All Forum Posts by: Jon Puente

Hey Dolphurs, 

You would need a "Non QM" loan. Most QM mortgages like Conventional, FHA, VA, etc... require the title be in your personal name.

The kicker is that Non QM loans have higher rates because its considered slightly more risky to a lender, so just make sure you calculate 1-2% higher in rate for your cashflow estimates.  

As long as you bought the property undervalue, you should be okay!

Hey Edgar, 

Seller Finance is probably the most viable option right now to get the best terms on a rental.  If you choose to go the traditinoal route with a bank loan, I would advise keeping your numbers VERY conservative, meaning:

1) Cap Ex, Property Manager, Vacancy, and Repairs at 10% of Gross Rents.

2) I would raise the interest rate .5% to 1% higher than what you could qualify for, just make room for market adjustments.

3) I would be cautious to think that refinancing is a "way out" of a poorly underwritten deal.  It should be considered a bonus.

Great topic of discussion!

Hey Pazo,

I actually just spoke to someone on Zoom last night (from BiggerPockets) about House Hacking! If you would like to DM me, I am happy to share the lending aspects to house hacking, and other details we talked about! 

Hey Cooper,

Don't over complicate it.  Just buy a house and live in it and learn about the buying process.  You are right, there are a lot of options.

1) Find a lender and figure out what you can buy and what the payments would look like.  You can learn A TON right there. 

2) Find an agent to help show properties that fit that payment budget.  Start making offers on those homes.

3) Close on the property and fix it up and get it ready to rent out or live in it.  You will learn a lot from experience.  

Hey Benedict, 

Don't put too much pressure on yourself at 18 years old.  You are way ahead of the game even thinking about investing in real estate.

Just buy your first property and live there and do some light rehab on it.  Go through the buying process yourself first and learn how to fix some items.  You will learn a lot about yourself and what it takes to get into the game. 

Later you can think about starting a real estate company and buying rentals, raising money, etc... Real Estate is get rich slow. 

Hey Tony, 

I love this for Agents in Charlotte!  I am a local mortgage broker here and wanted to see if I could partner with this as well or if there was a way I could contribute?

Thank you!

Hey Darren, 

Be patient! Real Estate is get rich slow.  You did so good on your house hack, why jump into something else right away and screw it all up with an impatient decision.

Learn about raising capital and partnering with people who know more than you.  That's the only way to scale quicker, without having to work and save money the traditional way. 

Congrats on your first step!

Hey Isaac, 

You honestly cannot go wrong with any of those options.  I live in Charlotte, NC and love it.  You can get anything you want here and enjoy your time. 

The reality is that if you moved here for 2 years and hate it, just pick up and relocate to another area!   I would not base any of your decisions on hurricanes.  

As long as you pick a growing city/area, you will be fine long term!

Hey Dominic, 

It's a great discussion.  Buyer market has slowed down for sure, but I do plan on doing upgrades to our home and then listing it for rent in mid 2023 and purchase a new home in my area.  

The truth is for the average person buying a home, it can be scary that rates have doubled.  However, for someone who has done this and knows the process, it is just another home.

There are many ways to get better deals and have lower rates for a few years, so people just need to become educated and knowledgable with the new market.  There are still plenty of ways to buy homes!  Its more of a sniper mentality, rather than a shotgun mentality.  

Hey Michael, 

1) Find a general area of where you want to buy in and that you would like to live in for at least 2-3 years.  I highly suggest buying your own home and learning about the buying process first, and general upkeep of that property.  Makes a lot easier to rent out to someone if you know the area and maintenance yourself!

2) Get Pre-Approved.  You need to know how much you can buy and what the terms would be.  Contact a local broker or myself to learn about lending rates/terms/payment options so you feel confident in your numbers.

3) Start making offers on homes based on your pre-approvals.  It will be less scary because you now have the knowledge to make a solid offer.  

Private message me if you have any questions about the lending part! You just need some 1 on 1 guidance, and from there you got it!