All Forum Posts by: Jose Batista Abikarram

I would recommend going to a local credit union and see if they would refinance for your LLC. Show them the numbers and say you want to work with them for more investments and loans. Another alternative (may be cheaper or more expensive depending of your state) is to get an umbrella policy for the mortgages. Most umbrellas cover a minimum of 1M in liability which is about how much an LLC covers. Remember an LLC cost some money to mantain, is not a lot but is an expense to take in mind.

Hey Bryan this is a good question. The simple answer is yes you can make a rental too nice and you will at that point where there is no money back. The more complicated answer is that sometimes if you have a C type house in a borderline B/A location you can go and spend a little bit more money to make it more on the A side property. Spending a little bit more to match or surpass comps might work for you especially if there is demand for it. This requires some in depth study of the market and I would even look at trends to see if there is demand for more. In conclusion, keep it on the safe side and try to match comps but if you see the opportunity to make it a little bit better because of demand do it. On another note even if you make the house close to the comps try to add something unique to you and your style, remember branding is extremely important inn this world.

You need to have something that proves you have and will continue to have a job. It depends a lot in the underwriter but this could mean either: SSN, Green Card, H1B or EAD. Ask different loan officers I’m sure they Will tell you different things. I had one that told me a loan would never go through without green card but we had our loan cleared with an EAD

According to most banks the period for owner occupied is 1 year so as long as you have more than that in your current place you can do a new owner occupied deal. I would talk to the lender because they will know anyways since you are changing address. Also they might require different things from you as an investor instead of owner occupant but they cannot change terms of the loan. Remember that you want to be seen as a person who is good to invest with and banks appreciate good communication (as well as any investor or HML).

Congrats on you marriage! I recently did the same and know it can be an exiting rime of life. Next step is talk to your wife. Buying a multifamily can be a very large burden even with 3.5% down and you want to make sure to be in the same page for such an important decision. If you do not have paperwork she is going to be the only allowed in the mortgage and even more important for her to know if this is a good step. After you clear that step tell her to get pre approved to se how much money you can get. After that it depends a lot on what strategy to use but in order to figure out if a deal is good or not you can use the biggerpockets calculators. Also remember if they are a bad deal try to think of ways of making it better. Good luck and hope that helps!

If you really want to recession proof your finances then real estate only is probably not the best vehicle. In saying that I am classifying real estate as a very general pocket. However, what I am trying to say that recession proving consist in diversifying your assets in different areas. The cool part about REI is that it contains so many pockets and niches that you could in fact diversify your portfolio enough to recession proof finances. However this might take a lot of time and knowledge since you will have to learn multiple different options to diversify. As a quick example in the 2008 crash most self storage places virtually lost no margin in terms of %. So if you had a diverse portfolio including these types of assets you would have been better than many other investors with REI. My last point comes that with every recession there is a huge opportunity of learning and what to do next. If you didn't prevent how could you use what you have and learned to propel yourself forward. After many podcast listened I have realized that many of the famous people kept investing in 2008 even after they lost millions and made even more when the market came back. One thing I learned from reading Toyota Kata is that you Plan until what you know and then learn to traverse the unknown with the scientific method.

Yes don’t close off to the solution. You only have to love there for a year and you could rent your current house and you will definitely have a lot more cash flow that way. Look at the numbers and analyze different scenarios. You only know something don’t work for sure until you try it!

Hey @Account Closed! You can also try to house hack and do a 3.5% down as a first time home buyer (it doesn’t actually need to be your first, just 3 years since you last purchased). This well help you having more options and with the rates of loans today save a bunch of money!

Hey Austin. I don't really think there is a "right" answer for this one since both options seem good. However at your age and your condition I would go for the "Jump". If it goes well, you will learn a ton and reach to your goals a lot quicker, If it doesn't work you would learn even more. We tend to learn more when what happens is different than what we predicted would happen. At the same time I understand your position of trying to play it safe and is in fact what I do with a full time job and REI on the side. My job is extremely flexible though and since I really enjoy what I do it doesn't always feel like a grind. Hope that helps!

I would also recommend better knowledge of where you are in terms of budget, credit scores and savings plans. With that you can create goals and go for connections that you can add value to them as well as they can add value to you. Start with some basics such as mint for budget, personal capital for investments and credit karma for scores. Getting a financial picture of yourself will tell people you are serious about this