All Forum Posts by: Dan Beaulieu

@Chris Gormley where are you doing your flips?

I wonder when this will finally happen to me? 

The main issue would be that you want to live in the property, which means all hard money lenders are out. 

What you might consider is buying an investment property and renovating it using hard money, waiting 6 months, then refinancing into a conventional owner occupied home loan and moving in at that point. Then you live in a newly renovated house without breathing saw dust every day, and you’d have plenty of equity in it. 

The buyer's lender will need to order their own appraisal most likely, so you would just be wasting 500 bucks. Sounds like you have good comps, so I'd go ahead and list it where you and your realtor agree is a good price and feel confident that you have good comps to support that value. Good luck! 

Definitely push back the closing until you have accurate information in hand about the tenant and the lease. I see red flags all over this, and personally I would just walk away. 

4200 Rentals? 

 You would most likely still have a hard pull on your credit, it's just that once the loan is open they wont report to credit agencies. 

another thing to note, is that even though these commercial loans wont show up on your personal credit report, they will be on your tax returns. When you have properties listed on your tax returns, your conventional lender will need to see mortgage statements / taxes / insurance for all of those properties and most likely wouldn't be able to count rental income until you can show it on 2 years of tax returns

@Jeff Young the best path to wealth would be to payoff all consumer debt and have at least 6 months cash reserves before considering investing in real estate.

@Carlotta Hall there are many lenders with 30 yr fixed stated income products for investors, just based mostly on the property. This product and commercial and portfolio loans are the best option after you can’t use conventional anymore. Nobody in history has been limited to 10 brrrr deals just because of financing. Once you get there you will have just figured it out at that point through more learning and networking.

Best of luck!

You wouldn’t be able to do the heloc at 80% ltv because you said the family member would have the property as collateral meaning they have a first position mortgage, at I’M Guessing 70-75% ltv. 

It's pretty easy to structure the private money deal. You can buy in your personal name or LLC. If LLC your private lender should also have a personal guarantee doc.

Have your attorney draft a promissory note for the set term and set interest rate, along with a deed of trust. give these docs to your title company (or attorney if attorney closing state). The private lender wires funds to the title Company prior to closing. You will sign them at closing and notarize the deed of trust, and they will record it. Nothing to it.