All Forum Posts by: Julian Riezgo

I'm wondering how to access business credit cards if I don't have a business or haven't set up a LLC for rental property.

Would I be able to take my pay from my W-2 job and deposit that money into a sole proprietorship business entity, and that way on paper it looks like my business is making money? And since the business is making money, I could get access to business credit to be used as rehab money or even a downpayment? 

I've heard of business credit companies like FundnGrow, and I do plan on working with them, but I wanted to see if there's a way for me to start off building business credit (without an actual business, just a business on paper) on my own.

I might be completely wrong but that's why I'm asking lol, any help would be amazing thanks

So I understand the cap rate tells you the NOI on a property and the ROI you would make if you paid cash for the property, and that cap rate is the NOI ÷ Purchase price....but my question is how do you calculate the new cap rate after rehabbing a property, raising rents, increasing NOI and using the new cap rate to determine whether you'd be able to pull most, if not all of your downpayment back out....

Basically what's the new cap rate of a property after a BRRRR and how do you calculate it....

For example, if a markets cap rate is 8%, but the property I buy is worth 100k with a 10% cap and a NOI of 10k...but after rehab...the property has a NOI of 15k.... would I then divide the new 15k NOI by 10%(old cap of property pre rehab) or 8%(average market cap rate)?

Am I correct in thinking its better to buy a property that needs rehab that has a slightly higher cap rate then the market cap rate? That way I can pull out most of my downpayment? 

I know banks use NOI and DCR for commerical but I think this could still help with BRRRRs on residential property

Any help or advice would be suppperrr helpful

I want to get a investment property using a credit union but I also want to have my New york LLC buy the property. I have the downpayment saved up, but I just graduated college and lost my job because of caronavirus.

If I just move the investable cash into the LLC over time and let it sit there for about 2 months or more, would I be able to get the mortgage from the credit union? I would also be using a Wyoming llc to own the NY llc, and the NY llc would own the property.

Any advice?

I just graduated college and start a job soon that is directly related to my degree(Since banks count college as "job experience" so long as the job and degree are related to each other)

I have about 70% of a downpayment saved up for an investment property. I want to work part time to free up time to look for deals and also retake some classes online for my future schooling. If I worked part time, would I still be able to qualify for a loan even when I have all the cash in my checking account?

My thinking is what if I work part time for let's say 4 months, and then if the bank wants 2 months of pay stubs, just switch to a full time position at the same job for months 5 and 6.

Is that a thing? I've tried looking into this and I can't find anything

I just learned about the homeready loan that requires 3% down. I'm wondering if that 3% down is still eligible as an investment property? That way I won't have to house hack. 

I heard on a YouTube video that in order for you to move out of your 1st house hack after you've lived in it for a year, you need to have 25% equity in the house for you to move on to another house hack. Is this true? Or could you just refinance the FHA loan to a conventional 5% down loan after you live in the first house hack the first year?

I feel like just refinancing a year after purchasing the first house hack would let you move on to another house hack faster than waiting to pay off 25% of the mortgage.

I might be completely wrong but any help would be super helpful