All Forum Posts by: José López
José López has started 7 posts and replied 16 times.
Post: Conventional loan for investment property
- Posts 26
- Votes 3
Any requirements to buy a multifamily with a investor?
do i have to create a society, llc or any type of business? Or just put the % of each New owner and assign repair expenses?
Post: Conventional loan for investment property
- Posts 26
- Votes 3
I already call and they don’t offer the loan for investment property plus a lot of requirements. Also, all banks requires 20 to 25% down payment and is a lot. I am looking for creative ways of financing. There is a opportunity of a multifamily property.
Post: Conventional loan for investment property
- Posts 26
- Votes 3
Which are the requirements to qualify for a conventional loan in Puerto Rico?
i am looking to purchase a multifamily unit.
1 year of employment, 25% down payment? Score?
I purchase a house recently. Now i want to purchase a investment property for generate cash flow. There is a $35k solar and i would like to finance 30k plus the price of the trailer that would be 15k. Any recomendation? Everytime i go to a bank i am losing time with employees. Puerto Rico area. Thanks
Post: Can I Use a SBA Loan For Purchase a property for Airbnb?
- Posts 26
- Votes 3
I would like to know alternatives to finance a investment property. Currently I own a house but doesn’t have apartament or ways to do house hacking.
Can i put a trailer in my backyard and create a Airbnb? I got a lot of space. Puerto Rico area
Post: Small business loan Puerto Rico
- Posts 26
- Votes 3
Can i use a small business loan to purchase a investment property or Airbnb?
Quote from @Simon Sanchez:
Hello everybody my name is Simon and I'm a beginner in real estate investing and looking to invest in my first residential property unsure of what strategy is best for me and my situation or where to start my primary focus is cash flow although equity is nice too I'm currently reading the book on investing in real estate with no and low money down to get ideas on which path to cross aswell as to develop an efficient plan of action what do you guys think? any suggestions? questions? etc.
I started the journey going to local banks and all financial institutions to get declined everytime i request a loan for a investment property because I have a actual mortgage. I don't have space for house hacking, no 20% for down payment and a lot of fraud investers triying to get my personal information. You learn a lot in the journey. A lot of deals available in the market, but without the 20% nobody helps. To get a Heloc you must first get equity. My recomendation is the FHA product with a multifamily property. Have a nice day!
Post: Will I be in a position to invest in Real Estate?
- Posts 26
- Votes 3
Quote from @Evan Alexakos:
Quote from @José López:
Hard to save a 20% for a down payment but still looking for alternatives like Credit cards, personal loans, hard money lender and even my car, after i finish my degree.
Hey Jose,
I can't lie and say that I know the best ways to leverage money; however, I don't think credit cards are the best solution due to the amount that you'd need for real-estate, the potential high interest rate, and possibly ruining your credit. All that said, I would highly recommend getting more opinions on ways to get the money needed for a 20% down payment.
Hi Evan,
I try with local small banks, well know banks, hard money lender, investor. All of them require a down payment that will take years, even décadas for a average worker to get. That is why people use heloc, personal loans and credit cards for the down payment. My master degree in finance is like decoration in a christmas tree.
Post: Will I be in a position to invest in Real Estate?
- Posts 26
- Votes 3
Hard to save a 20% for a down payment but still looking for alternatives like Credit cards, personal loans, hard money lender and even my car, after i finish my degree.