All Forum Posts by: Amir Saeed

Thanks

Hello,

Looking for some wholesale deals in the DMV (DC, Maryland, Virginia) area. If you know someone or have any deals. Please contact me. 

Thanks. 

I just bought a Single family house. The current payoff is around $806K. I am done with the third payment now. I am looking to refinance the loan around 850K. I have over 20% LTV. My goal is to bring the monthly payments down. Do I have to go for a Jumbo loan or is there any other program that I can qualify for. Credit and earnings are good. Please advise what would be the best method to refinance and what kind of rates I am looking at.

Hello

I am looking forward to buy a property and in the closing status. I am self employed and the income reported on the taxes does not allow me to qualify for a conventional financing. I am pursuing "bank statement loan option". So far everything is looking good. No doubt the rate is very high but I am told that I can refinance later after six months. The purchase value of the house is 920K. 

The option I am going for is around 15% down. With this option the loan value is around $782k. I am also looking to initiate conversation that if I can go with 10% down making the loan value to be around 828K. Off course there is closing cost but thats is taken care off. 

The appraisal value of the house once settled and few things are fixed is around is around 1.1 to 1.2 M (The neighbourhood values are even much higher). In either case with 15% down or 10% down I have a LTV more than 20% moving in. 

The question is looking from the refinancing perspective what would be more beneficial. Going with 15% down or 10% down ? The higher conventional limit in my area is around 736K. Please correct me even if I go for a jumbo loan option later for refinancing. Can I get a better rate like in 3's% or 4's% and since my LTV will be much higher than 20%. I am confused ...Please assist with best possible strategy.

Hello 

I recently purchased a property that had some fire damage (inside only). I got the property demoed (broom cleaned). There are now only frames and flooring to walk on in the house. I was getting ready to start the rehab on the property when I found out the water damage is extensive, basically all the framing needs to be redone in the property. I am now reluctant to start the rehab since I have to build everything from scratch. The budget I had in mind is not what is going to cost me to rehab.

Though I can push it using my funds but than I will be left with just pennies, and also to consider the time to resell this property. What would a experience flipper do. Would it be a good idea to sell the property as is. The property does have excellent comps but its a shell now..Any tips would be nice.,.

@Tom Higgins I have a property that is ready to move in. Price is right also. Message me if you are interested. 

Tom Higgins

I have a property that was just rehabbed. The property is now on sale. The property has no lien and is fully paid and has a clean title. The property is under LLC name. I am looking forward to get a business line of credit. I can go ahead and apply for business credit line without any collateral but looks like I do not have a good chance since I don't have any sales yet.

Maybe I can get a business credit line using my property as a collateral. My question is what would would be the best possible option. I am not looking forward to a personal loan. Any tips would be nice..

Thanks for your input...You are right with your estimates..

Hello

I have purchased a new row house in Baltimore that I would like to rehab. The only issue is that some parts of the inner rooms are burnt. I would like to demo the whole inside, basically leave the structure intact. That includes demoing all the drywall and some junk removal. The area is around 1400 sq ft. 

Before I start getting quotes, I would like to get an idea from someone on how much it will cost roughly to demo the whole inside. Any rough estimation would be nice...Thanks

@Jason Bott Can you please send me the info also... Thanks