All Forum Posts by: Jerry Padilla

@Monica Johnson

Do you have experience as a landlord? If not, you won't be able to count rental income. You can with FHA, as stated above.

@Tyler Wehrung

You can cash out based on appraised value at the 6 month mark, and actually start the process before that. For conventional lending, it is a maximum of 70-75% cash out. 

@Colin Smith

If you plan to borrow the money long term, I would suggest a cash out refinance on your primary residence....... Than use this cash as down payments for several future properties. Let the rental income in these future properties pay back all the mortgages, including your primary. HELOC's are adjustable rates, so they are more risky long term, if rates go up.

Making BiggerPockets Work For You!

1. Profile Pic, please! No one is going to take you serious as an agent without a professional profile pic!

2. Fill out every section of your profile. The more information and details, the better! Here is the place to boast about your experience, what you can do for your clients, the background knowledge you have. If you are a new agent, Do you have experience as an investor? This counts too! If you are a new agent or experienced agent, what can you bring to the table? Investors don't want to see marketing, they want to see knowledge and expertise!

3. Under Experience Section: List that you are a Real Estate Agent!!!! No one will know you are an agent unless it is listed under this section.

4. Next, Set Up the Pro Account. Yes, it is $29 a month. But face it, it is probably the cheapest marketing you will ever spend! There are too many capabilities for me to list here, with a pro account. Even just one lead a year, will pay for your membership here. This site is a goldmine and you have to take advantage of the potential here! With a pro account, you can write 2 different marketplace ads a day!, providing knowledge to clients on investing locally.

5. You get out of BiggerPockets, what you put into it! The more time you spend posting responses and assisting others. The more leads that will come your way. Set your signature up to attract investors, if they are interested in buying or selling and see your posts they will contact you. If you are a Pro or a Plus member than you can also advertise in the marketplace.

http://www.biggerpockets.com/pro

• You can request colleagues with investors you intersect with and get to know.
• Search for local investors, and see who viewed your page!
• Set up additional keyword alerts! Know who is posting in your area, and provide them with your knowledge and expertise.

NOW THAT YOU ARE ALL SET UP, TIME TO START CONNECTING, AND POSTING!!!

1. - You can do searches on the site for local members and local forums.
2. - Jump in on conversations that have to do with your local market.
3. - Be your LOCAL EXPERT! AND THE LEADS WILL COME!
4. - Post information about your local area for locals and out of state investors to be educated on.

NOW THAT YOU ARE POSTING AND REPLYING AND STARTING TO LOOK LIKE THE EXPERT IN YOUR AREA.........

• Either attend a local meet up that is in your area (Meetup.com) lists many of them. If there are no local meetups in your area -create one. BiggerPockets also has many investors creating local meetups. If there is one already started, attend your local meet up group. If there are no local meet ups, then create a local meet up. If you are not sure what to make the meet up about - networking and or education is great.
• Take advantage of the marketplace. You can post an advertisement once every five days for the same ad, and 2 different ads a day!! List on here that you are an experienced investor and real estate agent in your area. Provide knowledge on your local market, don't just try to sell yourself. There are so many local investors that are searching for mentors and experts in your area! They are looking for you - the agent! - and need to be able to find you when searching. If they have a keyword search set up that includes the marketplace, they will immediately see that you are one of the local experts that they need to connect with. It is going to take time to build relationships on here. Just as it takes time to build your business in the real world, it takes time to build your business on BiggerPockets.
• Ask for references! Any investors that you have worked with here on BiggerPockets or investors that are not on BiggerPockets. What investor do you know that couldn't benefit from becoming a member on BiggerPockets? This is a valuable tool that you can offer to your clients in the past. In return for the knowledge of this valuable website, I am sure they will want to give you a reference!

PLEASE FEEL FREE TO CONTACT ME FOR MY IDEAS, ASSISTANCE, OR SUGGESTIONS! 

I AM HERE TO ANSWER ANY FINANCING QUESTIONS, THAT YOU OR YOUR CLIENTS HAVE, OR PROVIDE ASSISTANCE!

For 2017........

The Basic standard mortgage limits have increased. The ceiling has also changed for many area's meeting the criteria as well. Here is some info you may find helpful on the limits as well as links to look up your specific area. 

FHA Basic standard mortgage limits are:
Single - $275,665

Duplex - $352,950

Triplex - $426,625

Fourplex - $530,150

Fannie Mae/Freddie Mac standard mortgage limits are:

1 unit - $424,100

2 unit- $543,000

3 unit - $656,350

4 unit - $815,650

Conforming FHA Basic High Cost area limits are:

Single - $636,150

Duplex - $814,500

Triplex - $984,425

Fourplex - $1,223,475

Maximum Conforming limits are below (If Your Area Qualifies, For Specialty Financing);

Honolulu; Kalawao, Maui; Kauai;

1 unit - $721,150 1 unit - $657,800 1 unit - $713,000

2 unit - $723,050 2 unit - $842,100 2 unit - $912,750

3 unit - $1,115,800 3 unit - $1,017,900 3 unit - $1,103,350

4 unit - $1,386,650 4 unit - $1,265,000 4 unit - $1,371,150

FHA Loan Limit Look Up

VA / Conforming / Fannie Mae / Freddie Mac Loan Limit Look Up

@Shawn Ackerman

Thank You for the mention! @John Spina jr Have you considered starting out with house hacking and living in one of the units? 

@Wendell De Guzman

Thank you for the mention!

@Adam Adams You can cash out on up to 10 financed properties now, in your individual name. 

@Dante Pirouz Thsnk you for the mention! 

@John Lopez Ic purchasing with cash - you can refinance within 6 months, but you are limited to cashing out up to a max of the purchase price. If you are looking to get more than that, you can start the process earlier than 6 months and close at the 6 month mark. If you purchase the property originally with a mortgage, than you have to wait until the 6 month mark. 

Thank you for the mention Federico! 

@William Allen

Thank you for the mention!