All Forum Posts by: Ramsey Lee Rodriguez

@Andrew Postell Thank you!  

@Scott D Burrows Thank you!

Hello, does anyone know of a bank in Texas that refinances cash purchases in less than 3 months?

@Jeff Smith, thank you for your advice! 

Hello Everyone,  

This is my third post and I have received great and valuable information that has brought me to this point.   

I am currently getting closer to making my first multifamily purchase.  But I have come to a crossroad with financing options and need advise.    

My two options:

Option 1 (not selling home): I can continue saving money and put down 20% on a conventional loan and keep my home (which I have a lot of equity on).  This route will allow me to buy a quad that is around 10-15 years old within the next six months.

Option 2 (selling home): Try to sell our home in a marking that has not been selling much.  A house on my block was recently purchased after two years on the market.  The upside is I do live less than a mile from a major university (which just added a medical school) and has a developing area.  After selling our home my wife and I would buy a new to fairly new quad (1-9 years old) and live in one of the units and rent the other three.  We can then use the equity to put a down payment (save my current savings) and have extra cash to possibly purchase a second unit.    

My questions: has anybody come to this crossroad?  if so, what was your experience and pros and cons of doing so?

Best,

Ramsey

@Account Closed, Thank you!

@Josh Dillingham.  Thank you!

@Brian Garrett.  The property has 4 units and its across a middle school. 

Hello Everyone,

I am currently in the process of purchasing my first multifamily property.  It is a foreclosed property.  My questions; what is the best way to analyze the property (cap rate, cash flow, etc.  I have an idea what the comps are in the area)?  How do I screen for tenants (websites for back ground check, credit, etc.)?  What type of loan should I look for (bank, credit union, or mortgage company)? 

Thank you,

Ramsey

Hello Everyone,

I am currently doing my homework.  What are some books to read to help understand the big picture?

Kind regards,

Ramsey