All Forum Posts by: Jerry Padilla

@Randall C. Howard

Your payment is going to depend on purchase price and down payment. 

Interest rate is going to depend on your credit score, type of property, down payment, purchase price. 

What are you looking to purchase? 

Some of the best money I ever spent!

@Charlie John

I live and invest in the Rochester NY Market. Is this the area you are discussing? Here the market is very competitive and a sellers market currently.

@Tyler Minkel

That is how I got started is purchasing a duplex and living in one unit. It is a great way to get in the game for a low down payment. Do some research on the BRRR method and that is a great way to keep pulling out cash and purchasing more properties. Let me know if you have any financing questions.

@Austin Welty 

Thank You for your service! I am not to far from you, here in Penfield, NY. I own a few properties out here so let me know if you have any questions on where I invest or if you have any financing questions. 

@Sharron Morrow 

If you quit claim the property you will have to wait 6 months to pull cash out of it with conventional financing. 

If you purchase the property it can't be a bail out situation. You may have the ability to use renovation financing with this route. 

Non - Arm's length transactions are looked at closely. 

@Alvaro Leis 

Those origination fee's are way too high for a 750 credit score. How did everything work out? I would at least shop them and get better quotes and try to get them to drop the fee's, if it is too late to change lenders. 

Origination fee typically should be less with a greater down payment, investors see it as a less risky loan with a greater down payment. 

Sometimes banks buy down the rate but call it an origination fee, and this is the amount that should drop with a greater down payment. 

@Larry Bowers

@Michael Bridgett

Rehab loans with conventional are great, but you are limited to 4 properties and subject property.

The BRRR method can be used on up to 10 conventional loans including subject.

@Justin Flournoy

I would recommend investing in rental property, using the BRRR method to minimize the cash out of your pocket.

Investing in real estate should make you more money in return than a large down payment is going to save you over time.  

@Charles Prem

How many properties do you currently own? There are some renovation loan options that I am aware of, but you must own 4 or less properties, including subject.