All Forum Posts by: Jon Puente
Jon Puente has started 1 posts and replied 214 times.
Post: Creative ways to get first rental
- Lender
- Charlotte, NC
- Posts 224
- Votes 220
Hey Romario, government grants and DPA programs are oftentimes used for Owner-Occupied homes, meaning you would have to live in the home. In most cases you will need 15%-25% down to buy an investment property.
1) If you want to buy a 2-4 unit, then you can do an FHA loan with 3.5% down and rent the other unit(s) out.
2) You can do either a cash out refi or HELOC on your primary and use those funds for the DP.
3) You could partner with someone who has a Real Estate LLC (big or small) and go in together to come up with DP and purchase using a DSCR loan. You need great credit and 6-12 months of reserves for this type of loan.
4) Seller finance, where you negotiate the entire deal upfront with the sellers themselves, including purchase price and terms, and then have a title company close the deal for you. I have a real estate attorney who is great and could help you close efficiently.
Just some options for you! Let me know if you have any other questions.
Post: Loan options for house hacking a mutlifamily
- Lender
- Charlotte, NC
- Posts 224
- Votes 220
Just tagging along here along with the other replies! Sounds like FHA is your best bet, as long as you qualify with DTI guidelines and your other rentals! The only way to really know if you qualify is to submit an application and put everything down on paper. If you would like me to help further and get some real numbers, send me a message!
Post: Let's meet for coffee - I'll pay for yours
- Lender
- Charlotte, NC
- Posts 224
- Votes 220
Hey John, I live in Charlotte, NC and would be happy to meet! There are so many ways you can house hack, and I am happy to share what I know on the lending side of things about house hacking.
Let me know!
Post: refinance options in LLC
- Lender
- Charlotte, NC
- Posts 224
- Votes 220
Yes I would agree with Jon Kelly above. The issue would not be whether a lender can refinance a commercial property when rates drop or if the property is in the name of an LLC.
It just depends on the type of property you are refinancing (how many units), what terms you are wanting on the new loan, loan to value, etc...
I do have a commercial lender that can do purchases and refinances of almost any type of commercial property in all 50 states. Please reach out when you are ready to refi and I am happy to dive deeper!