All Forum Posts by: Fernando Asencio

@Harjeet Bhatti

Hi which banks are those? Small community banks? The bigger banks are a bit of a headache.

any good mortgage lenders in mercer county? i have property there

Jersey management

thank you @David Weintraub 

I guess if i have not too much of a choice..ill clean up my credit cards, get them to a low debt then i can start the process on gettin refi on those properties for a 3rd huh. Would u go that route?

Thanks for the advise btw.

my debt to ratio is a problem with all banks..   anyone know how to go about purchase a single family other than family friends and banks? as ive been rejected because of debts being to high and income cant cover.

if its hard money lenders..whats the best points or rate %. ?

I own 2 houses and want to get a 3rd but not use much of my money. 

Thank you.

True I am looking for a private money lender as well.. Tried banks already and no go. because of my debt to ration problem.  Can anyone give a good reputable lender information? thank you

Thank you for responding..  Ill just have to wait few more months..   I do have another property that has pretty good cash flow.. had it for over a year now..but tenants have been slow on the payments. missing 2 months even.. will banks look at the history of rental payments?  I guess i dont want to lose this new property thats being sold for cheap...but im all cashed out.. the only thing i can hope for is a cash out refi on the property that ive had for over a year now.    Any small banks or credit unions that are pretty good, that anyone can recommend..? Im in new jersey. Also whats a good intrest rate on a 20-30 year ? Wells fargo is at 6.7% intrest.  and BOA was at 5.5%.    

Thank you

Had a quick question regarding Cash out refi...   I have a property for 3 months now.. paid in full cash for rental investment. 

My question is can i cash out refi on that property if i just bought it like i said 3 months ago? If not whats the wait before i can use cash out refi on it? BOA said 12 months..    

Are small local banks more better than large ones like wells fargo and td bank and bank of america?  I have gotten turned down for loans from these banks..such a waste of time. smh, and thats why i had to use my own money to purchase the property. But now that im seeing another house for cheap with great rental income..id like to cash out this house that i just bought 3 months ago and put the 75-80% on the new property and use some of my money to buy the new property for rental income.  Does this sound good to you guys? Any other ideas you can give me would be great.. I am in NEW JERSEY.

Thank you so much for your time.

Thanks Christine. I tried to ask the bank for a 50 k loan since I was putting in my 20% on investment. and they wouldn't budge..had my hopes up..  I thought 50 k was nothing considering it wasn't a 200k loan I was asking for.  My credit cards are maxed out.. =( something I will work on.. I tried the note with the seller..but he wont agree to it, saying the house will appreciate in the future..i checked the comps and they all seem higher than what the seller is selling me..  its a good deal as I was told by few people.. but the main problem I have now is paying it all for cash..something I didn't want to do. =/  I start getting income as soon as I close which is a great thing.. and with that I guess I can make a plan to pay those credit card loans with (16% intrest rate on 3 of them) .. be patient and save to invest ..down the road ill apply for the loan for another property..but this time ill be prepared. GOALS!

Hello all..  2 questions..

Property is in the good section of newark

1. I have 70k in my savings.. Cant get bank loan because credit cards are too high..(ive been paying myself first and credit cards last like Robert kiyosaki says lol)... With banks I get to the end..pay for appraisal of property and everything all to get rejected at the end. =( cant get personal loan, hard money is too much intrest and peer to peer relies on good credit as well. So I just have 70k in my savings.. Seller wants to sell a single famly house.. for 70k, good area with tenant already as well. Imagine my luck smh. Rental income is 1,150. Tenant pays on time..cash flow would be around $900 monthly after expenses.CAP is about 15%. As you may know I am a newbie..and would like and appreciate some feedback from you all. You guys are great!

2. Should I let this deal go..and pay off my credit card and try to get a loan next time..or should I just go balls out and pay cash for this turnkey property who has a great tenant with a 15% cap

Any advice would be appreciated. House is 4 bedrooms  1 1/5 bath and everything is up to date..

thank you all