All Forum Posts by: Jerry Padilla

@Ryan J.

You can get a 30 year fixed up to ten properties.... Here is a link with info on required down payments and financing. 

http://www.biggerpockets.com/blogs/5110/blog_posts...

At @Kelly N. has a great suggestion with putting properties in spouses name as well, if that is an option. 

@William Brace is correct if you are purchasing a SFR with only 25% down after property number 4.

With local lenders........ It is very difficult to find fixed rate 30 years, that are not backed by Fannie Mae or Freddie Mac. 

@Luke Miller

Here is some info on cash out financing.....

You can count the rental income from the start.... If you are Looking to cash out on more than what you paid for the property....... You will have to wait until 6 months past closing. 

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

@Mike Curadossi 

Are you planning on cashing out or just refinancing? If you obtained a private mortgage and want to cash out on the property you have to wait until you reach 6 months from closing to cash out on the properties........ At least from a conventional stand point.

How many properties do you own already that are mortgaged? If you have more than 4 mortgages you won't be able to cash out, but you can refinance the private loan at any point...... And maybe increase the private loan to what you were hoping to cash out on, if you have more than four mortgages?

Many of these locations seem to be hot areas for investors on BiggerPockets as well....... And to why we see some of these areas having such great increases in value. 

• Raleigh-Durham-Cary, NC
• Las Vegas, NV
• Austin, TX
• Pheonix, AZ
• Charlotte, NC
• Atlanta, GA
• Riverside-San Bernadino, CA
• Orlando, FL
• Dallas Fort Worth, TX
• Houston, TX 

I am curious to see if ten years from now other hot areas for investors will also increase in value like Cleveland, Toledo,  Kansas City, Memphis, Chicago, Indianapolis, Minneapolis, just to name a few. I guess if we all could pick the right location to purchase as far as equity, that will increase in value the greatest...... We would all be wealthy. 

http://www.usnews.com/news/articles/2011/04/06/10-...

@Zoran M. DTI's vary based on the strength of your file.

@Michael R. we lend on a national level. Even though I am based in Rochester.... I lend in both of your location interests. We can do your loan via, telephone, internet, email and fax. 

I have clients all over the country.

Including... But not limited to some of these locations..... NYC, Washington, Boston, Bay Area, Los Angeles, Chicago, Philadelphia, Houston, Dallas, Fort Worth, Miami, Detroit, Seattle, Atlanta, Cleveland, Toledo, Minneapolis, Kansas City

NOW AVAILABLE TO APPLY DIRECTLY ONLINE!!!!! FROM MY WEBSITE!!! 

All loans must be in an individual name at closing, not an LLC.

Investor loans - Financing for up to 10 investment properties!

Conventional or Refinance or

Cash Out (for the first 4 properties)

Commitments 3-5 days from submission Purchase closings in as little as 30 days

Credit scores down to 600 on FHA/VA/USDA loans - primary residence only

Conventional financing credit score 620 (first four property's) 720 (property's 5-10)

National lender!

Streamline refinance programs for FHA/VA/Conventional - Save money with less documentation

Low rates & Low closing costs

I am available extended hours

Opportunity to increase your business to have more capital available for purchasing and rehabbing

Lender credit available for purchases

No minimum trade-lines....two scores and an automated "YES"

WILL CONSIDER RENTAL INCOME FROM THE START!!! TWO YEAR HISTORY NOT NECESSARY!

@Aaron Montague 

The homepath program with 10% down no longer exists.

I so greatly appreciate the opportunity that all my fellow BiggerPockets colleagues are giving me! 

I guess the word has gotten out about Jerry Padilla ;-)

I am in the process of getting caught up on the influx of business that you have provided me and appreciate everyone's patients at this time. I am working on a few things so in the near future I will be able to juggle even more. Again..... I am so very very appreciate and am so greatful for your patients!!! 

@Vitaliy K.

Upgrading to a pro account and advertising in the marketplace was one of the best decisions that I have made in my career. It is well worth the money spent to advertise there. 

@Adam Hicks as long as you intend to live in the property and then you move to another location and purchase a new primary and rent the previous primary out..... I don't foresee an issue. I would suggest you live in the first property for at least a year or at least close to it ..... If possible. If you stay in the same area...... It may look suspicious to an underwriter.