All Forum Posts by: Pablo Barrientos

all those areas are good for section 8 rentals. i have properties in linden and elizabeth. i like patterson myself for rentals.

Hello bp,

I've been investing since 2015, all has been well and im very happy with my progress so far. I have 2 investment properties and my primary that i purchased last year. I've been able to buy each home by obtaining a heloc on each home and going onto the next. My problem now is my debt to income ratio is now too high(54%) because of all the mortgages i have. I am now having trouble qualifying for another heloc on my primary because of this. I feel stuck and not sure what to do. any advice experienced investors?? 

@Chris Lohmeier

Chris when you applied with SoFi what did you put as the reason for the loan requested? Home improvement?

It depends on what kind of neighborhoods you want to invest in. Look into plainfield, elizabeth and, eastorange.

@Chris Hewitt lol great. Thank you Chris . Appreciate it, I will call them instead.

Hello BiggerPockets, I’m starting to look into HELOCs for my rental property and wanted to see who has used PenFed for funding. I started the process online and it only offered me a 12 year repayment period. Is that the limit? I would like it to be longer . Thanks in advance.

look into short sale multi families. i had a tough time beating cash investors offers as well. But short sales take longer and most cash investors stay away from them because of that. Leaves an open door to others.

In February 2015 my wife and i purchased our first duplex for $255K using an FHA loan at 3.5 down. We rented the second floor out and lived on the first floor(house hacking). As we payed our mortgage(debt reduction) , the house increased in value after 3 years it appraised for $360K. We had made a little over $100k in equity. In January 2018, we did a cash out refinance and received roughly $50k. We used the $50k plus additional savings to look for our next investment.

Now lets get to the numbers and i will explain how we own two homes and Live for free. Below you will see the current mortgages on both homes and what i collect in rent.

First home

Mortgage - $2600

Rent collected - $1600

Second home

Mortgage - $1400

Rent collected - $2950

Total mortgage - $4000

Total rent collected - $4550

= $550 profit each month and an extra $6,600 a year

Whats next?

God willing my wife and i will use the same method in 2019 and continue to add rental real estate to our portfolio.

Happy Investing my friends :)