All Forum Posts by: Polo Vazquez

You should definately join @Rick Pozos group if you want to connect with other investors in San Antonio. I was present on yesterdays meetings and got some very valuable information from it. Do not be shy, eveyone is very friendly.

I'm and investor and real estate agent in San Antonio. Feel free to DM we anything real estate related.

College is worth it if:

1. You won't come out with loans that you can easily pay off in less than a year or two.
2. The degree you get is useful and well paid. (Engineering, law, medicine...)

I know sometimes it feels lke you could be using those four years to build a business, but having a college degree is always a good failsafe and those four years are also the best four years in many people's live where they meet lots of good hardworking people as well. That being said it isn't worth it if you are going to be struggling/working to pay off your student debt for years and years.

No problem Satyajit! All lenders are obligated to provide you with the form I the picture I put in the previous post in order to make comparing loans easy.

Also, you usually don't need to worry about them pulling your credit several times. It is usually a soft pull so it doesn't affect you as much and if it does lower your score by a few points it is nothing to worry about. You will get the points back in no time if you continue to make all your regular payments on time. 

Whe shopping around you are going to see that some charge more interest but less closing costs and other less interest and more closing costs. You can offset this with points.

When the lenders provides you with an estimate of the loan along with all the charges pay specific attention to:

Origination fee - This is where
Loan Points - Sometimes they force you to buy a point and they bring down your rate in return
application fee
underwritting fee

Basically you want to compare how much you are paying in all of these and what interest rate they are giving you based on this costs. Again, you can BUY more points to bring down your rate. So if a lender quotes 2k in these costs and a 3% rate and another quotes 5k and 2.8% rate, you can probably buy a point with the 2k lender and bring down the rate lower than the 5k lender and end up paying about the same in closing costs.

All other costs are usually about the same, are estimates or you can actually shop for the service yourself.

here is a website that explains all the costs.

https://www.consumerfinance.go...

Like David said. Regular banks do not do mortages to LLC unless you get a commercial loan. Commercial loans have different terms than conventional morgages. The only way around this is to buy the property under your name, then once mortgage is all set an done swich deed to your LLC withiout telling your lender. You, however, run the risk of having to pay the loan in full if the lender finds out and decides to activate the accelerations clause which says that if the property changes owners then the loan must be paid in full. Most banks will not care as long as you keep making your payment. The clause is there to protect them and allow them to foreclose the property even if has changed owner's.

Disregard my post! I couldn't see the even info on my phone but it was easy to find in my computer

@Rick Pozos. Hello. This seems like an I retesting meet. Please provide more information of when and where the event will be.

Regards.

Polo

Must apartment managers charge the co-signer an application fee as well so they can run their credit and background check as well. 

Also look for a co-signer form that the co-signer signs that they are responsible for the lease payment if the tenant defaults. If it isn't in writting, chances are it won't hold up in court.

Hello! 

I'm an investor and currenctly working on getting my RE license. I should have it withing the next month. I live in San Antono and I own and self manage 8 units. Once I have my license I will gladly help you finding investment properties! Feel free to message me.

You just have to keep in mind that the agent legally is ows feduciary duties to both sides meaning she is not allowed to tell the seller things that the buyer does not want to disclose (such as the max amount he is willing to pay and vice versa). In this transactions the agent is supposed to act more like a guide to help make the transaction go smoothly and not as a negotiator representing either side. Meaning the agent might not be able to advice you as much, but if you are experienced enough and you know what you are doing it almost eliminates risk. If for some reason the agent falls out of line to either side the affected side can sue for losses. Nontheless, it is better if you don't tell your agent things you would want the other side to know to prevent any accidents.