All Forum Posts by: Adam Gratt

I have a client that is self-employed and is looking at refinancing her home. Is there anyone that does loans for self-employed people?

Ok group. I am having a hard time with this one. I have a lot that is ready to develop 5 big nice homes on. All the plans are done and once grading and utilities are put in the city will approve the plans. The asking price is 2.1M and each house will easily go for between 1.8-2M. My buyer is having a hard time committing. I have been looking for other developers but to no avail. Thoughts on what the issue could be?

Thank you for your responses. I know most cases they just need to work on their credit and save but it is nice to see the extent of what they need to do.

@Jason Shackleton Thank you Jason. Most of the people I deal with definitely do not have 50% to put down. I try to help them by referring them to a credit repair company so maybe in a year they have the credit score to buy. Thank you for the information.

@Tom S. Yes that is correct. I usually can find a way to make the 580ish work but I have had some people that prior to COVID had good credit and now they are flirting around the 550-570. Just thought I would add to my list of ways to help clients.  

@Kevin Romines Thank you for the information. That is good to know. I will keep that in mind next time and hopefully work with a lender that will be willing to do that.

I have traditional buyers come to me and ask about what their options are, especially since all the issues with COVID have caused their credit score to drop. Since I am sure there will be a lot of people coming out of this crisis with bad credit. I want to help these people so I am looking for reputable lenders who work with people with a score around/below 600. Any help would be greatly appreciated.

Thank you in advanced.

Hi Michael, I too would be interested to see what you have done.

Hey Seth,

Glad to have you in Ventura. I am always looking to connect and see how we can help each other expand our portfolios. Reach out any time.

Originally posted by @Caroline Gerardo:

What is the basis and how much is the real gain after expenses? Does he have other long term or short term losses to offset? 

All he said was that he wasn't going to live much longer, due to age or negative attitude, and didn't want to deal with the taxes. He didn't have any other assets that could offset it next to his home. I was thinking owner financing of the lot till a home was built on it then move the money into something else that could benefit his situation.