All Forum Posts by: Jose Ferreiras

@Shawn Mcenteer sounds like something I'll like to know more about. So currently we have one vacancy, we had a problem tenant that stopped paying for some time and they are finally gone. Coincidently my contractor just finish reconditioning the apartment today and I am sure I can get it rented rather quickly. But I do have records of mostly consistent deposits from my tenants. If I can get a loan where I can get away with putting 5% down then I wouldn't have to borrow against my properties. 

@Shawn Mcenteer we currently do not occupy any of them. They are both rented We live in NY at the moment. And yes you are right, coming up with that down payment is really tough. It seems you did find the right lender to help you out, how did you come across them?

Ok so as of 2/19/205 my wife's credit score is 802 and mine is 816 so we have excellent credit. 

Hi all

I need some help. My wife and I own 2 rental properties which should have some pretty good equity on them in Elizabeth NJ. One is a  multi-family purchased in 2019 for $350k with a 3.75 interest rate and the other one is a 1 family purchased in 2022 for $250k with a 5.29 interest rate.

We want to continue to grow our portfolio. However, due to a growing family my wife and I have both taken lower paying W2 jobs to have more flexibility with our schedules. Because of this it has become challenging to come up with the funds for our next property. We have been thinking about tapping into our equity via a Home Equity Loan but we  are not sure how the approval would go due to the fact that our finances are not all that clean cut, we have excellent credit but we also have some debt (which we can get rid of should we need to) and our lower incomes.

The one silver lining is that our rentals cashflow really well and we have steady deposits coming in as proof. I would also like to continue to invest in the NJ market since I know it and it has been good to me so far.

What are my best options here? Should I wait a bit till my finances are better or should I try to see if I can get an approval?

Thanks,

Jose Ferreiras

Hi @Kerlous Tadres as of right now I'd like to concentrate in my current market since that's where I feel more comfortable and so far has given me great results. Maybe sometime in the future I can consider something OOS.

Thank you @Samuel Diouf, honestly no I have not considered it. As of right now I rather concentrate on the market I am currently at. Just feels more safe and comfortable for me. I feel like I still have a lot to learn before I make an out of state play.

Thank you so much @Jay Thomas  Looking forward to learning a lot and helping where I can

hii @Caleb Brown I do have some equity in both properties and they do both cash flow really well thankfully. What is holding me back is the fact that I am a bit hesitant about getting a HELOC and hurt my cash flow as I pay that back so the deal has to really make sense. I also don't know how difficult would it be to be approved for a meaningful amount with us not bringing in as much anymore from our W2s.

Thank you so much @Michael K Gallagher I am looking forward to that, I will try to be active here and take advantage of all the knowledge and looking forward to make great connections. 

Hi all my name is Jose I live in Queens NY and I've been following BP for a few years now but just now came around now to join the BP forum. I am a beginner investor with a not much experience but looking to learn.  I invest in the neighboring state of New Jersey and have 2 properties with a total of 4 units between the 2 and I am looking to scale. I came to a bit of a roadblock since I have been finding it a bit difficult to scale. My wife and I started investing in 2019 while growing our family at the same time. Now with 2 little ones we have been force to take on lower paying jobs to to make sure we can have decent schedules to accommodate the needs of the family. I know there are creative ways to scale since I have been listening to the BP podcasts so here I am ready to learn and ready to be part of this great community.

Thanks for having me.

Jose Ferreiras