All Forum Posts by: Andres Blandon

Good Morning,

I have a contract for a property in Pensacola, FL that I need to close quickly. The private lender I was using had an issue with a report the appraiser did, and i'm trying to figure out how to go about it. 

The private lender declined the loan request because the appraised value came in low based on their lending criteria. The appraiser compared my purchase property to other properties that were off by more than 300 SQFT and had 2 less rooms.

The appraiser's report came in at 194,000 and our purchase price is 148,000. There are more than a dozen other properties in this neighborhood that are closer to what my home would be worth, in rooms and square footage, that have sold above the 230,000 and some that were renovated that sold in the 270,000's.

My property details are:

2260 Dupont Dr., Pensacola, FL 32503

5 bedrooms 2.5 bathrooms with 2420 Sqft.

Here are some properties within 1 mile that sold in the higher price range:

4 beds 3 baths 2,420 sqft Sold for 278k

3 beds 2 baths 2,124 sqft Sold for 270k

4 beds 3 baths 2,259 sqft Sold for 275k

I already have the property under contract and this property can easily make between $50k-$80k in profit.

Right now my day job can cover the holding cost until the property is sold. I appreciate any help to get this deal closed quickly and put back on the market for a great profit.

I am a Military veteran but I had a bankruptcy 2 years ago and my credit won't be approved for a conventional loan until July 2016. I know there's plenty of Private Lenders who will do 75% LTV but I don't have the capital at this time for 25% of the loan. Please message me or reply for any advice.

-Thank you

Jaleen,

This is a broad question... What type of lender are we talking about (banks-conventional loans, Hardmoney, Private lenders, business loans etc.)?

Banks or traditional loan you will usually be required to have a good credit and good ratio of debt to income. Not so much on what you have on your bank account (but it will help).

Hardmoney and private lenders, they can provide funding without much regard to credit, as long as you have capital (Money in the bank or Equity in a property).

Some private lenders will lend you based on the deal (Asset based) and the property you find, without requiring credit or money in the bank, as long as you can make interest payments or can show proof of how your going to pay back the loan in detail.

Hope this helps some and maybe you can look a bit more into each type of loan to see what fits your need.

I just wanted to say that on a small scale I can relate to the emotional stress caused by having more than others. I grew up in an area of south Florida that most people my age would barely finish high school much less earn a degree and make a decent living. This year is the first that I'll make over 6 figures and have fairly small amount of expenses. Yet I constantly hear many people around me (friends and family) talk about their financial struggles.

We all make choices in life and mines just led me down a different path. What I realized was that I had to change my focus to things that would really bring meaning to my life. I spend time doing things to improve my health (running, 5k, 10k, and obstacle races), spend time with a church group that I can open up about emotional troubles and find a deeper meaning in life, spend time reading about how to improve my mental and emotional state through constant improvement (Recommend looking into SHAWN ACHOR's research and videos), and finally spending time with friends and family during times to build great memories.

Maybe its a good thing you can step back and reflect on where you are so that you can decided where you want to be 5 or 10 years down the road. I know money isn't everything. But no matter what you want out of life, you should definitely plan on how to get there. 

I know some people might take this out of context, but many of the downsides to being wealthy can be summed up by this:

Matthew 19:23 And Jesus said to His disciples, "Truly I say to you, it is hard for a rich man to enter the kingdom of heaven.

The reason this comes to mind is because our focus in life should not be the number in our bank account. The money that we have is just a tool to help us achieve much greater things!

Hope you find the purpose that you are looking for.