All Forum Posts by: Joe Fraga

When applying for a home loan any inquiries within a 30-45 day period will all count as one. It's best to try as many as you can. That way not only will you find the best rate, you will also get to know different lenders and their personalities. Different lenders can do different things.  

Finding Fiverr was a godsend. At 1st I used them for cold calling. Then as I learned I found people that specialize in lead generation for real estate. They will farm for you (with any options you want), get the numbers and make the calls. You can also hire a VA on there who will do all of that for you. I took my time looking for deals from hours and hours a week down to minutes. http://www.fiverr.com/s2/d0f83...

I would check with your real estate division before doing anything. In my state that would be considered property management. And if I practice property management with out the proper license or outside of my brokerage I would be in a ton of trouble with the division. 

Hi Jordan,

Have you tried other lenders? I use Janel at New American and Cindy at Harvest. Both in Reno as am I. Your credit score should not be an issue. If your looking to re-invest in Reno you better hurry. :) Happy to meet up and have a beer or a coffee. Ive been doing this awhile out here and can introduce you to the people that can help. I'm also a former real estate agent.

The title company can put the entity on the deed. Or it can be done after. Lenders usually don't like this and could consider in a "sale" and call the loan due. It's easier to just get an umbrella policy for now. Once you start growing you can buy properties with a different type of loan through your entity.

1st things 1st. Run the numbers. Is it going to make sense after the upgrades? Will it cashflow? Check other like units in the area and see what it will potentially rent for post renovation. Be ready for a fight from tenants that don't want to give up their low rent. If you do move forward ensure the leases are all legit and get estoppel certifications for each tenant.

I am looking at a vacant commercial building and trying to gage what I should offer on it. I'm guessing I should find the cap rate for other like buildings in the area but any and all advice is appreciated.

How exciting and congrats to you both for finding a mate that believes in investing like you do. It's a lot harder than most think. What your talking about is very easy. Ive done it and have helped others do it. The simplest way is to purchase the property together. Your both on and responsible for the loan repayment and you both own the house. In cases where you don't want to or cant both be on the loan it's very easy to add the other person to title during the closing process. Just ask your lender or title agent about it. You can also be added to the title later. ie. Maybe you want to see how things go for a year, so one buys the property and goes on title. Things work out and you decided to stay together, you can then put the other on at that time. Did that make sense? lol feel like I'm rambling. :)

The only real reason to have multiple LLC's is for asset protection. And tax benefits if your self employed. When your starting out you really only need one or even just a good umbrella policy through your insurance.

As for financing, if you have a w-2 job a normal everyday conventional loan will probably be the best.

Also sounds like a multifamily property might be the best fit for you. Did you ask about the minimum amount they will loan on? One multifamily might satisfy your 3 doors the quickest and the easiest.

Typically its anywhere from 2%-3% of the purchase price.