All Forum Posts by: Jerry Padilla

@Cameron Harris I would definately look at comps as well. Why would your parents not want to just purchase the house themselves and fix up the way they like? As @Chris Music has said be cautious about mixing family and business.

@Jacob Sharp

It is a great way to get started. As @Bill Gulley stated HELOC's are not the best way for long term financing as the rates are adjustable and you now have two mortgages to pay on your property. Refinancing and having just one mortgage on each property is a great way to get started as well.

@Anthony Palma

Here is some info on owner occupying with an FHA mortgage. You can put just 3.5% down and ask the seller for up to 6% towards closing costs.

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

@Sam Desai

Are you planning to owner occupy? Here is some info on an FHA mortgage.

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

Getting pre-qualified first is the best way to start. 

@John Hyatt

As @Andy Robison and @Aldo Ricaurte and @Andrew Syrios

Has said under 50k mortgages are possible. You need an investor friendly loan officer. 

Great Response @Chris Simmons

@Matthew Maggy

Yes. You will have to occupy one of the units, and typically honor the leases or hope the landlord has them on a monthly lease. You can always ask the seller to buy the tenant out of the lease..... Since the seller is the one that decided to sell the property with a year lease. Any owner occupied investor will run into this issue as well.

Here is some info on FHA financing.

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

@Brian Slater 

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

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

If you will have negative cash flow, why wouldn't you increase the rent? Houston is a hot market for investors. 

Including... But not limited to some of these locations..... Chula Vista, San Bernardino, Modesto, Oxnard, Fontana, Moreno Valley, Huntington Beach, Glendale, Santa Clarita, Garden Grove, Oceanside, Rancho Cucamonga, Santa Rosa, Ontario, Elk Grove, Corona, Lancaster, Palmdale, Salinas, Hayward, Pomona, Escondido, California

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

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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"

Financing is available for properties down to 10k as you have mentioned. 

@Claude Robinson III

Welcome!

Here is some info on financing in high cost areas - like San Jose 

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

I am always glad to answer any financing questions.