All Forum Posts by: Roberto Costa

I also been using Rentalutions.com since July of 2017 with no problems.  They check in with you from time to time to see if you need any assistance but I am thoroughly pleased so far.

@Chris Mason

Thanks for the input. Wells Fargo quoted me at 6.25%. There's a brokerage firm I've been in contact that can do a little better. I have to stay on 15% down (and yes it will have some PMI) due limited capital. I usually purchase SFR in the $135K-$160K rage living me out of pocket $21-$25K out of pocket.

As I grow, in the future going up to $20% will definitely be better for obvious reasons.

@Stephanie Medellin Thanks for your input but I've contacted over 20 institutions and they all want 20% to 25% for a SFR. 15% has been the lowest but interest rates seem high. I have a 785 FICO, so I don't really feel like paying 6%+ for interest rate. I think that's ridiculous.

So I have been using local FCU in Norfolk, VA to do my deals (buy and hold). 10% down and rates were 3.25%. Well...unfortunately, NCUA has now ended that program for me and FCU I was using discontinued their program.

I have found 1 big bank that will let me buy 15% down as well as 1 local broker who offered similar deal.  Anyone knows anyone else that is willing to finance at no more than 15% down?  Rates I'm being offered are in the 5's, so just looking for a better deal and to begin a lasting relationship with so I can continue to grow.  Currently have 3 properties under my name.

My next deal is here and I figured I give it a shot here before going with my current lender.

@Tommy Martinez

I used to use ABNB FCU locally in Norfolk, VA at 10% down but they have discontinued that program due to new NCUA guidelines that limits FCU's to 20% down minimum.

I have now switched over to Wells Fargo who does 15% on investment properties. APR will be dependent on your credit score. DM me if you'd like the POC information.

@Christian Drake I was using ABNB FCU with 10% down and 5/5 ARM 3.75% but they did away with that program in June this year. I cannot find another deal like that so my next best thing has been dealing with Wells Fargo. They have offered 15% down 4.75% 30 year loan. Not great, but that's the best I've found around Norfolk.

If you have something better I'd love to hear who you're using.

@Tina Acevedo Who did you do your financing with? I have the same deal on my last property I purchase in May this year but my FCU has done away with their 10% down 5/5 ARM.

@Jasmine Benford

I PM you the info.

@Jasmine Benford I did all the work myself.  Ended up buying some more flooring on sale at Home Depot and replaced all flooring.  Spent $4,200 in the rehab.  Property doing great.  No trouble calls first 3 months and tenant paying on time. If you need HVAC, electric, moisture or plumbing I have 4 awesome guys.

I replaced the blue shag ugly carpet with laminate flooring, paint throughout, new fans, all brush nickel fixtures, landscaping...total $3,500 in upgrades and I'm renting for $1,475 to a family of 3.