All Forum Posts by: John Bastardo

Thanks for the info J Beard

Thank you all for your replies,

I did go bank knocking a few years ago before I got the credit card and score. My bank in Visalia really hasn't been able to help me as I'm assuming lack of credit history and score.  I don't know if this year will be different .  I have got a private lender now which I have not used yet rates are the same as hm if I find something worth pursing I will have to use him @Jeff B. what is a DSCR numder? I'm not really much of an investor I just buy and hold rentals so far

Hi Everyone

My name is John and I just joined BP today and have spent the day reading some very informative posts.  My situation is this, and I would appreciate any suggestions.  I grew up in Ca. I was self employed and have spent the last 35 years living in Australia.  I have been visiting family most every year and now that I've retired I have been residing in both countries during the year I sold my ranch in Oz in 2010 and bought my first sfr in the central valley in 2012 cash during the next couple of years I tried to by others but could not get finance,as it turns out for various reasons i.e. no credit score for lack of history for the years I was away, foreign assets and income is not acceptable here in the U.S.   I did find another deal in 2014 and since made contact with a hml and by the time I got approval I was already back in Oz so I sent the funds from here and paid cash for prop no. 2, it cost me another 20% because of the exchange rate. My question is this: I would like to purchase another prop, this time it cost 32% more as the fx is going agianst me.  Zillow/Trulia vale for prop1 is 140000k-155000k and prop2 is 100000k-120000k, both are owned outright and have been remodled/updated and have no liens, both are rented 1700/mo after management expenses and I,m receiving my social security which is not much 536/mo I took out a secured credit card in jul2015 and now have a score of 720-730.  by the vangaurd stantard, only 7 mos history. does anyone know if I would be approved now for a loc on the properties or would there be a way to take cash out so I can use U.S. $ rather than aussie which will cost me more. I beleive I could go the hml but would these other ways be cheaper? 

Thanks for any input