All Forum Posts by: Account Closed

Can you explain how you viewed 70 properties in that short of a time period? Was it with one or more realtors, or just driving by?

Get a home equity line of credit or cash-out refinance on the first property. If you have a solid income with good savings, get going! No reason to wait. How much do you have in savings & how much can you reasonably save each month?

If you refinance into a conventional mortgage, then you'll no longer have an FHA loan. At that point, you could qualify for an FHA loan again as an owner-occupant. Sure, you could each get FHA loans as long as you can prove that you live apart (1 of you living in a unit at each property) which next to no one would believe & is borderline mortgage fraud.

Don't worry, there are many other ways to find deals. Always be up-front with lenders.

I'm looking for unsecured personal lines of credit. What are the highest amounts you guys have been able to get?

Get the property ASAP after due diligence. Go ahead & live in one unit while fixing up anything else, even if you get the FHA loan.

How much does it cash flow (NOI)?

Do some minimal upgrades, get the property evaluated for price, refinance, then rent it out & move into your new multi-family. Before you know it, you'll have 2 cash-flowing properties with up to 5 units!

I'm curious about this company, as well. 

For example, these guys are telling you that it's okay if you put $100 towards the mortgage each month because if you were renting a standard apartment you'd obviously be paying more than that. Additionally, paying down the principal on your mortgage increases your equity. 

Good luck!

Let me throw a curveball here. If you are currently renting, I'd use the money for a downpayment for an FHA loan on a 2-4plex, living in one unit. Any of the 18k leftover plus monthly cashflow can go towards paying off your student loan.

I believe you're missing the very first step of investing in real estate! Where's your deal? Do you have the 20-25% down payment & 6 months cash reserves? Also, are you certain that you'll need an LLC? You're in California, which has annual filing fees that approach $1000, even if you don't use the LLC for anything this year.

It sounds like you need to talk to commercial brokers, an accountant and a real estate lawyer if you have the funds ready to invest in a commercial property. 

Good luck!