All Forum Posts by: Aleks Gifford

Legal stuff first: I am a licensed Sr. Loan Originator NMLS# 1157855 and am currently licensed to originate in IN, OH, KY, FL. If you are not in those states what I say may or may not apply to you. Please consult an advisor in your state. That being said this is incorrect if using a Conventional Loan. To count rents as income you had to have had that stream for two years or have had other rental properties this is replacing.

Legal stuff first: I am a licensed Sr. Loan Originator NMLS# 1157855 and am currently licensed to originate in IN, OH, KY & FL. If you are not in those states what I say may or may not apply to you. Please consult an advisor in your state. That being said you can not use the 203k unless you are using a Contractor. However it sounds like you may want to just use a regular loan to buy the property if you are only doing upgrades and then refinance down the road to take cash out. It really depends on the condition of the property and your financial shape. Some place will allow you to purchase and turn around and get a fixed rate Equity Loan to do Upgrades. You really should talk with an LO and decide which course suits your needs.

Legal stuff first: I am a licensed Sr. Loan Originator NMLS# 1157855 and am currently licensed to originate in IN, OH,  KY &FL. If you are not in those states what I say may or may not apply to you. Please consult an advisor in your state. That being said for a lender the difference is little I don't care however under Federal and state guidelines they do differentiate and the paperwork is significantly different. The property as a conventional is graded like a house as a commercial it is graded on income flow and as such all the math and numbers will be different as well as the standards as to what is a predatory loan.

I personal have worked with @Derek and Todd from IPM on the business side helping their clients get mortgages and I can say all of their clients I have spoken to speak highly of them.

There is a potential section 42 development coming to my area with a 50 new house build. They are income qualified rentals for 15 years after year 15 they stay rentals unless the tenant wants to buy. NRP out of Ohio is the developer.

My question is based around whether this is good for the area or bad. The area has a 60% vacancy rate. Of the occupied homes 50% are currently rental/rent to owns. The rest are resident home owners. Poor neighborhood but extremely close to several colleges, universities and hospitals. The neighborhood is 1.2 miles from Downtown Indianapolis. The area has a Canal to the east and there is a river that comes in on the west/northwest and looping to the south.

Has anybody good experience with this type of development?

To loan service you essentially have to become a bank, insurance, bond, assets to cover lose, litigation, book keeping, disclosures and notifications. This information is based on my being a Licensed SR Loan Originator # 1157855 serving IN, FL and OH. Most companies sell their loans to the 6 major players there are a few banks that retain their own loans. Services are frequent targets of the CFPB and can get with even bigger penalties than originating banks.

Residential. It is his former home he is wanting to sell retail.

My cousin is needing an agent in the Roanoke VA Market. Anybody you all would recommend he go see. His current contact has not returned his call in a week.

I am planning my schedule and am looking to get a comprehensive list of meetings/meet ups in Indianapolis Indiana. Please list the ones you know of or your favorite ones. When I searched this it appears the last list is 6 or 7 months old.

I have been thinking of starting a coffee get together say every two or three weeks where people can bring deals, ideas or theories and discuss in a informal setting. Anybody interested?

Welcome, There are a lot of us on here from Indiana. Let me know how I can help. NMLS# 1157855.