All Forum Posts by: Jerry Padilla

@William Govans

I would recommend getting mortgages with how low rates are today. You could put 25% down and ask the seller to pay up to 2% towards closing costs. You than can either have some cash in the bank or you could use all this money to purchase up to ten properties as long as you have enough money for reserves as well as down payments. 

Five years from now rates could be much higher and they may no longer allow cash out refinancing.

@Josh Lamm 

Welcome to BP! This is a great site and there are many investors and resources to lend a helping hand! I look forward to hearing about your success. Boston is a great area for investing.

@Roy Mitle

Your rate will be slightly higher - but not much at all. A mortgage banker is going to charge you an origination fee or a higher rate than the bank would and they are typically limited to Fannie Mae and Freddie Mac guidelines at the same time. This limits their ability of what they can do for investors. Fannie Mae is more investor friendly and it is best when a lender can follow just their guideline. 

Here is some information on cash out financing after 6 months .....

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

Here is some information on cash out financing prior to 6 months - using the delayed financing exception......

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

@Alexander Chavez

A cash out refinance and then a HELOC may be the better route to go as a cash out refinance is a fixed rate and a HELOCid an ARM and if rates increase - so will your payments!

@Jeff L.

Here is information on cash out financing.

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

 1. They can be talking about cash out refinancing or rate and term refinancing. 

2. A refinance - rate and term or cash out is going to replace your previous mortgage, leaving you with the same number. 

3. For a cash out refinance - yes you need equity to be ale to take out. It could be a rehab or appreciation. For a rate and term refinance.... You will have had to pay down your mortgage balance and extend your term or decrease your rate to make a difference. This is a great way to go when you have maxed out your DTI's.

@Pete Carlson

The answer is yes. You can only have up to four mortgages for cash out refinances to go based on ARV with 6 months seasoning. The other property will give you four mortgages so the cash out refinance would make you hit mortgage 5. You do have the option of delayed financing - prior to 6 months for up to ten properties. You would still go based on ARV and given the LTV is there, you are then limited to pulling out purchase price plus closing costs.

Here is some info I wrote on delayed financing.

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

@Phoenix Ocionna

I would get pre-qualified first and then look into doing your taxes. I am always glad to answer questions.

@Amber Stevens 

@Justin B.

Is correct. You need commercial financing for greater than 4 units. Four units or less you can go up to 10 properties and still get residential financing. The guidelines are more strict and require a 720 credit score.

Here is some more information.....

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

@Randy Fung 

Yes, we are a national lender and can provide finsncinb for four units or less in just about every state!

@Account Closed sent!

@James Wise

@Engelo Rumora

@Account Closed

Have great returns on properties