All Forum Posts by: Upen Patel

Adding to @Jean Bolger example, even though a mortgage banker and real estate agent are licenses, one can't pay a fee to the other. Nor can a mortgage banker pay a fee to an individual/corporation for referrals.

The main purpose is to discourage and clampdown on kickbacks and corrosion.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

@James Kramer Some details would help in making a referral.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Starting Out

Post: Obtain primary residential financing and then renting out?

Upen Patel

Posted September 11, 2015 16:18

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Nationwide Lender
Posts 1,841
Votes 801

@Account Closed suggested, you can rent out rooms, or find a multi-unit property. Live in one unit and rent out the others.

You might be the luck one and not get caught, but I would not want to have that thing hanging over my head. You get caught and you are done for.

If I was your mortgage banker, I would walk away. No matter the side of the loan. Its just not worth it.

Happy to talk and give you ideas on how you can do things legally and still live for "free".

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

2 Votes

@Mike McFadden If you get a FHA loan then you have to live in it for 1 yr min. If you have some cash on hand (20-25% down), then you don't necessarily have to do a owner occupied FHA loan. You can get conventional financing for a multi-unit property.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

New Member Introductions

Post: Considering RE Investing Austin, TX area

Upen Patel

Posted September 11, 2015 04:58

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Nationwide Lender
Posts 1,841
Votes 801

@Wayne Solum Welcome to BP.

Great community of folks. Ask a good thoughtful questions and you will get all the guidance you will ever need.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Creative Real Estate Financing

Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Upen Patel

Posted September 11, 2015 04:25

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Nationwide Lender
Posts 1,841
Votes 801

Originally posted by @Justin R.:

@Upen Patel Totally hypothetical, but imagine I have 5 properties with 30y financing, each worth $200k. Now imagine I've also got $200k sitting around. If I had a company and mortgaged one property to that company, waited 6 months, and refi' with a new conventional loan, what are the chances the new lender would (A) know and (B) care?

Just thinking about how the machine works here...

The new lender (and the public) would know of the transactions. Its public record. After a 6 month seasoning period it would not matter. The only issue I see in your hypothetical is the "company". Residential conventional loans are made to individuals NOT companies.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

@Brick Biermann If you are buying the new property as a primary residence, then you can use all options. Depending on the price, you might be able to go down to just 10% down. Also, given that you have been rending for a while, you will be able to use your rental income for DTI. Since the rent will cover the mortgage for the current property, you only need to worry about qualifying for the new property.

Upen Patel

Federal NMLS# 1374243

1 Vote

Buying & Selling Real Estate

Post: Questions about strategy of turning first home into rental

Upen Patel

Posted September 10, 2015 19:03

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Nationwide Lender
Posts 1,841
Votes 801

Hi! @Nicholas DeGaetani:

Your options depend on the type of loan you use now, and if the 2nd will be a PR or R. If the 2nd will be a PR, then you might be able to do FHA (if you don't use it on the 1st). If the 2nd is a R, then you will have a min 20% down, maybe 25% depending on property type and price.

Happy to discuss and answer specific questions.

Upen Patel

Federal NMLS# 1374243

0 Votes

Foreclosures

Post: REO in NJ, $11k deposit held by sellers atty, and TITLE PROBLEMS

Upen Patel

Posted September 10, 2015 18:03

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Nationwide Lender
Posts 1,841
Votes 801

@Jake Recz Use their hammer against them. Have your attorney send over letter pointing out that they have not delivered a clean title as required by the contract. They either need to clear the title or void the contract and return the deposit.

Don't go to closing. If you do then you will own it all. It better to let a sweet deal go then to take the sweet deal and swallow a bitter pill.

Upen Patel

Federal NMLS# 1374243

2 Votes

General Real Estate Investing

Post: Med school, Real Estate, and moving. What would you do?

Upen Patel

Posted September 10, 2015 17:54

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Nationwide Lender
Posts 1,841
Votes 801

@Steven Torrez Depending on the city you move to, you should look into a multi-family property. You can live in one and rent out the other. Essentially living rent free. So with the savings you have, you get both your own property and investment property. 4 yrs is a long time. This strategy will save you money, so when you move after med school you can use the savings to buy the next property.

Good luck.

Upen Patel

Federal NMLS# 1374243

0 Votes

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: Section 8 RESPA: "Anyone"?

Post: Non-Recourse Loans

Post: Obtain primary residential financing and then renting out?

Post: fha loan

Post: Considering RE Investing Austin, TX area

Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Post: Trying to determine best approach for getting 2nd mortgage

Post: Questions about strategy of turning first home into rental

Post: REO in NJ, $11k deposit held by sellers atty, and TITLE PROBLEMS

Post: Med school, Real Estate, and moving. What would you do?

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: Section 8 RESPA: "Anyone"?

Biggerpockets Logo Post: Non-Recourse Loans

Biggerpockets Logo Post: Obtain primary residential financing and then renting out?

Biggerpockets Logo Post: fha loan

Biggerpockets Logo Post: Considering RE Investing Austin, TX area

Biggerpockets Logo Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Biggerpockets Logo Post: Trying to determine best approach for getting 2nd mortgage

Biggerpockets Logo Post: Questions about strategy of turning first home into rental

Biggerpockets Logo Post: REO in NJ, $11k deposit held by sellers atty, and TITLE PROBLEMS

Biggerpockets Logo Post: Med school, Real Estate, and moving. What would you do?

Post: Section 8 RESPA: "Anyone"?

Post: Non-Recourse Loans

Post: Obtain primary residential financing and then renting out?

Post: fha loan

Post: Considering RE Investing Austin, TX area

Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Post: Trying to determine best approach for getting 2nd mortgage

Post: Questions about strategy of turning first home into rental

Post: REO in NJ, $11k deposit held by sellers atty, and TITLE PROBLEMS

Post: Med school, Real Estate, and moving. What would you do?