All Forum Posts by: Jerry Padilla

@Jayagowri Deenadayalan

I am glad to assist you with a rate and term refinancing. We have no seasoning requirements.

@Jarrod Weaver

I can assist you with the purchases down to 10k and also assist you with holding the properties so you wouldn't have to refinance  the property twice. We require 120 days to Hold a loan without additional fees. 

@Wendell De Guzman

You would be great at this opportunity!! 

@Jeb Brilliant

Everyone has an agenda...... A reason for being here on B.P. 

It is a place that can help everyone's business grow or better yet explode! 

We are here to build our business and help others build theirs as well. The key to in eating is building g strong relationships with others.......lenders, realtors, contractors, investors, tenants...... We all need each other to grow and learn.

@Lisa Henrich

You can network with locals here as well and create a BP meet up locally.

@Kevin K.

I would go FHA with a four unit. You will need cash reserves for a 3 and 4 unit and an FHA of 3 months PITI. You can ask the seller to pay up to 3.5% sellers concessions. Hopefully your renters will more than pay your mortgage and you can cash flow while living for free.

@Alex Silang

Your tax returns determine what your income is. Some write offs will count against your income. If is is in the same line of work that you are currently doing, you may not need a full two year history. 

@Jim B. 

May be able to help in the Chicago area.

@Laura Levine

In my opinion.... From a lender and investor prospective.....

• If you have decent equity, I would refinance and get rid of the PMI and go conventional. You can get another FHA mortgage later if you need to then as well.
• If you have enough equity to cash out and pay off credit card debt - that is not going to be tax deductible - where mortgage interest is tax deductible - I would go that route.
• http://www.biggerpockets.com/blogs/5110/blog_posts... Here is some info on cash out refinancing.
  
• You will not pay any taxes as far as I know and we are doing cash out financing as well right now on our properties. You can always consult with your CPA with those kinds of questions. 

@Magesh R.

Why not a fixed rate product with longer terms and lower interest rate?