All Forum Posts by: Michael Ramos

@Lane Kawaoka, I appreciate the Fannie Mae breakdown. I just listened to a podcast on this topic and you seemed to have covered it all and more. Some of the other things I learned for loans/refinancing were around PITI reserves, Credit Scores, DTI, Liquidity. Some notes below:

Reserves (Loan spots 1-6)

• 6 months of PITI (principal, interest, tax, hoa on subject property) + plus additional 2 months of PITI in each of the subsequent loan spots 1-6. (ie. you hold 3 investment properties and looking for 4th… the 4th property needs 6 months PITI in reserves plus additional 2 months for each of the subsequent 3 in those spots) Kind of confusing after hearing that... 

DTI

• Maximum DTI = 50% (Preferably below 45%)
• Work with a lender with investment loans experience. Don't file a tax return until a draft version is prepared and understand how this may effect to qualify in the following months for underwriting. Work with investment property lender...

Credit Score:

• 3 credit scores (take the middle of 3 scores)
• 1-6 loans that can be overcome with lower credit score
• 7-10 loans and individual must maintain 720 or greater
• Optimization tips: no more than 4 credit cards (credit limit want ratio of 30% or less)

This is why I love BP... Thank you all for your replies! It's seems like I have some serious homework cut out for me with this type of approach. I found other organizations that were promoting similar services but I was was turned off with future upsell/membership fees involved and my overall goals seemed a bit misaligned. I appreciate all the feedback.

Hello @Ali Boone, thanks for the info.  When you say "I" am the one holding the risk..." are you referring to me and what exact types of risks are you looking for? 

Hi @Grant Diggles , thanks for the reply. Just sent you a PM.

Are there any turnkey companies that provide BRRRR strategies vs the traditional turnkey model (tenant occupied, already rehabbed, etc.)?

Hi @Alison Wise, welcome to BP! I agree there are a handful of niches to learn but keep at it! I'll admit that my real estate educational preferences changed several times when I started learning about RE but still in search for my first deal. Keep learning and start networking, I've been to a some events out in Orange County and it's amazing being around like minded people! Good luck!

Dan Barrett That's an interesting case to not limit your search terms with the wholesalers/investor mindset. Keywords are critical and at the end of the day you'll want your ad to clearly explain your offering in more detail to eliminate those who want to sell their house the "traditional way."

"The Founder" movie is the most subtle Real Estate Investing movie but probably one of the greatest, if not the greatest, strategies for building the biggest Real Estate empire. Ray Kroc's and the McDonald's story is incredible! 

Trailer: https://m.youtube.com/watch?v=KH3b6bs8llA

"The Founder" movie is probably the most subtle Real Estate Investing movies you'll ever watch but probably one of the greatest, if not the greatest, strategies for building the biggest Real Estate empire. What a fascinating story. 

Trailer: https://m.youtube.com/watch?v=KH3b6bs8llA

@Robert Crossley Got it and I realized that I misread your title. I thought it said you were "Done with Buy/holds." Thanks for the clarification!