All Forum Posts by: Eric Black

Hi Barrett,

I would recommend asking your lender if they do "delayed financing". If they don't start calling around for one that does. Most lenders will require you to own the property for 6-12 months before refinancing. Delayed financing is where they don't have that seasoning period. You would still have to come up with the cash but you could do this with a hard money lender. Get the hard money, purchase the property cash, immediately address the mold issue and get it corrected and then have your lender finance the property. You'll lose a little bit to the hard money lender and you'll probably only be able to finance 70% max of the value. Just an option, maybe someone else will have another suggestion.

Cheers!

Eric

Hi Mike,

If you look under the Resources menu at the top of the page the last item is Hard Money Lenders. This is a list that BP has compiled. You should be able to find one there.

Cheers!

Eric

Hi Jack and welcome. If you search the forums you'll see this is an ongoing debate/discussion and there is no right or wrong answer. It's a personal decision. The main question would by, what is the main reason you would be getting your license? Would you be looking to list and sell properties? Would you be looking just to get access to the MLS? There are quite a few costs involved in having your license if you want more than just MLS access, which comes at a cost as well. I would recommend searching the forums and reading some of the other discussions so you can see arguments made by both sides to help you make your decision.

Cheers!

Eric

@Sandra Holt  If you're looking for a Fannie Mae loan then the guidelines will be the same for all Fannie Mae lenders. The smaller local banks may hold the loan in-house which is how they can have looser restrictions. Best of luck!

@Sandra Holt  I would start by calling other lenders, especially smaller, local banks. They have to follow federal guidelines but can be looser with other restrictions.

Hi Monica and welcome to BP! Sounds like you and your hubby are well on your way to being successful RE investors. There is always more to learn and you've come to the right place. Don't be bashful, get involved, ask questions, answer questions and connect with people. This is the best real estate resource out there.

Cheers!

Eric

Hi David,

This is an ongoing debate and there are arguments for both sides. You are correct that the percentage is going to vary based on a number of factors. The point of the rule is that, over an extended period of time your expenses will most likely average out to around 50%. It is not meant to be used for short-term projections. If you have a newer property with good tenants then your expenses will most likely be less. However, over the long run after you have had to replace the roof, had some expensive repairs to other major systems, etc. then you'll probably reach an average of close to 50%.

Cheers!

Eric

@Zach Staruch  Sorry for the delay. No, the property fell through before we had much time to research so we did not. Best of luck!

Eric

Thanks all, we found an 80% LTV loan through one of our local credit unions! Thanks for all of the suggestions and input.

@Siera Hearne  Welcome to BP from Santa Maria!

You've found the right place and if you utilize it you'll be off to a great start!

Cheers!

Eric