All Forum Posts by: Andrew Postell

@Brendon Grover got ya.  Yes, as long as you can afford it you can have multiple mortgages.  Good luck!

@Leunam Segura Yes, an investor friendly bank would have a FHA/203k loan as a part of their loan products.

@Brendon Grover all of these posts are good information.  One thing just in case you get there is that you can continue past 10 mortgages as long as you are buying your primary home.  It would be a lot of moving but you can do it.

@Leunam Segura you will likely get the same result from the same bank.  Most of us interview many, many banks to find one that specializes in Investment Properties.  And here's a hint:  none of the large banks specialize in investment properties.  I would ask in a separate post and include in your subject line "Looking for investor friendly banks in XXXX"  And let XXXX be the target area you are looking to invest in.  Good luck!

@Brent Coombs that link is 6 months old (6/28/2016), and in the lending world that's a long time ago, in a galaxy far, far away. The rule is 75% LTV for SFR and 70% for 2-4 units.

If you do want to self-research this stuff use this link: 

Fannie Mae Selling Guide

The click on "selling Guide - January 31, 2017 updated" on the left hand side. You can then hit "control F" to open a search window and search for the "eligibility matrix". There you will see all the LTV's for all the property types.

I would offer caution on doing the self research approach.  Not telling you what to do but just offering caution.  As you just saw, what you were using was old and it caused you to have the wrong information.  These rules change all the time (it just changed 9 days ago) and the Fannie Mae Selling Guide is only 1/2 of the loans available for conventional loans - you then have Freddie Mac loans too.  Knowing these rules is a full time job.  If this really is your passion let me know and I can get you an interview with a really great company in your neck of the woods, lol.  Hope this helps!

@Brent Coombs & @Tyler Wehrung the conventional rule here is 75% or purchase price on a Single Family Home and 70% on a 2-4 unit property. A bank could have an overlay restricting you to 70% but there are banks that will lend 75% on a SFR on a delayed financing deal.

@Natalie Kolodij this is not a duplicate post...unless someone copied and pasted what I posted.

@Barry Jerome is this property actively listed right now?

@Nolan M. are you closer to Scottsdale, Tuscon, or Lake Havasu?

@Jazmine S.  each Hard Money Lender could have a different process but generally speaking 10% is paid up front for supplies and then the remainder upon completions.  If the job is small then maybe they just get paid all at once.  For a conventional rehab the contractors will be approved.  Proper insurance and proof of experience is required.  Nothing complicated but each contractor is approved in this fashion.  And the funds are paid....well, I honestly cannot remember if the lender pays the contractor or if the lender pays you and then you pay the contractor.