All Forum Posts by: Mark S.

Sorry for posting the event so late.  I wanted to invite everyone to the next lunch meet up at Gordon Biersch in Plano (at The Shops at Legacy).  We will be meeting tomorrow at 12p in the private room there.  I hope to see you there!  Thx

Gordon Biersch: 7401 Lone Star Dr b120, Plano, TX 75024

HI @Quincy Davis welcome to BP and congrats on your first post.  It sounds like you are off to a good start with your friend and are making some big plans.  I can give you a little insight into a couple of your questions.

The loan program you choose will depend on a ton of different factors. Lenders are able to structure your loan in tons of ways so this ends up being a personal decision. One factor to consider is how hot the market is. In DFW FHA loans are not as strong as conventional loans for offers and realtors shy away from them. This is mostly due to a lack of education and psychology but it is definitely a factor at the moment.

Financing tends to be a very personal and case by case scenario. You should work with a lender who is familiar with investors and who can help you reach your goals. Things such as your down payment, closing costs and rate will greatly effect your ROI and your ability to purchase future properties. If you will be purchasing several within the next couple of years I would recommend sitting down with someone and creating a plan so you can maximize your leverage.

Your name will need to be on both purchases if you are financing the properties. There are exceptions to this but they are hard to obtain, I would plan on keeping your name on both properties until you are more established as an investor. Regarding your DTI it will make a difference when you purchased the property for some elements, ie whether you can include your rental income. But qualifying for investment properties is easier in some ways than a personal residence because you are allowed to use rental income if you meet the qualifications.

Personally i would recommend against having your partner be a tenant. But I do not know your relationship so it is hard to tell. There are advantages to having your partner live in the home since you could use an FHA loan.

You will need to consult a CPA for tax advice but it is not that hard to file taxes.  

I hope that helps.  They are big questions and without knowing the details it is hard, let me know if you have any other questions.  Thx!

@Tammy Coady   @Spenser Murphy

there are extra financing charges added into properties for a variety of reasons.  The way the property is zoned, as a duplex or a town home, could be one of these factors.  You will also take an interest rate hit for the property being non owner occupied.  If you want to know how the pricing breaks down you can PM and we can go through the details.  Good luck!

@Calvin Clark welcome to BP.  Texas and the Dallas area are great places to invest if you know the areas to look.  The market is very hot right now and investment quality deals can be hard to find.  Feel free to PM me and I can offer you some insights.  Thx!

Hi @Jennifer C.

So you can get those products from different banks. A HELOC is commonly offered by most banks, both local and national banks regardless of size. The portfolio loan tends to be through smaller regional banks or a mortgage broker who has access to multiple loan programs. I can help you out with some portfolio loan options if you are interested, but I dont do HELOCs.

You are able to put all of your loans into one portfolio loan if you find a bank who is interested in doing that.  It is going to be based on the relationship you have with the bank and what their investment strategy is.

I would recommend getting a relationship started with the bank prior to putting in an application.  If you open a deposit account and start getting to know some of the loan officers you should be in a good spot to see what types of loan programs they offer.

Hi @Jeremy L. Welcome to BP!  There are a ton of great resources here.  If you are interested in coming to a meet up I have one on August 2nd for lunch in the Shops at Legacy Plano.  You can find the event details on meetup if you search for North DFW Real Estate Investors.  Good luck on your search!

Hi @Emanuel Estrada,

I hope your week is going well.  I have a meetup where some BP members attend, our next meeting is for lunch on August 2nd at the Shops at Legacy in Plano.  We are meeting at Gordon Biersch this time.  You can find the details by going to meetup and joining the group North DFW Real Estate Investors.

You should reach out to @Robert Muzyka he is a local realtor in the area who is also an investor.  Best of luck in your search!

@Karla Talancon Dallas is a great real estate market and there are some great opportunities to become a realtor and make good money.  That being said we have a lot of realtors in the area at the moment and you will be up against some serious competition.  You might consider joining an existing realtor's team to learn the ropes and get your foot in the door.  Best of luck in your new adventure.  Let me know if I can help!

Hey Walter, I think your best bet is to work with a local realtor who is also an investor.  There are several out there.  If you would like me to connect you please send me a PM.  Thx!

@Todd Dexheimer do you own more than 10 or you have more than 10 financed?  

You are able to conventional loan for up to 10 properties, but generally beyond 4 it becomes more difficult to obtain the loans.  That being said, there are loan programs which will allow you to finance more than 10 properties.  They will be portfolio loans instead of a conventional mortgage, portfolio loans are held in house by the lender instead of resold on the secondary market.

If you have over 30 properties financed it will be difficult.  As you said the smaller regional banks will most likely want you to be local and have a high balance deposit account with them....

Good luck!