All Forum Posts by: Upen Patel
Upen Patel has started 49 posts and replied 1759 times.
Post: Using Rental Property Equity to Grow My Portfolio — Need Advice

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@Mustafa Mahmoodzada There are loan programs that will allow you to access the equity in your rental and keep your current low rate 1st in place.
Post: Nightmare surprise before closing

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Thanks for the shoutout @Russell Brazil
@Veronica Mitchell Happy to connect and see if can be of help. 3 weeks is plenty of time for me.
Post: Philadelphia lender recommendations

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Thanks @Russell Brazil
Hey! @Yvonne Wang - Happy to connect. I am licensed in ALL 50 states and do specialize in working with investors.
Post: Small Local Banks In Washington DC

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Quote from @Marc Mclaurin:
What's going in people!!
I'm looking for small local banks in my market, I'm in Washington DC. All thought are appreciated.
Thanks for all your help!!
Details would help to point you in the right direction. What exactly are you looking to do? What type of property? etc. Feel free to reach out.
Post: Tips or script for seeking portfolio lending

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Quote from @Christina Baliva:
Quote from @Upen Patel:
@Daniel Elbe Thank you for your service.
Have you maxed out your conventional loans? You can get up to 10 conventional loans per individual.
@Upen Patel, can conventional loans be used for fix and flips?
Hey! @Christina - Per guidelines conventional renovation loan are available to investors on 1-unit property. But there is a big difference between guidelines and actual availability. In the current market there is no pricing available for these loans for investors.
Post: Looking For Investor Friendly Lenders - Baltimore, MD

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Quote from @Brandon Itkin:
I'm looking for a lender familiar with investors, as well as bonus depreciation. Goal is to write off Mortgage #1 with Rental Income, as well as calculate an accurate DTI after adding back in bonus depreciation from years past.
Happy to connect and help. Done want you are talking about, many times.
Post: 10% Down Investment Loan?

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@Tanner Stallings - Min for residential investment (1-4 unit) is 15%. If your profile fits and if you can qualify, you can do a 2nd home loan with 10% down (1-unit).
Post: How To obtain a mortgage on paid off rental property (condo)

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Condo financing is tricky, especially when it is an investment property. You might be running to a non-warrantable condo issue. There are way to resolve this. You need to find a good mortgage banker with no overlays, who knows how to structure a condo loan.
Post: A bit of a silly question...

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Quote from @Scott Vaeth:
As a first time homebuyer, I was planning to use a conventional loan and put 3% down. However, I found an opportunity to purchase a duplex that's currently occupied with tenants. I considered using hard money to help in putting 20% down so I don't need to live there but being that it's already at the top of my price range, paying higher interest on the hard money on top of my monthly mortgage payment would be way too expensive. I would love to house hack but multi-family units are rare in the area even though it's rapidly growing. Right now, I rent a townhome that's at least 50% cheaper than most places in the area so I've been able to save more and more, but most likely won't afford a 20% down payment in my area anytime soon.
For people who use hard money with, is it only worth it if you get a really good deal on the purchase price? Especially if you don't have the funds to put 20% yourself?
Scott,
We might have some investor programs that do not require 20% down. Either way, we might be able to help you on your investment goals.
Post: Triplex financing options

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Quote from @Nicholas Creahan:
Hey community. I have a deal I need some clarification on financing options. As it sits, it is a triplex with an oversized garage. Am I able to finance with VA/FHA while fixing up the garage and then at the year mark renting out the garage conversion with STR? I know there is an understanding having it be your primary residence. Thanks.
Nick
Nick,
Keep asking questions, short answer is yes, you should be able to finance if you are not including the "garage conversion." Technically, that is not even part of the lending conversation. The lending conversation would be around your intentions ie to personally live in it if you are using VA/FHA. After the first year most lenders do not cry foul if you move and rent out the place. Reach out if you have more questions!