All Forum Posts by: Nathaniel Hernandez

I would definitely get into buying a couple of muti family fixer uppers and rent them until I would be able to refi and repeat the process again.  Find a good area with cash flow potential and where people would like to commute out off.

this is so inspiring for new investors can't wait to share my story one day.

Originally posted by @Dustin Lauer:

Originally posted by @Nathaniel Hernandez:

Hello everybody, I wanted to know how long you have to wait to refi or get a line of credit on a property when you buy the house cash or with a hard money loan? Im interested in purchasing a property cash with either my money or a hard money loan but I want to refi or get a line of credit as soon as possible. In Paterson NJ.

You don't have to wait, but sometimes there are benefits to waiting that aren't easy to identify (example - appraisers are conservative, so just because a lender doesn't have seasoning requirements, doesn't mean you will get the refinance you want if an appraiser doesn't see the short term increase in value that you believe you have achieved...   Outside of conventional lending, it all depends on each lender's requirements.  Some have none, some have minimum investment requirements for your cash left in the deal (skin in the game)... And oddly enough this is information you have to dig for with most lenders as refinance seasoning requirements isn't often explained on everyone's websites.  I'm happy to help if you want to share some of the numbers on your transactions and what you are trying to accomplish specifically.  Feel free to DM me if you want or in the thread is great too in case it can help anyone else with similar questions.  

I'm looking at some deals and see what are my options but I'm looking to get in the game this quarter and get some deals done. I will definitely be contacting you so we can chat a bit.

Hello everybody I'm a new investor in Paterson, NJ. I'm motivated to build my portfolio and really clean up some of the Paterson areas where people seem to forget about. Thanks!!

I will talk to some lenders and see what my options are. Thanks for the info.

Hello everybody, I wanted to know how long you have to wait to refi or get a line of credit on a property when you buy the house cash or with a hard money loan? Im interested in purchasing a property cash with either my money or a hard money loan but I want to refi or get a line of credit as soon as possible. In Paterson NJ.

@Chris Mason Im reporting the income for the first time in my taxes this year hopefully that will help as well. I don't have any cc debt or other loans just the 2 properties. I will try to see once I get my taxes done. I will go to my credit union to see what they say first before I go to a hard money lender @Derrick Dill.

Hello everybody, I'm trying to purchase a second rental property to hold but my debt to income is high because Im doing all the loans under my name alone. I own a single and duplex and I would like to purchase another property. I have the down payment for it but I'm afraid I wont qualify. Where can I go to get a loan that debt to income wont kill the deal? 

Thanks for the info.

I would like to meet investors and mentors in the north nj area. I would like to meet and greet and just share ideas. I'm trying to build a portfolio and the more people I meet would really be great thanks guys I'm new to the forum.