All Forum Posts by: Jerry Padilla

@Derrick Dill

You can purchase a duplex and count 85% of the rental income right away, with an FHA mortgage and an investor friendly lender.

@Ariou B. 

Are you working in the field that you attended college for? The time that you took off, were you looking for a job that pertained to your degree? You may have an argument if this is the case...... Your full time schooling counts as your work history if it is in same field as your current job. You would have to explain all the details in writing to an underwriter of why you weren't working for that period of time and how you plan to continue with this full time job. You may be able to get approved, but your file needs to be submitted to underwriting directly for a pre-approval. 

@Mike Curadossi

You can go ten loans without a problem. All mortgages in your personal name, done through portfolio and in an LLC tied to your name, count towards the ten. After you reach mortgage number five it will be difficult to cash out. However you can rate and term refinance. If you originally have a mortgage including a private mortgage, you will not meet the delayed financing guidelines. Here is some info on both. Hopefully this helps.

http://www.biggerpockets.com/blogs/5110/blog_posts/42766-all-about-conventional-cashing-out-on-those-properties-1-10

http://www.biggerpockets.com/blogs/5110/blog_posts/42824-all-about-delayed-financing

@Sam Magi

Why not purchase with a mortgage and increase your cash on cash return? Then you could purchase possibly 4-5 more with that cash as a down payment? 

@Rick Barberi

You could cash out refinance the town house you have. This will give you the money for a down payment on a few properties. 

Here is some more info on cash out financing.

http://www.biggerpockets.com/blogs/5110/blog_posts/42766-all-about-conventional-cashing-out-on-those-properties-1-10

@George Sass 

You can also cash out refinance and get a 30 year fixed rate mortgage. 

Here is info on cash out refinancing.

http://www.biggerpockets.com/blogs/5110/blog_posts/42766-all-about-conventional-cashing-out-on-those-properties-1-10

@Raun Parker

Exactly as @Jon Holdman has said. If you want to go FHA it must be a 1-4 unit residential property. There can not be any store fronts or commercial aspect to the property.

@Kevin Beres

Actually you should be able to qualify for that amount split into two loans. Closing costs will be more for two property's versus one. If you are going from 4 to 5 properties guidelines get more strict. I do this generally when I have clients wanting to purchase several low priced homes that want to see what total purchase price they can go up to. It gives you a general good idea, when it comes to DTI's.

@Kizzy Robb

You can cash out refinance the property as well.

Here is some info on cash out refinancing. The property would have to be in livable condition. 

http://www.biggerpockets.com/blogs/5110/blog_posts/42766-all-about-conventional-cashing-out-on-those-properties-1-10

@Justin Todd

You will have a very hard time lender that will give you a loan with under a 620 credit score on an investment property........ I don't know of any lenders that go that low. I don't want you to have false hopes. Also you will need to have a steady job as well. The rental income alone won't be enough to support the loan being a new investor with other debts you may have and your own rent, as well as this mortgage.