All Forum Posts by: Jerry Padilla

@Francesca S.

Here is a blog I wrote with information on cashing out on property. 

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

If you are taking out the HELOC on your property, why not purchase on your own and see 100% of the reward versus splitting. Partnerships can be tough and rewarding at times. People have different views, ideas and work ethics. Make sure you are both agree on a plan prior to purchasing.

Hopefully you can find all your answers in the blog.

@Thomas Martin 

Cash would be best for this kind of short term investing. Mortgage companies will hit you with additional fees if you close prior to 120 days. Just a something to keep in mind......

@Daniel Libman

I have a lot of clients that are buying locally as well as Cleveland @James Wise knows the area and also Toledo @Engelo Rumora knows that area well. These are just a few of the property members with a great reputation here on BP. 

@Vivian D.

Yes developing a relationship with an investor friendly lender is vital. It could be a lender locally or nationally that is able to meet your needs. 

@Jeremiah Duckworth

An owner occupied multi-family with an FHA mortgage and 3,5% down is a great way to get started. You can ask the seller to pay up to 6% of your closing costs, with an FHA. You would be required to live in one unit, but could purchase up to 4 units.

@Jim B. 

Thank you! It is always great to hear from you buddy! 

@Engelo Rumora

@Jered Sturm

@Ben Leybovich

What a great thread!!!!

@Albert Bui 

Great response! 

@Jeff L

I would focus on going with a lender that is investor friendly, that can lend in NY. 

@Mitch Rice 

If the lender has the ability to choose just Fannie Mae and not Freddie Mac then you don't need any rental history. 75% of lease agreement is used prior to reflecting on tax returns and 100% of net rental income is used if the rentals are reflected on your tax returns.