All Forum Posts by: Brian Alvela

@Craig Cude

In the state of Florida where I do business i can look up property records online. From there for condos I can look at the owners names. This isn't a perfect science but typically if a condo or property is deeded to an LLC or corporation there's a good shot that's an investment property. Similarly if Peggy and Joe Smith own 5 units in that building again investment.

Try doing your own homework see if that helps.

@Jon Hinson

Hi Jon,

Look into FHA OTC (one time close) try working with a local broker who is signed up with a lender based in my state of NJ Called American Financial Resources, it's their expertise.

Best of luck,

@DIEUDONNE T NSABISHAKA

Hi Dieuedonne,

Congrats on taking the leap into real estate investing.

As the previous post mentioned try doing your own due diligence and number crunching beforehand. Rates change on a daily basis however getting fimilar with the process and language will not only guide you to better decision making, it’ll allow your broker to speak and communicate with you more so as colleague and that make spark additional ideas on both your ends.

Good luck!

@Simeon Pennisi

Hi Simeon,

Try checking indeed.com

You’ll want to screen potential employers based on a model that works best for you.

Some brokers/ mortgage shops require you work full-time and will compensate you as such and offer a base salary, commission and benefits, however they’ll require you work the leads they provide.

Others, which sounds like you’d be more geared for would, be an outside Loan officer role where you aren’t given a base salary, however you are compensated based on the deals you source yourself. Given your limited experience you’d want to have that conversation upfront as there are many moving parts of the mortgage process you wouldn’t want to bring in a client without being able to

Provide them with a full understanding of what to expect.

I hope that helps.

@Anthony Marquez

Hi Anthony,

Both. I’ve owned a 3 unit and also work as a broker.

Send me a PM perhaps I can point you further in the right direction

Cheers,

@Mike M.

Thanks Mike.

After further thought I see the conflict of interest, I appreciate the insight.

Hi Anthony,

Sure, 1-2 units vs. 3-4 units work a bit differently for FHA. The 3-4 unit home requires what's called a sustainability test, Rental income is calculated by using the appraiser's fair market rent from all units, including the unit the borrower chooses to occupy, and subtracting the greater of 25 percent of the fair market rent or appraiser's estimate for vacancies and maintenance. From there the total PITI can not exceed the net income of the other 3 units you do not occupy.

3-4 unit home for FHA also require 3 months of piti in reserves where as the 1-2 is just 1 month.

Hi Bigger Pockets,

As my title says I'm trying to determine if I'm allowed to submit my own loan application for a home I'm interested in buying. It would be a primary residence. Some background, I'm a newly minted mortgage broker in the State of Florida, and now that I work with several banks instead of 1 as when I did as a direct lender I wanted to know if there are any HUD, Fannie/Freddie Guidelines against this? I've spoken to several banks who I work with regularly who won't allow this, but is this a bank overlay or just across the board not allowed.

Any insight or sources would be much appreciated. 

cheers, 

Hi,

I'm in some what of a dilemma in figuring out my best route on an investment property that I'm looking to buying. So I'm considering either taking a cash-out refinance on an investment property I own out right (valued at $335,000) cash back of approx. $246,000 (75% LTV its duplex investment) and using those funds plus savings ($69,000) to buy another investment property valued at $315,000 or I could buy this multi-unit investment property and get a loan up $236,000 (again 75%LTV on a multiunit investment property).

Based on these figures looks like my cash difference approx. $10,000. Am i missing any opportunities here to leverage up? I'm not interested in any heloc's or home equity loans. 

Any advice or direction would be appreciated.