All Forum Posts by: Adam Bartling

@Pafoua Vang Xiong there is a lot more info that is needed to truly give you advice.  

Starters:

-What is the source of the ARV?

-Itemized detail of work needed to be done (also priced out from your contractor)

-Comps in area sold in last 6 months Only

-What is your exit strategy?

@Jewel B. I am speaking to 3 people right now who got HML for a flip but the flip is not sold and the must Refi, bad thing is their credits are sub 650. Yes we can do HML also but I warn people about this scenario, there are not many private lending institutions that will lend to under 660FICO, and typically they have a higher min. $200K.

One way to mitigate this is to get a partner that owns 25% + of the LLC and has a 700+ FICO. We can use their FICO as the qualifier.

And you are correct, as a Broker I do all the shopping for you. We are 100% commission.

@Auguste Salom this is nothing out of the ordinary, we can even do a One Time Close Loan so you can buy the land, build the 4plex with only 1 closing and put down ZERO down payment.  Ya we have some cool benefits.  And we are licensed in Maine.

70% of your rent qualifies for your ability to repay the loan on a 2-4unit. 

There are other things we need to look at, but in theory yes, your #s...that is a good example.

@Eric Lish on small multi family depending on the lender you may be able to go 8-12 units with 15%DP +CC.  But I believe I only know 2 that currently offer it.  Just not common. Devin, is correct, meet more people

Michael, can it be done? YES 

You need to ask yourself, what can I do with this $ that will yield a higher return than my interest rate?   (or do you just need it, because life happens)

@Steve Strom Anything in the 5+ unit realm yes, with adequate cash reserves and 680+ FICO.  Or Commercial properties.   

Next Questions..

@Luka Jozic If this is on your Investment Property that is a fair rate. Brokering the best rate I get from a lender with AAA Conditions is 6.5% on a DSCR. So without all variables being seen, you are honestly in a good range. If they have given you a Loan Estimate, I can look it over and confirm conditions.

@Michael Jones Since you filed a Ch13, you kept your home and making payments on the remaining debt. This is going to step into the realm of financial discovery and suggestions due to your situation.  Can it be done? Yes.  Do we need to know more? Heck Ya.  

I like seeing people win

This road bump ( I know I had to file Ch7 before, completely out of my control, Thanks Gov Shut downs!) is temporary and what I can say is remain patient no matter the outcome talking to me or others.  

You are going to need to get detailed to where every dollar is going and you may have to cut out some of your wants.  But remember your going to get out of this, just need to make a solid plan.

@Charles Stubblebine 70-80% is going to be max depending on the lender (we have in house lending and broker) and I am licensed in FL.  

@Shane Jacob that is tough on $5K knowing our market in Houston Metro area.  You can help me find pre foreclosure deals and put in a few $$.

Assuming you already have a house with a note, I would sell it and look for a home in an area that is appreciating faster than your current home.  

Maybe become a loan broker and help more people reach their goals and build that cash reserves.  

When I was in college I would flip cars and car / truck performance accessories from junk yard and list them on Ebay and Craigs list.

I own a sign company also and $5K for that business is not enough to do anything, with equipment... 

Selling is the best way to grow, solve someone else's problems or increase their efficiency.  

What are you doing for Full time job and what are you doing for your business?