All Forum Posts by: Tom Camarda

Has this property sold?

 - Tom Camarda

Hello Reginald, 

Please feel free to send me your submission form.

Thank you!

Tom

Thanks David and Bob!

I am looking to establish a relationship with a local bank in the DFW and / or Houston areas. I have 4 properties that I would like to refinance into a commercial portfolio loan.  There is about 30-40% equity in each home. Total value of the properties is approx. 485-500K

Please reach out if interested.

Best,

Tom Camarda

HI Joe,

Thanks for the reply. Yes it may be time to partner up! I have done a lot of legwork on finding opportunities and those seem to be coming in fine now.

I mentioned FSBO's because If an owner will carry, then there's no bank involved and no limit to how many loans I can have.

cheers,

TC

Greeting BP community

Question for you all. I currently only qualify for conventional mortgages via Freddie Mac, which caps my loans at 6. I currently have 6 properties (including my primary) so I have reached my limit... Because of a better W2 income this year,  I will qualify for 10 loans via Fannie after filing next years taxes but I want to keep buying now... 

What do you consider to be the best next step to continue to acquire? (I'd love to get off the conventional mortgage shnide altogether)

Let me preface by saying that I work in film production which is a very time consuming job with 12-14 hour days 5 days a week, usually in remote locations, so I'm not doing a lot of driving for dollars..

Some ideas I've been kicking around are:

1. Start a Corp, deed 2-3 props over to it thereby opening up another 2-3 "slots" for conventional mortgages

2. Portfolio loan

3. FSBO's

4. Subject To's (this is a bit outside my wheelhouse but I'm learning more about it...)

Thanks for the input!

Tom

great suggestions all! Jonathan, I'm reaching out...

Best, TC

In that case, can a California corporation open a bank account in Texas?

If so, Where did you incorporate? Where are you banking? Are you getting portfolio loans in CA or in TX? 

I'm looking to set up a Corp., hold 5 (TX) properties and then do a portfolio loan on these and keep buying more. If I incorporate in CA, will a California bank do a portfolio loan on Texas properties? If I Inc. In TX, will a Texas bank do loans  for a CA resident? 

You see my dilemma?

Thanks,

Tom

@Jeff B.

Aha! Thank you!