All Forum Posts by: Erik Estrada

@Christian Loya What kind of property is it? 

@Account Closed Lenders won't finance a downpayment, way too risky. Best thing to do is to consult with other hard money lenders to increase the loan amount and get a partner involved. 

@Jason Kang That's crazy! So there are lenders that can do the loan with 100% financing? 

@Jason Kang So you are looking to use borrowed funds + your own money as a down payment for a conventional or commercial loan? 

How much are you looking to buy the property for? How many units? And what are the market rents per unit?  Work history shouldn't be an issue as long as the property cash flows well. 

A great idea would be to consult with a local bank and a mortgage broker to compare costs. HELOC's could be a cheaper option in terms of closing costs, but you also need to consider how long you will keep the property for.

Shouldn't be a problem! I would advise keeping record of when you travel and keeping account of the rents you collect each time you leave. Also if you work for a company having a letter from your employer describing the nature of your work is a great idea. For income-tax purposes, consult with your CPA! 

Unfortunately most conventional lenders will not lend on borrowed funds for a downpayment. It will also be tough to find a hard money lender to lend on a downpayment. If this is a primary residence even going 3% down would be a better option than doing this strategy. On the other hand, if this is your first investment property and you have never owned any properties before, most lenders require that you have a history of ownership. 

A great way investors get started is through house hacking. Own your primary and rent out the other rooms. From there you can add value to your property and build up enough equity to do a cash out refinance. Use those funds to buy an investment property. 

@Jacob L White Hey! Finding financing options can be challenging. What are you looking to finance? 

She would have to be the guarantor of the loan. If you are not planning to live in it, it is possible to qualify based on the rental income of the property. Have you consulted with other Mortgage Brokers on this situation yet?