All Forum Posts by: Andrew Garcia

Hi @Gilda L. Sauceda, the higher price is going to have the biggest effect on the monthly payment since you can utilize 3.5% down FHA financing.

Since it is a 4-plex, the qualifying income will take the rents of the other units into account so your qualifying monthly payment may be less than a single-family, even if it is double or triple the price.

Since it has a better ROI and a better location, I would advise going with the new construction 4-plex.

I hope this helps! Let me know if I can be of any assistance.

Hi @Javier Rubio, I might have a referral for you.

Let's connect so we can exchange information.

Hi @Evan Bambrick, someone made a comprehensive list HERE.

You can also look into getting a HELOAN, which is similar to a second mortgage.

The rates are higher but it is a fixed-rate fully amortizing loan.

Therefore, generally, if you are putting the funds towards long-term projects, a HELOAN is better. If you are looking for a shorter term use of the funds, a HELOC is a better product.

If you want my personal recommendation on either a HELOC or a HELOAN, please let me know.

Hope this helps! Let me know if I can be of any assistance.

Hi @James Leos, someone made a comprehensive list HERE.

Hope this helps! Let me know if I can be of any assistance.

Hi @David Rodriguez, you can ask for any fees that they charge.

Some charge no origination points but $5k in admin fees.

Some charge 2% in origination points but no admin fees.

Points and fees should both be compared.

Hope this helps! Let me know if I can be of any assistance.

Hi @Noe Delgado, welcome to the community!

If you go to the "Network" tab at the top of the screen, you can type in "Pasadena"

From there, you can connect with people in your local market.

Just remember, don't spam anyone as the algorithm will block you.

Hope this helps! Let me know if I can be of any assistance.

Hi @Chaya Wise, welcome to REI!

You are definitely in the right place.

If you would like a recommendation for an investor-friendly realtor or an investor-friendly lender licensed in PA, please let me know.

You can also try using the "Find an Agent" tool at the top of the screen to find an investor-friendly agent in your area.

Hope this helps! Let me know if I can be of any assistance.

Hi @Anurag D., there are a few options:

1. If the legal documents for the condo project allow for unit insurance policies, Fannie and Freddie will accept that.

2. You can check the policy document that you have to see if it has one of the following. If it does, it is acceptable.

• Guaranteed Replacement Cost–the insurer agrees to replace the insurable property regardless of the cost,
• Extended Replacement Cost–the insurer agrees to pay more than the property’s insurable replacement cost, or
• Replacement Cost–the insurer agrees to pay up to 100% of the property’s insurable replacement cost.

3. If the improvements of the unit interiors are not included in the policy, you can get an HO-6 policy.

I hope this helps! Let me know if I can be of any assistance.

Hi @Justin Pauling, I would be happy to refer you to a lender that offers both products.

Feel free to connect so we can exchange information.

Always happy to help!

Hi @Joseph Harrison, I can refer you to a lender that can do a HELOC up to 97.5% CLTV on a primary residence HELOC.

Feel free to connect so we can exchange information.