All Forum Posts by: Jerry Padilla

@Don Griffith

@Ruben Dominguez

You can still go the route of conventional with smaller loan amounts. You can get a 30 year fixed interest rate loan on investment purchases. You need an investor friendly conventional lender with very little overlays, that do small loans.

@Lawrence L.

Conventional financing is a great route to go, but there is criteria that has to be met, as you know. I am glad to answer any financing questions. 

@BT Conlon

If I were you..........I personally would dispute this through the credit bureaus, and claim it is inaccurate. If they don't respond in 30 days they are required to remove it. there are forms online to do this. Make sure you check with the credit bureau websites for the correct address as some of the addresses are incorrect that they have listed on the generic forms. I think (and I am not positive) you can keep disputing through the mail in form every 30-45 days. 

@Sergio Mendoza

Not sure where your credit is..... But different lenders, have different requirements. If you have any Liens and judgements, they should be paid off. If you have a middle credit score greater than 620 you maybe able to get qualified.

@Loreen Flaherty Glad to see you are looking into Indianapolis for investment properties. I recommend getting set up on an emailing right away so you can start seeing properties that come on the market to compare to. You should also get pre-qualified before you go so you can see what purchase points you can go up to. I am glad to answer any financing questions you have.

@Steven Fitzen

VA is a great mortgage product. But....... VA is the only mortgage product that requires a 2 year rental history to include rental income. There is no way around it. You could go the route of FHA if you really need to include rental income. Yes, FHA has more costs, but if you need to include rental income with a low down payment, it is most likely your only option. You could then refinance with a VA loan 2 years down the road when you have the rental history.

@Joseph Duenas

You have a great strategy. If the property is in livable condition you can finance with conventional to start. 

When using credit cards....... Maxing them out can really hurt your credit score. Try to keep balances below 30% of the maximum if possible. A personal loan is another option you could take for the repairs. 

@Steve Gunasingh

Why not use your VA loan? You can live in one unit and rent out the others, on up to a 4 unit property.

Turnkey-reviews.com is a great resource to check out if you haven't already.

@Kevin Andrews

This is one of the scenarios - AirBnB is short term without lease agreements - so you would need a full 2 year history to count rental income from this unit/property on future purchases.