All Forum Posts by: Mario Morales

Is this normal during these times?

@Russell Brazil examples please!

@Stephanie P. Thanks!

I have a 3 unit, primary residence, just refi'd into conventional, good cash flow. I would like to buy a second property, either primary or investment, hoping to find a 5% conventional, and once that is up and running, I would get my 3rd property as an FHA. Or should I go FHA now and then go into a 5% conventional through a small bank? What should I do?

@Mart B. I bought a MF, and I ahd to invest a bit, but overall, I am happy and do see a future for it, at least East of Kedzie, South of Ogden. 

Thank you @ericksonsainval and @mackbenson. Yes, with my current multi-unit, if I do a 15 year refi, my new mortgage will be $1600 and after expenses would leave me about $1200, net income. At 30 a year refi, I would net about $1600 a month. Which is why, I believe, I have to do the refi from conventional to FHA, as I don't have 20% downpayment for a conventional loan. As my current properties value will most likely appraise at $215,000 and I owe 167,000. From what I understand, HELOC or cash out refi, will not amount a 20% downpayment and would cost me a few grand just to get a few grand. I only have about 10 k cash on hand, which would allow me to put down 3.5% on an FHA property. Thank you for even taking the time to answer my original question.

I currently pay 1440 a month, the unit brings in $3300 a month, had it for 3 years. If I refi, Should I do a 15 year at $1600 a month or 30 year $1230 a month. The reason I ask is, I am not sure if this will impact or hurt me with my D-T-I ratio if I go with the 15 year when I apply for a loan for my next building, most likely an FHA loan. Thank you everyone, I am really new at this

@Mart B. I bought a MF, and I ahd to invest a bit, but overall, I am happy and do see a future for it, at least East of Kedzie, South of Ogden.