All Forum Posts by: Jared Bouzek

@Kellie Alkayam Welcome to Bigger Pockets! Let us know how we can help you.

@Deontae Posley You have a couple of options. Go FHA if you can, but it sounds like for some reason you can't. Your other option is to find a new lender who knows Freddie Mac guidelines. Freddie Mac's Home Possible program will allow you to put 5% down on a duplex if you meet the income restrictions.

Amanda T. It really depends on what you are trying to accomplish with the funds. If you are planning to use the funds to acquire more properties, the cash-out refi might be a better option to lock in the rate long-term. HELOCs will typically have a variable rate or if you do find a fixed one, the interest rate will be quite a bit higher than just doing the refinance.

@Michael Rodrigues What kind of rate do you have on the FHA mortgage? Conventional financing is only going to allow you to cash out up to 75% LTV on a single-family investment property. At best you might be able to get rid of your MI but that might not even make sense considering you will now be looking at investor rates.

@Charles Stewart II Can you make $3,000 per month as an MLO? Sure, if you put the work in.

Will you make $3,000 within your first month of starting? I would say it's unlikely considering that you have no experience. I didn't have people beating down my door the moment I got my license to do a loan. Not to mention that once you do find your first client, you will typically have a 30 day gap from the time you start the process until you close and get paid.

@Elena K. I guess the question really depends on your mentality. Many of the investors on Bigger Pockets are trying to build a portfolio, so I think you would find a lot of people who have borrowed from one property to purchase more. It's one of the great advantages of REI - the ability to leverage and increase your returns.

@Chris Thomas Gotcha. Well you won't have any shortage of people on BP who will vouch for Chris M.

Chris Mason

@Stuart Crowell I might have a connection for you. I think he'll do commercial down to $500k on a case by case basis. I'll pm you contact info.

@Ericka Medina Without spending a lot of money I would say find a good agent who can do a solid market analysis on it.