All Forum Posts by: Jerry Padilla

FHA reduced their MIP (Mortgage Insurance Premium) to become more competitive in the market as Fannie Mae reduced their down payment to 3% for conventional mortgages. FHA requires 3.5% down payment. This is for case numbers assigned after 1/26.

There are pro's and con's with both of these financing options:

FHA allows up to 6% sellers concessions and will be more aggressive with DTI's. FHA MIP is still for the life of the loan.

Conventional is only up to 3% sellers concessions, but with a better credit score PMI (Private Mortgage Insurance) could be lower than 0.85%. It all depends on your credit score. Conventional PMI can be removed once you hit 80% or below LTV.

Update to this conversion:

FHA reduced their MIP (Mortgage Insurance Premium) to become more competitive in the market as Fannie Mae reduced their down payment to 3% for conventional mortgages. FHA requires 3.5% down payment.

There are pro's and con's with both of these financing options:

FHA allows up to 6% sellers concessions and will be more aggressive with DTI's. FHA MIP is still for the life of the loan. FHA allows you to do owner occupied multi-family homes.

Conventional is only up to 3% sellers concessions, but with a better credit score PMI (Private Mortgage Insurance) could be lower than 0.85%. It all depends on your credit score. Conventional PMI can be removed once you hit 80% or below LTV. The 3% down for conventional is for single family owner occupied only.

@Rebecca Lebowitz 

It was nice meeting up with everyone. It was good to meet other local investors! It is always great to run ideas off each other. I look forward to the next meeting and hopefully my wife can make the next one!

Welcome. I would make sure you find one that is focused on assisting investors. I am sure there are several on here. @Adam Wright is another investor on here that also is an agent.

@Kevin Reynolds 

Welcome to BiggerPockets. There are a ton of investors on this site in your location. @Adam Wright is an experienced investor that I have communicated with in your location. He also has his license so you may want to talk to him and get some feedback from him. Good luck.  

@Adam Wright   would be a good connection for you to have. He invests in and is an agent in your location. Good luck! 

I am seeing way too many agents that are not taking advantage of everything that BiggerPockets has to offer! A Real Estate Agent specializing in investment properties is a niche. Most agents find this website by having an interest themselves on investing in real estate. This is what makes BiggerPockets so great! The agents are not a dime a dozen! Really, it is compromised mostly of investors!! Agents BiggerPockets is a gold mine, just waiting for you to get your hands in and start digging (or becoming active on the site)

Now Making BiggerPockets Work For You!

First things first.

1. Profile Pic, Profile Pic, Profile Pic! No one is going to take you serious as an agent without a profile pic!

2. Fill out every section of your profile. The more information and detail the better! Here is the place to boast about your experience, what you can do for your clients, the background knowledge you have. If you are a new agent, Do you have experience as an investor? This counts to! If you are a new agent or experienced agent, what can you bring to the table?

3. Under Experience Section: List that you are a Real Estate Agent!!!! No one will know you are an agent unless it is listed under this section.

4. Next, Set Up the Pro Account. Yes, it is $29 a month. But face it, it is probably the cheapest marketing you will ever spend! There are too many capabilities for me to list here.

5. You get out of BiggerPockets, what you put into it. The more time you spend posting responses and assisting others. The more leads that will come your way. Set your signature up to attract investors, if they are interested in buying or selling and see your posts they will contact you. If you are a Pro or a Plus member than you can also advertise in the marketplace.  

More to come..... If anyone wants to add anything, I am glad too.

http://www.biggerpockets.com/pro

• You can request more colleagues
• Set up a signature to draw potential clients to your page
• Advertise once every five days in the marketplace
• Search for local investors, and see who viewed your page
• Set up additional keyword alerts.

https://www.biggerpockets.com/blogs/5110/blog_post...

@Michael L. 

 We have section 8 tenants too. In NYS we can threaten and possible cause them to lose their section 8 for failing to pay their rent on time. It is a risk you take though if they lose it and you get no income then. We have had previous tenants lose their section 8 after moving and failing to pay their last couple months portion of rent prior to moving out.  

@Tyler H  I am sure @Joel Owens would agree that being active on this site has been a success for him with a pro account.

Although I am not an agent. I don't think that I would choose an agent by an advertisement posted at a car wash or even a billboard. @Tyler H.  I think you would have much better success, and pay less money by setting up a pro account here on BiggerPockets and networking with locals. I would be glad to give you some ideas, if you would like. Good luck!