All Forum Posts by: Sergio Dorval

Good afternoon everyone, 

I am looking to purchase non-conforming multifamily in the Essex County, NJ with a 5% owner-occupied down payment. It is a pre-existing multi-family building in a commercial(C-3 Zone). My lender is hesitant to finance it. What are my options to get this deal done? Thank you in advance for all your assistance. 

Good morning fellow investors. 

I am looking for the best financial institution to refinance my rental property in NJ. Does anyone know a mortgage broker with the most competitive rates and attractive terms? Thank you and I’d love to hear from you. 

Best regards, 

Sergio. 

Thank you, @Bruce Lynn! 

Great suggestions! We will definitely contact all the offices you mentioned. Thank you, Bruce! 

Thank you @Greg H.! You were right. We checked. Santa Fe has nothing available. Thank you much for your feedback! 

Good morning everyone.

My best friend is a police officer in New Mexico and would like to take advantage of the HUD Good Neighbor Next Door Program. He has a family and loves living there. How does he take advantage of it?

1. Does he have to buy only a single family home? Could he buy a multi-family home?

2. We searched for properties on the HUD.gov website, but none were available for NM. Are there other websites that we could use to find properties?

3. Are there other similar programs that a public servant or police officer could benefit from and become a homeowner? 

4. Did any of you use such programs? If you did, do you mind sharing your story? 

Thank you. 

Sergio Dorval. 

@Diana Muresan, Can I do that? I thought I can't purchase another Multi-Family Home with an FHA loan in my area because the underwriter will not approve it. The underwriter will see my second Multi-Family as an investment property and won't approve the purchase under an FHA loan. Am I wrong?

@Diana Muresan - Than you!

Best, 

Sergio. 

Thank you, @John Warren and @Chase Louderback for your feedback. I agree with both of you and I have your points covered. 

Best, 

Sergio D. 

Good morning everyone, 

In May of 2017 I bought my first property with an FHA loan in Newark, NJ. It's a 3-family home which was bought for $395K and now is worth approximately $550K. I am shopping around to refinance it to get rid of the PMI. But, a Mortgage broker presented me with an option of cashing out 80%(approx $80K) of the equity so I could use it to expand my portfolio. He explained that pulling out $80K+ would mean that I will have a new PMI payment and that my current mortgage payment will go up by roughly $600.00 per month. He also said that since it will take time for me to find another property, I should keep the $80K in a Money Market account that offers 2~3% return.

My reasoning is that I definitely want to grow my portfolio and although my mortgage payment will go up by $600.00, my rental income covers it. And with the $80K plus the cash I've been able to save over the past two years, I'd have the downpayment for another investment property. Hopefully in two years, I'd be able to refinance this property again and get rid of the PMI once and for all. What do you suggest I do? Should I simply refinance to a conventional loan and get rid of the PMI and wait until my equity grow a bit more? Any advice will be greatly appreciated.

Best, 

Sergio. 

Do you have multi-family units for sale?

Ok. Great! Than you, Rob. 

Let me discuss it with my partner with whom I was in Birmingham just 2 weeks ago. 

Best, 

Sergio