All Forum Posts by: Andrew Postell

Hi @India H. Thanks for the post here.  

What you are asking is a super important question and it doesn't just apply to lenders. How do you know that a contractor is any good? An electrician? A title company? Anything? Even if they do have 20 years experience...how do you really know? And while nothing is foolproof the most consistent method of finding good vendors is relying on OTHER real estate investors that have worked with those vendors. This is why we network with other real estate investors - kind of like what you are doing here!

So, let's try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Your profile states Dallas and there are several here in our area.  Now, your post also stated Dayton, Ohio - any reason why you want to invest elsewhere?  Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. The priority is consistent recommendations from active investors. Oh, eventbrite too. But post locally for this. That’s the best bet.

@Bruce Bennett this is a super important question and it doesn't just apply to lenders.  How do you know that a contractor is any good?  An electrician?  A title company?  Anything?  Even if they do have 20 years experience...how do you know really?  And while nothing is foolproof the most consistent method of finding good vendors is relying on OTHER real estate investors that have worked with those vendors.  This is why we network with other real estate investors - kind of like what you are doing here!

So, let's try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. The priority is consistent recommendations from active investors.  Oh, eventbrite too. But post locally for this. That’s the best bet.

@Todd David Crouch Hmmm, so the term "finance a project" has me a little curious.  What do you mean by that?  Because if you mean you were trying to finance a flip...then no income is required at all!  You can do that without any formal income.  Now, there are OTHER things that you need, so if you could give more details then that would help us answer this a little more accurately. Thanks!

@Hamid Dehnad reach out to @Robert Finn he's very experienced and super friendly.  He has helped tons of investors.

@Helena Goyvaerts thanks for the post. For "Foreign Borrowers" your loans are very limited. Just like I can't use a loan that most Belgium citizens would use....a "Foreign National" cannot use most loans that US citizens get here either. That means, no conventional loans, bank loans, DSCR loans. Now a "Foriegn National Mortgage" has similarities to those mortgage types but you will pay a higher interest rate and be required to have a higher downpayment as well (usually about 35% down). These loans do come from banks directly (Fannie/Freddie loans come from the Federal Government) so each bank that offers these types of mortgages might have slightly different requirements. And since there are over 8,000 lenders in the US...I can't speak for them ALL. But the essence of these loans is a higher rate and more money down.

Hope all of that makes sense.

@Martti Eckert what kind of questions do you have?

@Frank Pyle yeah, this is pretty normal and the type of home you use isn't of consequence.  I mean, don't get me wrong, we have to comp the property...so if you are looking to REHAB the property and make it something different, then you need a rehab loan first and then refinance after type of thing.  But if you are just buying a home that you will keep as is...that's something that just about all of us do pretty easily.

Feel free to reach out directly if you want to talk it through some.  Thanks!

@Jose Mejia this is pretty simple to do.  Are you having issues finding a lender that can do this for you? Is there something in the way of doing this currently?  In either case, feel free to reach out as this is certainly something I can help with.  Thanks!

@Cody Caswell there's several things to ask about here that might not be answerable in a forum:

- Why do you need an FHA loan?

- Are you needing that $6500 in income?  Or just looking to offset the loss?

- What does your 2022 tax returns look like?

And of course, these would be hard to answer in a public forum.  

Because based on those answers, you can just get a conventional loan.  But I'm guessing maybe your credit is too low for that?  Again, all answers that might be better answered in private.

You are correct that a lot of lenders just don't understand how we work as investors but that's why some of us hang out here.  Keep posting for sure but feel free to reach out directly as well.  Here to help!  Thanks!

@Audrey Sommer you have some good comments above (and some funny ones too) but just to confirm, what you were told is not accurate.  Texas does NOT ban homeowners from refinancing their home to fund investment properties. And there are no counties that ban out of state investors buying investment properties.  

Thanks for posting of course but feel free to reach out with anything else.

@Joe Funari thanks for the mention.