All Forum Posts by: Jerry Padilla

hi Jerome,

You can cash out on the first four properties that you own. After that, you can use the cash to make a down payment on the next six houses. It is possible to do this but depends on many factors. Your credit being under 700 doesn't automatically disqualify you.

I would save the money towards the down payment of an FHA mortgage which only requires 3.5 percent down. I would purchase a four unit property and live in one unit - hopefully free. I would get the experience I need to purchase more properties. I would ask the seller to paying the closing costs. There are so many people here and research here to learn and educate yourself for free!

Getting pre-approved for a mortgage may be a good place to start to see what you can qualify for, and how you can use that money to the fullest.

for an FHA loan you can purchase up to a four unit property. You should live in the property at least one year. You can qualify with a credit score down to 600. Some banks may possibly go lower. You are only required to have 3.5 percent down and can ask for sellers concessions towards closing costs. I hope this helped.

yes it is possible

It is possible. Are you interested in refinancing out of the private mortgage for a lower interest rate?

Wow 150 houses! Good for you! Are you looking for buyers too? Are you willing to accept just cash or mortgages also? Are you connected wth investors in your state of Illinois to reach out to? Just a couple of ideas.

hi Darwin,

I think you have some great ideas. We have done that fixing, and then renting.

Hi Mike,

I think the big question is how quickly do you want to progress with purchasing more properties? FHA requires the least down payment but does have life long mortgage insurance. You can refinance down the road when the principle is paid down and go conventional. Will putting the 20 percent down hold you up from purchasing another investment? In this case the mortgage insurance may be worth the profit that you will make on your next investment

In all reality it is a persons opinion on a home that doesn't need any work and you literally just need to turn the key and move right in. They can be currently rented out or ready to be rented at closing. It can also be properties that already have property management in place. I