All Forum Posts by: Alexander Ramos

Hey BP members, wanted to connect with any investors who do creative finance deals in Chicago area. I am focused in on other niche but may have a seller who is open to other strategies. PM and or post on what kind you focus on.

I started reading, educating and podcast near june 2016, These past two months I have submitted 5 offers, 3 contracts fell through due to inspections. I have spoke to several agents burned through one and now I am meeting contractor for another property! I am altering strategies and markets to speed up process.

@Joshua Musquez,I also recommend searching and connecting with people from local rei groups. You can find networking events here on BP under community tab. It's great to get connected with local investors and get insight on what's going in your area!

I believe I know which famous investor you are talking about! Anyhow that famous investor did it his way and there's no one way. I am currently looking to get into a 3-4 units through fha and then build upon that. "House hack" method and live close to free and go on to next.  That is one way to. Many ways,but keep listening to podcast and pulling out what resonates with you and apply to your specific situation.

Yes it seems pretty norm to barely hit the 1% around here. I have been considering lower priced markets. Thanks!!

@Wendel De Guzman i read your other post about starting with no cash. I am currently using the cash I have for fha financing. But would like to start a project with BLOC lender. I sent you a colleague request so that I can pm you. Thanks for the great info!

Yes that did answer one of them. Thanks appreciate the comment!!

Hello bp members, I am currently looking for 2-4 unit multi families near south west cook county areas. I have a couple questions. 

-Can you still do fha if you decide to go through conventional route first?

-To do cash out refi, it must be 25% downpayment on conventional correct?

- If I take out an LOC would balance affect Fha or conv loan?

Questions that I'm trying to figure so I can narrow entry and exit strategy. Any advice?

Hello BP members. I am currently looking for 2-4 unit to house hack on FHA loan near midway area. Price range 300-360k which is high, getting 1% on gross rent is barely doable. I am trying to look in the surrounding areas and so possibly an area with lower price for multi familes also.Otherwise with conventlional I would not house hack. Here is other option.

-Use HML or line of credit to fund conventional instead for BRRR in lower price market(indiana).

Any thoughts on HML, or lines of credit given I have good credit? Can you cash out refinance with a 20-25% down payment? I'm also assuming if I do conventional, FHA cant be done for 2ND time around? Any tips to narrow own my buy and hold strategy.

@Timothy Cole, that's a good thing than already having the extra wiggle room helps! I just realized I submitted an offer an a REO and now we have to bid on it but if I throw a higher number than margins become go tight.

@Jeff Fruhwirth ok yeah that makes sense it should be a good property for you beyond you leaving and going forward, technically they still pay for mortgage. No bad!