niche and agreements I will come across (buy and hold , refis, and hard money), What exactly will they help me with (services? legal advise?) and how much do they cost and where can I find great ones to work with?

Appreciate your help!