All Forum Posts by: Virgilio Garcia

i am looking to get into a multifamily as well. going with either one of these types of loans would be great. 

in speaking of UBG, i am looking for more literature and taking recommendations on what t read next. have anything in mind? 

thank you. 

@Fe Kelly 

Thank you for your reply. 

I have finished the UBG, it was some real good info. I was looking for anything that was maybe left out and first hand experience. 

Have you worked with an FHA in the past?

@Jacqueline Pelzer

That sounds great. i am really looking forward also to attending a meetup here in nyc. 

i will be gathering all that i can about RE. i look forward to more conversation and sharing ideas and thoughts. 

Hello BP, 

I am in the process of learning all there is to know about REI.

Can some one tell me as much as they can about an FHA loan?

This will be a good tool to use when i close on a deal on a 2,3 or 4 unit property. I intend to live in it while the others units are bringing in positive cash flow each month. 

I am looking forward to any and all, advice, ideas, suggestion, and first hand experience and of course , Wisdom. 

So let me have it BP tell me all about FHA.

Thank you all ! 

@Jacqueline Pelzer

That is understandable. i am taking in a lot form this conversation, ECB is certainly something to keep in mind when i become a landlord. 

I am in the process of networking and finding out as much as i can about RE and the market here in NYC. I appreciate your time and will send you a pm every now and then when i have a question or just to say hello. 

@Lee Smith

Thank you for your input. 

Those are some good points. it makes sense. Its all coming together and this is great! By the time we get close to that limit, we will most certainly be in contact with some different lenders and creative financing will being to take place. 

As far as the excuse for marriage, you got me! hahaha Just kidding, we will get married one day. 

but i feel our first property will come down the pipes before then. in that case @Brandon Battle has some good points. just to be on the safe side legally. 

Thanks again.

@Son-Hsiung Riu

Thank you for your input.

I have heard of those numbers but wasn't aware yet of soft cap and hard cap. 

i am not married and we both have different last names. so that means 4 to 10 loans EACH.

If married, same last name, would that still be 4 to 10 EACH ? or 4 to 10 between the married borrowers ? 

@Wayne Brooks

Thank you for your input. 

I understand now a bit more.  

@Brandon Battle

@Brandon Battle

thank you for your input. Would that would be 4 conventional loans at a time, meaning as you pay them off, you re-apply again ? 

Hello BP i have a question. on finance...

i am single by the law but a spouse at home. 

My spouse and i both have excellent credit and have no personal debt. We will be looking forward to closing on a multifamily property that we will live in while it brings in cash flow to pay down the loan for the property and in time, pull out the equity and invest it again. 

 My question is, I've heard things that people are allowed a certain amount of loans in a lifetime, whether it be a conventional, Freddie mac or Fanine mae, types of loans. so, 

How does not being married or being married affects ones eligibility to qualify for theses or any types of loans? 

P.S. i am in the process of educating my self on REI. Please don't hesitate to correct me where or if i am wrong. I am open to all replies.

Thank you BP.

@Jacqueline Pelzer

That is interesting, thanks for sharing. 

I am not sure if you still own the property, if not how did you exit out of it? was it a sale or another deal, basically if you did, how did you get out of it. 

How did you come across the deal for the property ? 

was it a residence for you as well? did you manage it your self or uses a property management ?

Thank you.