All Forum Posts by: Jerry Padilla

@Mike Barry

@Brandon Hartsell

Here is a guideline for cashing out. Yes, you can go up to 75% for a SFR. Was it something else that made if so you didn't qualify? Like reserves or DTI as to why they had to lower it? Otherwise you should be able to do 75% LTV.

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

@Marcus S.

Here is a guideline on considering foreign income. Hopefully this helps. 

Foreign Income

Foreign income is acceptable only if the income can be verified on U.S. personal tax returns. Foreign income should be paid in U.S. currency. However, income paid in foreign currency may be considered on a case-by-case basis if it's converted into U.S. currency. 

If you have an investor friendly lender that can strictly follow Fannie Mae guidelines than you can consider the rental income prior to two years. If there is a net rental income on your tax returns - that is used. If you have a lease agreement than 75% of your rental income is used, and a 25% vacancy factor is considered. The lease agreement is used if you purchased the property and it is not yet reflected on your tax returns. 

@Account Closed

1. You can cash out on the property right away if you choose. 

Here is some info on cashing out prior to 6 months - delayed financing. 

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

2. Interest rates are slightly higher, but not much. 

3. Yes a cash out refinance. If the property is  being cashed out prior to 6 months you are using the delayed financing guideline. If the property is being cashed out after 6 months (only able to do with 4 or less mortgages than this is just a cash out refinance.)

@David Cochran

Yes you can with an investor friendly mortgage company that counts rental income right away. You would have to go with an FHA mortgage to put such little money down. Keep in mind a 3-4 unit FHA purchase also has reserve requirements as well.

@Phillip Gonzales

Going that route you can basically get in with very little out of pocket costs. You can't beat that. I am happy for you! 

@Steven Zhou

The most important factor is your property management company. There are some good ones on here...... I have not noticed any for SC though. Reputation is everything on BP so here is a great place to look and I would be glad to tell you about the ones I know and have worked with. Just make sure you get many references and read reviews on whomever you choose to work with! 

@Dave Currence

I am looking forward to reading about your success! I am glad to answer financing questions. 

@Jay Hassey 

With little money down and a multi-family purchase -FHA is going to he the best route. Down the road when you have equity you can refinance with a conventional mortgage. With FHA you can put just 3.5% down and ask the seller to pay closing costs - up to 6%.

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@Danny Woodson

The house needs to be in livable condition to get financing...... No plumbing no financing unless it is a rehab loan.