All Forum Posts by: Account Closed

Thanks Jeff S for your thoughts it was very informative, HML isn't a viable option. Now I have a clear picture as to why he suggested it. Brit Foshee to elaborate on the mortgage companies the first one I tried suggested I come back when my lines of credit were more mature and more presentable to the underwriters. The second one we tried was what I stated earlier with the sporadic employment with being in the construction industry.

Timothy F. Thank you for your thoughts. I totally agree with you. I believe his best interest is the commission. We have tried a couple mortgage companies with him, and they didn't work out. Long story short I was 2 weeks away from closing escrow on a SFH, I'm a construction worker and during the time completed a job and had to wait another week to start another one. My agent informed the loan officer of this, which held the loan up as a result the owner cancelled the offer. It was very frustrating. Thanks again, I don't think I will go with a HML for my purchase of a primary residence.

Greetings BP! I'm currently in process of purchasing a home, I am a veteran and will be using the VA home loan. I have an agent and just recently he suggested that I use a hard money lender instead of a mortgage company or bank. What are your thoughts on this?

Matt Devincenzo and J Martin thanks guys for the response. Now I have a clearer picture of what the loan is. I think we will go with the conventional loan. My father and I are from Southern California and this will be the fifth house we will be purchasing in Antelope Valley. At this point we are trying to learn different ways to secure loans for further purchases.

Hello BP, my father owns a few houses and is looking to purchase another. Recently, I was listening to BP podcast and one of the guest mentioned a blanket loan. Is this a tool that we may be able to use to be able to finance the next purchase?

Hello BP! I have a newbie question, what is a great way to search for absentee owners willing to sell their properties?

@Paul Sorgi all though ny focus is wholesaling, buy and hold is also my niche. I believe wholesaling is a way learn to recognize good deals. Currently I'm in the market for a owner occupied SFR with units. With the calfha program that also has programs for a downpayment assistance and closing costs at the moment. I have met with lenders and gathered information about what they look for in qualifying for a loan. I'm from the Antelope Valley so the only investors I meet is the ones that rent SFR houses usually 3-2's. So I have been networking out here. Real estate is new to me and with any apprenticeship you start with you have to gain as much information as you can and practice it. I admit it's pretty exciting! One question I do have is being a perspective investor is it really necessary to get my real estate license?

@Paul Sorgi Wow that wasn't a simple scenario. The advise is gold, thank you! One thing I haven't focused on was building my team. I have work to do starting with this weekends REIA at an wholesalers intensive in my area!

Thanks for the response @Paul Sorgi

As a scenario, seller Adam contacts me, he is underwater with his mortgage, has no equity. Can't afford to pay any longer he is working less hours, and going through a divorce. The house is a 4bd 2ba zillow estimates price at 313K the comps of similar houses in the neighborhood are around 345-350K.

1. Before the meeting what should I be prepared for? Should I be equipped with a contract right then? Where would a newbie get these contracts?

2. How do I determine the repair value on the house?

3. Once under contract, who do I contact; the title company?

4. Should I have a set price to offer before I go in?

5. Is there anything I'm overlooking?

I believe a lot of new wholesalers have the same questions, and the failure to act is because not many of us can grasp the bigger picture of how the whole system works.Thanks Paul, I appreciate your advice and have been taking detailed notes.

Hey Andrew I also heard about this program and am very interested in it. Where you able to go through with the assistance?