All Forum Posts by: Angel Cabrera

Angel Cabrera has started 6 posts and replied 23 times.

Hey Alex, hope you're doing well.

Yes on conventional financing in your personal name most lenders limit to 10.

If you pull a few off to an LLC we can finance more into your personal name.

The properties you're pulling off must have the title recorded to the LLC before we can take on more conventional financing in your personal name.

let me know if you have other questions, Alex. Hope this helps!

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Quote from @Christian Rafael Gongora:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $289,000
Cash invested: $4,000

12535 Corona Borealis was the first home I ever purchased and it was the start to my real estate investing journey. I was serving overseas with my wife for 2 years and prior to coming back to America, we decided we wanted to own rather than rent.

How did you find this deal and how did you negotiate it?

My wife's father, Keith Andrews, introduced the idea of real estate investing to us. Although my wife did not care for the idea of investing, I saw it as an opportunity to begin the journey of escaping the rat race. Keith Andrews, who is my mentor, is an extremely successful realtor/investor who has been very successful with his 11+ properties through the BRRRR strategy. But he informed us to just use our VA loan first and get a piece of real estate with 0 money down.

How did you finance this deal?

I utilized the VA loan

What was the outcome?

We ended up acquiring the property and living in it for 12 months before moving to our 2nd home that we purchased.

Lessons learned? Challenges?

The biggest lesson we learned was that just owning a piece of real estate does not equate to a good purchase. Although I will forever love the memories that I shared with my wife in our first home… I will always regret not listening to myself instead of my wife and buying a 4plex to start. But it was a learning experience and that “bad” investment, shaped my mind for the better for the rest of my journey.

Great post man, welcome to the biggerpockets community!

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We now have a HELOC program that if approved (takes a few questions, 5 minutes) then you receive funding within 7 days.

Min credit score:620

Range you can take out: $20K -$400K

Terms: 5, 10, 15, & 30 years.

debt to income 50% >

Not available in DE, HI, KY, NY, SC, WV

Nmls 1432071

Nmls 2235897

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Quote from @Liam Marshall:

Ive looked up what a cash-out refinance is and everything I read or watch goes right over my head. If someone would be kind enough to give me a thorough and simple overview of what a cash-out refinance is and when and when not to use that would be much appreciated.

Best,

Liam

Hey Liam! Mortgage LO, I can try to help!

Basically you are taking a new loan out on your house, for closer to what its worth now.
So you can take the difference out in cash.

Lets say your house is worth $200K

And you currently only owe $100K on your house.

that means if you take out a new loan (cash out refinance) of $200K.
$100K goes to covering your current mortgage, and the other $100K can be taken out in cash.

Now keep in mind, this changes your loan terms and there would be a new interest rate.
So you have to go over your specific numbers with a mortgage person, to make sure it specifically makes sense for YOU.

they can be great, but not for every single case.

hope that helps!

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Quote from @Jadier Adams:

Hello all,

I am a Real Estate Investor who wholesales properties below market value. I am expanding to the Greenville, SC region and I am looking to make connections.

Welcome to the Bigger Pockets team!
I am a Mortgage Loan Originator working with a brokerage in the SC/NC area.
if you ever want to grab lunch and bounce some questions, let me know brother!

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Greenville, South Carolina

Welcome to the BiggerPockets team brother!

I am a mortgage broker in the charlotte area but have deals and lunches in Colombia all the time. We can set up a lunch if you ever have questions you wanna get info on!

1 Vote

Columbia, South Carolina