All Forum Posts by: Jose Quinones

@Jose Quinones

VA loans include advantages such as no down payment, lower interest rates, and increased cash flow potential for house buyers. They typically apply to 1-2-4 unit properties and need at least one year of occupancy. Portfolio loans, asset-based lenders, and home equity lines of credit are all alternatives to traditional borrowing. Portfolio loans analyze the property's cash flow, whereas asset-based lenders make decisions based on rental property cash flow. HELOCs can be used on investment properties without requiring full refinancing. A cash flow study should be performed to ensure that the refinance does not drastically reduce the property's return.

Good luck!

If you are in the market for a house hack, wouldn't you intend on living there and using the owner-occupied? A lot of realtors don't know how to present the VA loan (especially if you are putting zero down). You have to explain it to the listing agent who doesn't get it, who then sends that to the seller, by telling them it's not that you have no money, but this is a right afforded to you based on your service to the country and you can also show proof of funds that you have money, but are choosing not to use it as a downpayment because you want to do reno with it.

I would use your VA, that's what it's there for. You VA allotment can cover more than one property so not all of them have to be owner-occupied.

@Jose Quinones - experienced CT investor here.  I've been working on expanding my partnerships throughout CT this past year.  For the first 10 years, I never once used a partner.  I changed my tune since I know what I like to do and what I don't like to do and found a person that complimented me well.  

For me all partnerships have to have three things for me to want to even consider them:

1: I have to legitimately like the person I partnered with.  If you cannot trust the person or they cannot trust you, it will 100% end badly.

2: I have to be aligned in what the goals are for the partnership.  Is it buy and hold?  Is it flip?  Do we need the money to live or does it sit their to reinvest?  What is the thoughts on reserves?  

3: I have to like what they do not like to do and they need to like what I do not want to do.  You need to be clear where each partnership starts and stops and make sure each person knows they are responsible for.

I hope this helps.  DM me if you want to discuss more.

Do you need to partner on the deal?  For me the best-case scenario would be to pay him some cash to assign the deal, and then you take it over 100%.

If you have no cash, then it becomes a question of who has the greatest position of strength. He has cash, but you have a VA loan and are willing to do that sort of deal. Hard to tell where the chips might fall. Everything is negotiable.

 Hi @Jose Quinones by any chance is the mixed use in CA? If so, I would love to inquire who you're using for your mixed-use insurance? Currently a lot of insurance companies I've spoken to have all decided not to insure mix use properties. 

 I was at the clash of the meetups yesterday.  It's too bad we didn't connect.

Hey @Jose Quinones.  I recommend going to meetups.  We have a great group that regularly attends CTREIA, or other biggerpockets meetups from @Brandon Rush, @Stephanie Cabral, @Devin Peterson, @Ryan Luby.  

Your networth is your network!

Hey Jose, pleasure to meet you! Love that you have already learned so much! 

Are you currently investing? If so, what markets?