All Forum Posts by: Jerry Padilla

maybe @James Wise could answer. He is fair and knowledgable in that field. 

@Oscar Prado and @Javier Acosta

If you don't mind me asking why are you getting denied for a mortgage loan? There are many reasons for getting denied..... Some reasons can be worked through.... And others are a waiting game. I was born and raised in El Paso, TX always great to see others from my home town. 

@Kendelo Hollis

That is a great start! Financing fix and flips is difficult and many times you have to go the route of hard money or private money as the houses are typically not financeable, if they are not livable. Have you thought about purchasing a multi-family with an FHA mortgage and getting started that way? You could keep all the profit for yourself.

Here is some more info on house hacking with an FHA mortgage.

http://www.biggerpockets.com/blogs/5110/blog_posts/43989-house-hacking-with-an-fha-mortgage---some-basics

@Mike K. NYC has many investors. Hopefully a buyers agent jumps in on the conversation in New York City (couple more tags). I have seen some on here. Welcome to the site! It is a great place to learn from others. I am always glad to answer financing questions. 

@Chris Susserman

It all depends on what you do with the property. We typically have a net loss from making improvements. If we net gained than we would be paying more in taxes. 

@J. Martin

This is a great post! I just wanted to add a few things to your post in regards to financing for some of these areas.....

These California cities are in the High Cost areas for 2015;

Los Angeles, San Jose, Santa Clara, San Francisco, Oakland, Santa Barbara,

Here is a link that you can look up the most up to date information on ceiling loan limits ;

https://entp.hud.gov/idapp/html/hicostlook.cfm?CFI...

FHA Basic High Cost area limits are:

Single - $625,500

Duplex - $800,775

Triplex - $967,950

Fourplex - $1,202,925

Fannie Mae/Freddie Mac High Cost area limits are the same as FHA for 2015. VA is the same as FHA for 2015.

FHA and VA are owner occupied and have to be mortgage 1-4. Conventional can be both owner occupied or investment with up to 10 mortgages.

For more information on VA Financing - please see one of my other blogs;

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

For more information on Conventional Financing - please see one of my other blogs;

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

For more information on FHA Financing - please see one of my other blogs;

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

@Adam Hicks 

Do you or your wife have a two year history in the same field and at your current job? Per diem work needs a two year history to qualify for financing...... You have a good idea, and concept going though. 

Absolutely @Jermaine McIntosh

@Jermaine McIntosh

For FHA you would most likely not be able to get a second FHA mortgage ..... If you are moving from a multi-family to another multi-family in the same location.

As far as primary conventional you can get into another duplex for as little as 15% following strictly Fannie Mae guidelines. You can get into a three to four-plex with just 20% as a primary following strictly Freddie Mac guidelines.  

Freddie Mac is the only route that allows for a non owner occupying co-signer. Most likely any underwrite will catch on. Your best bet is to applying directly to underwriting for a pre-approval. 

If you have someone willing to go in with you as a co-borrower as an investment property you would have to put 25% down between the both of you. 

Hopefully this helps! Running ideas by everyone is great, but underwriters know most of the tricks to get by purchasing investment properties with little money down. 

@Steve Kurschner

An all cash offer is the best route to go and then you can immediately do a cash out refinance on the property if you plan on holding the property.

Here is some info on delayed financing options, if you choose to hold the property.

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