All Forum Posts by: Noel Fleming Jones

I'm in a partnership that is a year old.

We've been able to acquire several properties and have a supportive institutional JV backer---for which we're thankful!

Granted we don't have a financial,record yet, since houses won't start selling till later this year.  We've got about 25 doors in the works.

Do any regional banks have a 'venture' section for young companies like ours, that have investors and real estate, but not an established financial history?

That is, would any bank look at the quality of our deals as opposed to our income stream?

And we could put 100k into such a bank, even without income stream, if that would matter.

So is it all about income, or could our cash and equity position help us?

Thank you!

Thanks Jeff--I'm looking as an investor.

yes thanks Donald--I'm wanting to convert a duplex into one SFH.

And I'm just spitballing at this stage, though I'm getting ready to complete one regular renovation in about six weeks and I'm thinking about the next project.

I've looked at the Homestyle program, which isn't specific to duplex conversion but is open to investors with a 15% down payment.

What would be the legal hurdle to creating one single family property out of one duplex--particularly if it's done fairly often?

But thanks J--I didn't know that might be a problem.  

Hopefully combining two into one wouldn't be as hard as dividing one into two.

Thanks J--let me clarify.

I don't want to just divide a duplex; I'm looking for a finance program to physically convert duplexes into single family homes.  

Is there any kind of HUD/FHA program for investors? What about private programs?

I'm interested in converting duplexes into single family homes.

Are there any HUD/FHA type programs for investors and/or private lender programs?

Thanks!

I've struck out on an ELOC for a house I own outright and on an FHA 203K, both because I'm self employed and don't show a lot of net income. Also, I've been in my business two years, but only one complete year, 2014, for tax returns.

The business showed a paper loss in 2013 because of accelerated depreciation, etc. but is black in 2014 and for 2015.

I'm renting an $1100 a month apartment and have been for years and all I want to do is get in a damned $500 a month house!

SO--would I have better luck with a stated income application, especially as I can show clear ownership of. $125,000 house which is rented in another state?

Is there such a thing as a stated income ELOC?

Here's hoping.

I applied for about a 95k equity line on my rental property today and the loan officer said I'd have to pay $340 a month interest on the line even if I have no draws against it.  

Either I misheard him or one of us is confused--isn't that like saying you have to pay interest on your 20k credit card limit, even if you never use the card?

He must have been referring to interest costs if the whole 95k got deployed, right?

I spoke with TD on the phone and they do offer 75% LTV on investment property for a HELOC. I asked a similar question last week,and several,members noted they'd dealt with TD.