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All Forum Posts by: Jason Ines

Jason Ines has started 4 posts and replied 7 times.

Post: Can you use a solo 401k to fund turn key properties?

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

Wanted to see if this strategy is obtainable. I want to roll over my 401k and traditional IRA into a solo 401k directed to real estate to buy turn key properties with positive cash flow. Am I able to use the appreciation and cash flow to grow the solo 401k and also maintain the operating expenses of the rentals?

Post: Homestyle Renovation Fannie Mae Jumbo loans?!

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

@Carrianne Mucho  Thank you for your knowledge! I'm definitely looking forward to doing a low down renovation loan now. Although it won't be several months before i actually pull the trigger on this, all this information will put me on the right path to finding the best solution to enter the game minimizing all my risk as much as I can before then. @Luke Schrotberger Thanks for the input! 

You both work with these types of loans I'm guessing g since you are lenders, which renovation loan do you think is better? 203k or homestyle Renovation?

Thanks again! 

Jason

Post: Homestyle Renovation Fannie Mae Jumbo loans?!

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

Hello BP!

Has anyone ever done a jumbo loan (80/10/10) concurrently with a Fannie Mae Homestyle Renovation loan? Is this even possible? 

I am a first time home buyer saving up for a down payment and thought this would be a great way to acquire my first home. The way I want to execute would be FannieMae Homestyle Renovation loan for the 80% then second mortgage for 10% and put down 10%. Looking around 350k home prices in southern California. I'm trying to utilize a second mortgage and benefit from writing off the interest from the second mortgage as oppose to paying the PMI with no tax deduction and at the same time finding a good deal to renovate, live in, then later buy and hold, or sell with appreciation. Rinse and repeat.

Is this even possible? Anyone with homestyle Renovation, 203k 203(k) , Fannie mae knowledge please help me!

Thanks in advanced BP. 

-Jason

Post: New Member from Corona, CA

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

Hey Jeff,

I'm definitely looking to purchase in southern California. Looking in Corona, Riverside, eastvale and anywhere within driving distance so I can live in one of the units of my future multifamily residence. How did you come across the property in Barstow? Do you manage it yourself or have a property manager?

Post: New Member from Corona, CA

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

Hey Jeff! Welcome to BP. I too am from Corona Ca. I'm a newbie also but have done a lot of reading and research. Currently saving for a down payment for my first multifamily live in unit. Have you ever looked into refinancing? You bought back in 2007 and have been paying the mortgage in it (assuming you had financing). Then you may have built some equity. Possibly bring down your mortgage monthly and turning it to positive cash flow? Just my thoughts. Welcome to the community!

Jason Ines

Post: A beginner's game plan

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

Hello BiggerPockets Community!

Looking for some guidance here.

So I've been preparing to enter the real estate game for a while now and have been studying what my best options are for what I want to accomplish. Here are my thoughts and game plan, please let me know if you've done this, have ideas on if this is a good route to take, or any opinions and input would be greatly appreciated.

To start out I've been saving money for a down payment for an FHA loan, just so I can get some skin in the game using traditional financing. I've been looking at some duplexes/triplexes near Corona, CA and the closest affordable duplex/triplex I can find are located in Long Beach, CA. The range would most likely be the lowest around 400k since it would be closer to what I can afford. I've been reading about wholesaling and was thinking maybe there's a creative way to acquire property for a buy and hold strategy, using wholesaling. My understanding is that wholesalers purchase properties at a discounted price because it's a distressed property, or the wholesaler found a deal through probate, tax liens, motivated seller, etc. Then the investor comes in and buys the property for a little bit more 5-10k for example so the wholesaler gets commission and the investor can still make a profit.

From what I've heard, traditional financing lenders typically do not allow their loans to be used for a wholesale transaction because of the state of the property etc. Is there a way to still get a good deal on a property through a traditional loan such as a FHA loan?

I was thinking, if I could buy a multifamily from a wholesaler through traditional financing, I could afford a multifamily, fix it up to be a decent place, live in one of the units, and collect rent to supplement my mortgage, all the while building equity into the property. Then do a 1031 exchange for a nicer property with more units into a nicer area with higher rents. Doing this progressively building equity along the way to hopefully build enough equity to sign another financing deal using the equity built up from my first multifamily and start all over again.

Rinse, and Repeat.

I know there are other ways of acquiring financing like hard money lenders, private loans and what not but traditional financing at a low rate seems more feasible for me at this time. I still have a lot of saving to do but this will allow me to learn more before I get there.

With a property of around 400k I think I'd need to save around 40k to cover all my expenses to get started. 3.5% down, closing costs, etc. Then the mortgage would be about a 1900 dollars a month give or take. Rental units are ranging around 1200-1600 on a 1 bed 1 bath and 1400-2100 on a 2 bed 1 bath. The duplex i found has one of each. If i live in the 1 bed 1 bath I could rent out the other unit for let's say 1600. Leaving my monthly mortgage being 300 dollars a month because of the supplemental rent coming in and going towards my mortgage from the renter. So for every 300 dollars I put towards my mortgage, the renter will be paying 1600 which is basically a 500% ROI every month. Let me tell you, these types of numbers get me excited. And I'm looking forward to hearing what you all have to say.

Cheers!

Jason Ines

Post: New member from Corona, CA

Jason InesPosted
  • Rental Property Investor
  • Ontario, CA
  • Posts 7
  • Votes 5

Greetings Community!

I'm a new member out in Corona, CA which is part of Southern California and am looking forward to learning about investing in real estate. My goals are to create a passive income through cash flow by the Buy and Hold method of renting out properties. I hope to accumulate multifamily homes, single family residence, and condos/town homes. 

I have been studying real estate investing for couple of years during my free time after work and on weekends and have been looking for the right niche for myself to start. I would like to start with the strategy of no money down and partnering but I am not sure where to find partners or how to go about looking for them? Once i have started with the no money down strategy and have collected enough to put my own capital to work I want to enter into condos, then single family residence or multifamily homes. Since I am in the southern california region home prices are pretty high for me to get started, which is why I am interested in the no money down strategy. 

I was hoping I can find guidance in through this network and people to follow who would be willing to help me become a successful real estate investor and hopefully become a teacher in this community in the future.

I look forward to speaking with all of you!

Cheers

-Jason Ines