All Forum Posts by: Jerry Padilla

@Scott Elkovitch 

Why not get pre-qualified by a lender?

@Felix Rojas 

Yes that is a Fannie Mae and Freddie Mac guideline, so any conventional lender is going to have this guideline. Hopefully you can find a portfolio lender but they follow close to these guidelines as well. You will have to cash out in the property prior to 6 months from closing on the property as well. One strategy you could do, but would require you to close twice..... Would be to obtain private financing after the 6 month mark and then rate and term refinance with conventional financing and that would go based on appraised value. 

@Ayaan Aha do you have a work history in the same field or a college education in the same field? 

@Gregory Wickham 

I am not sure what your actual income is.... You can get financing for the next property if your w2 income and rental income are supportive of your DTI's. Rental income is counted at 75% of the lease agreement if it is too soon to reflect on your income taxes. If the property is reflected on your income taxes, than the net rental income is used. It seems by what you are stating though that you don't have much verifiable income, so for conventional financing you may have to wait until you have a full time job to support your DTI's. You would also need reserve money as well as the down payment. Maybe you could find some sort or creative financing deals?

@Cora Griffin 

Yes definitely search here or create one through here. As mentioned above meetup.com is great as well. 

1. Absolutely, I would manage myself. You live right there why would you pay someone else 10% to collect the money? 

2. What would be your reasoning for not telling them you are the landlord? Why would tell them you are renting? There is no reason to hide it. 

3. I would look at the cash flow after the mortgage is paid. Essentially you should be living there for free.

4. If I was living in the house as well. The nicer the area the better. 

@Matt Cramer 

I would rather maximize financing and have more money in the bank and for reserves. I prefer a consistent mortgage payment and getting more properties. Here in NY property taxes are high and I hate to hand out thousands and thousands in one sitting.   

@Anthony Ogletree

You have a great plan of starting a meet up group in your area. I see you have a pro account. You can advertise there and on meetup.com good luck. Make sure you build a relationship with an investor friendly lender that can help you.

@Will Bert 

It sounds like he is hesitant to renting it out. Why not just sell it than? 

@Noel Walton  

Home warranty seems like a waste if money. Personally I would just keep the house and hope market goes up. At least you are building equity.