All Forum Posts by: Andrew Garcia

Hi @Glenn Barlow, it is in line with the market but how many points are you paying to get that rate? Both origination and discount. That would be where you would learn more if the terms are competitive or not.

Hi @Nick Militello when you say that your 2020 tax returns do not reflect it, what does that mean specifically? I might have a product for you but it really all depends on what that means. 

If you feel more comfortable sharing in private, feel free to message me.

Hi @Nick Militello, hard money is not your only option if you cannot get a conventional loan. 

Hard money loans generally come with double-digit interest rates so I would advise against it if you have other options. Below are my recommendations:

1. Bank statement loan. they qualify you based on the money deposited into your bank account, not on tax returns.

2. DSCR loan. They qualify you based on the fair market rent of the subject property, not on any personal income.

Obviously, there is a lot more to say about these loans but those generally carry much lower interest rates than hard money.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jared Jackson, if they are lending it to you, they will wire the money to a title or escrow company and they will purchase the house and record the deed in your name. Then, they will record a note against the property so they can reclaim the property if you default.

Hi @Shlomi Bouganim, I would love to connect! Shooting you a request now.

Let me know if I can ever be of any assistance.

Hi @Harrison Lewis, they are allowed but there is some nuance to it.

You will need a written approval to participate in the pre-foreclosure from the servicer with written details of the additional fees and payments and has the option of renegotiating the payoff amount to release its lien.

That is the toughest thing to get but once you have that, you can use your VA entitlement for that purchase.

Hi @Account Closed, I can do mortgages for foreign nationals. There are a few qualifications. I am connecting with you so we can discuss this further.

Hi @David Kimball, first things first, you are going to get sticker shock from the rates. You are probably looking at a rate in the 5s or 6s, depending on a few factors.

However, if the return on your equity is greater than that 4%, it is worth taking the higher rate. 

Also, are you looking to buy a primary residence or an investment property? The recommendation on down payment changes for the two.

Hi @Alex Dinsmore, you have a great listing by the looks of it. You seem to be on your way to an STR empire.

Let me know if I can ever be of assistance on your journey.

Hi @Aaron Miller, it ultimately comes down to what kind of ROI you would get.

I would do a side-by-side comparison. HELOCs these days will run you between mid-4s and mid-5s most likely, depending on a few factors. As long as you get an ROI higher than that, you are essentially making free money.

I see HELOCs used more often with borrowers that know they will pay it back in a short period of time because adjustable-rate HELOCs have lower rates but they could ultimately cost more with the rising interest rates. There are also fixed-rate HELOCs but those come at higher rates.

Hope this helps! Let me know if I can be of any assistance.