All Forum Posts by: Alex Gurvitz

Good Day.

Not very often in my experience. If they do not qualify for traditional financing, chances are slim that they would qualify for alternative financing. Especially in todays market... 

Hi Jeremy,

You have a Golden rate at 3.25%, so I would stay way from refinancing. You cannot take out a HELOC on a rental property. HELOCS are ONLY available for a primary residence, which you do not own yet... My suggestion would be to wait and save enough cash for a down payment. Moreover, you can ask the seller for seller's Concession, which can be up to 6% of the contract price. This should cover all your closing costs, and the rest can be applied towards your down payment. In which case you will need less than 5% down.

Best of luck to you!

Sign it, only if you plan on working with that Agent exclusively... However, the majority of our investors work with an array of different agents and wholesalers, making this document for them redundant.

Hello,

Are you currently under contract to purchase this property? 

Good evening Zach,

We lend in FL and in MD. I am happy to help you with a Bridge, Rehab or a 30 Yr. Term loan. Let us know exactly what you currently have, and we are here to help. Glad to connect, and feel free to reach out with any questions. 

All the best to you!

HELOCS are for residential home loans. So if you purchased this property as Owner Occupied Home Loan, and you transfer the title from your personal name to your Entity, and then request a line of credit from your Lender - you will likely have a PROBLEM. Especially if they find out that the property is being used a Rental... So I would not advise doing the transfer prior to closing on the HELOC, provided that you actually occupy the property and you DO NOT use it as a Rental.

A good experienced loan processor. Know any good ones?

When rates go up, the demand always comes down. One of the contributing factors to this, is due to the majority of US population being a W2 earner or on fixed income. Hence, many can no longer afford the property that they wanted, because the monthly Principle & Interest payment is that much higher after the interest rate increase. So if before the rate hikes they could afford a house worth $500,000 (-10% downpayment) knowing that a $450,000 mortgage is affordable, with a monthly payment of say $2,245/month at 3.5% rate. And now after the rate increases, the same mortgage amount equals to $2,998/m at a new 6% rate. And due to that $753 difference in their P&I payment, they can no longer afford that house. However, at the same time, most folks don't want to move to another area, nor do they wish to shop in a depressed or a less desirable location. And say, they love that particular school district, for their kids sake... Hence, they decide to wait until the rates come back down. And when that decision to wait occurs with 100M+ Americans - the demand goes down and so do the house prices. And this is a naturally occurrence driven by the Housing Market in order to compensate the potential remaining buyers. Because the lower the price - the lower the monthly mortgage payment. Moreover, this is a very basic and cyclical occurrence. In time, this will also created a good buying opportunity...

Any market presents a fruitful opportunity to invest in Real Estate. As long as you can purchase it for the right price... So other than a full blown war or famine, I will continue to find new opportunities for a wise investment.

The freedom to manage your own time, while making lot$ of money. Financial wealth plus personal independence.