All Forum Posts by: Andrew Garcia

Hi @Scot Valladares what are the issues you are running into trying to close?

Hi @Stephen Reyes yes, it is a Fannie Mae/Freddie Mac guideline. Unfortunately, there is really no way around it that I am aware of. 

There might be Non-QM loans that will let you free up the cash quicker but if the lowest rate is the most important thing to you, then conventional is the way to go.

Let me know if I can be of any assistance.

Hi @Matthijs Pol, if I were you, I would do a cash-out refinance and use that new cash to put 20% down on rental properties. This strategy is very popular with my clients. 

Even if the rate is higher, they use it as an arbitrage strategy.

Let me know if I can be of any assistance.

@Kelly Labrie can you send me some more information? I might be able to help. Shoot me a DM for my email address.

 Under "Property", choose property type and choose condo.

Hi @Robert DiPisa, you cannot close a conventional or FHA loan in an LLC. There are products that let you do that but you will generally need a substantial down payment. In your scenario, it might be best to go with a 3% down conventional or 3.5% down FHA and house hack a property. Then, once you hit 20-25% equity, you can refinance into an LLC.

@Suresh Jersian got it. That means you can put down as little as 5% on this loan. For each $10,000 additional you put down, you will increase the monthly mortgage payment by around $60. It is up to you if you would rather have $10,000 or $60 a month. 

Hi @Britton Engleman, a great way to get started is with house hacking. Either by renting other rooms out or by buying a 2-4 unit property and renting out the other units. You can get started with as little as 3% down for conventional or 3.5% down for FHA. The BP community has great resources on how to do this.

Good luck! Let me know if I can be of any assistance.

hi @Maynard Mohanlall, I would reach out to a local commercial broker that can help you with this. I am sure the BP community can offer some recommendations!

Hi @Kelly Labrie are you looking to be a lender in the second position or are you looking for a second position lien on a project that you are working on? I can only help with one of those.