All Forum Posts by: Dan Velazquez

Euan

When you say you buy cash, did you literally have $650k+ in the bank to finance this deal for purchase and rehab?  Maybe you can expand on how you came up with this money.  I assume you started small and continued flipping properties gradually increasing your wealth.  Just trying to get some feed back and expand on Sarah's question.  I don't flip properties but do have rentals, and have purchased a property "cash" before but I used money from a refinance on one property I own and used a HELOC to come up with the "cash."

Nitin

I recently purchased a SFH rental in Temecula and a 4 plex in Murrieta this year. They are actually a slightly negative cash flow. I'll probably get bashed for this, but I came with no money out of pocket due to various refinancing for the down payments and financing the remaining for the purchase. I plan to raise rents every year as this is a long term investment. Good luck!

Chis Mason

I have a question.  I have always had great credit (800+/-) but I've notice that it has declined over the past few months when I purchased a single family rental, a 4 plex, and refinance a condo rental.  The last credit score was down to about 758.  I thought it was due to multiple credit inquiries.  I'm always looking for a new purchase but am afraid it may drop below 740.  What are your thoughts?  thanks

I have SFHs and 1 multi-family (4 plex). Typically residential loans are for 1 to 4 units. 5 units and above will require a commercial loan. I have not acquired a commercial loan (yet). But I believe the requirements are based more on the cash flow of the property rather than DTI.

Tyler, it seems like you have less then 10 mortgages.  Many banks will lend up to 4 mortgages, but after that its a little more difficult.  When I got to 4 mortgages I called many banks and found that Wells Fargo will lend up to 10 residential mortgages as long as your debt to income ratio is below, I believe 42%.  My last few mortgages were thru Wells Fargo and I plan to use them again until I reach 10.  Hope this helps

My name is Dan and 'm a part time investor from San Diego CA.  I currently have 4 condos, 1 house, and my primary residence.  I'm looking to continue purchasing rental properties for long term investments.  I'm interested in learning about financing for additional single family homes and multi unit investments.