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All Forum Posts by: Jerry Padilla

Jerry Padilla has started 261 posts and replied 3300 times.

Post: Local Lender Palm Beach or Orange County

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Robins Dorvil

Cash out refinancing is a great way to invest in more properties. If they are single family residences you can get an LTV of 75% and a multi-family residence is 70% LTV.
Finding on a loan officer that focuses on investor financing, can be more valuable than a local lender. An investor friendly loan officer will have the experience and knowledge to guide you through the process correctly. 

Post: Portfolio Lender for Second Home?

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Lucas Hammer

You can qualify for second home and rent it out. You are just required to a reasonable distance from your primary residence. It is a 10% down payment and for a single family residence only. 

Post: Wanting to start a rental property business for cash flow

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Thomas Carlson

Do you own a primary home?

If not, I would recommend starting out purchasing a primary home that you house hack and live in one of the units. Maybe an under market valued property, that you can update and increase rents on? 

Post: First rental property

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Scott Ai

You can use your current homes equity to purchase property. Personally, I only invest close to home. But, I have clients investing out of state, all over the country. 

Post: Lending Options For First Time Investor

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Account Closed

There are renovation loans available that you can use for the first few properties. 

Are you intending to owner occupy or strictly a rental? HomeStyle is one of these options.

Post: Pre Approval Letters

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Michael A.

I would have some written up as a generic, as mentioned. It shouldn’t be the lender holding you up from making an offer.  

Post: Offering on multiple properties at one time

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Ricardo Nieto

Why not give a very short window for a response from the seller, and if they don’t respond, have an offer ready to make on the next property?

Post: First rental property

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Scott Ai

I would be glad to answer any questions that you have. 

Do you own a primary home? If not, a great way to start out would be house hacking a multi-family. If so, then do you have equity that you can take out to purchase rental property?

Post: What type Mortgage loan do you use for rentals?

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Jag C.

If you are looking at single family rentals, why not go the route of conventional? 

You would need to qualify (documents) just like you would with a primary home, but you would be able to get a 30 year fixed interest rate. What price points are you looking for properties?

Post: HELOC for downpayment

Jerry Padilla
Posted
  • Lender
  • Rochester, NY
  • Posts 3,451
  • Votes 1,419

@Spencer Harvey

You won't be over leveraged in the rental properties as you are using the HELOC on your primary home to purchase the properties, and I think it is a great way to go about getting more rental properties. You will still have the down payment of 15-25% in the rental properties so you have some equity in them still. And like you said, your intentions are to start paying back your HELOC right away.

I don't think getting a 100% LTV lien against the rental itself is a great idea, because when it comes time to sell, and the market drops in value you could be out that difference, and may not have the finances to close on the property.

Let me know if you have questions on financing.