All Forum Posts by: Brian Napierala

From what I've seen, modular/ manufactured homes can be a great return on investment. The only issue could be finding financing (if applicable). Many lenders shy away from this property type. For that reason alone, I would focus on an affordable SFR property

 There are a lot of lenders out there.  Try www.mortgageelements.com and their search feature for 2nd TD, it will several lenders to check with on HELOC. Good luck

You need a lender that doesn't factor your DTI/ DSCR into the lending equation. There are also lenders that don't consider how many properties you have, whether the property is vacant/ occupied at purchase and will lend up to 75% (as a seasoned investor). You can purchase a property individually or in LLC in 46 states across the country. Let me known if you have additional questions

I don't think you'll be able to find a 'good' lender just by looking at their website or checking online.  Everybody has friends, so 'good' reviews are easy to come by.  Other than shopping around to find what you think is best for your situation, a good referral is a great resource to finding a potential lending fit.  Sometimes the 'best' lender is the one that can get your deal funded :)  Let me know if you have any questions

If she is willing to carry a note for you, that would be ideal. You could buy the place for ex: $200k or less (less is better) (you don't have to pay realtor commissions or repairs... just buying the house AS IS). You could come in with $40k, that would pay off the current lender and she carries $160,000 note for you (you can negotiate interest only terms with her). You can then spend $10,000 in repairs and list property for sale by owner (FSBO) $240,000. In this market, you may be able to make a little more than that. Once sold, you pay whatever balance you owe her and pocket the rest.

You could even use a lender to finance 50%, have her carry a 30% balance to allow you to come in with only 20% down (or some variation of that). Obviously, the purchase price is key. As an investment purchase, I don't know you'll find an LTV/ CLTV higher than that. Let me know if you have any questions

I think anytime you are dealing with investment property its a good idea to create an LLC. Creating on is easy using a company like LegalZoom or the like. An entity, basically, creates a limited liability between the property/ investment and you personally. There are other benefits from an income/ tax liability that you could benefit from (I'd touch base with an accountant on that aspect).

i don't think you can use 1031 funds for a property you live in.  Try this guy, Dave Foster.  Its what he specializes in

The greatest compliment you can offer to a lender is to use their services again.  If the process went well, you were happy with the rate, service etc.  I would recommend giving them your business again :)

What you may need is a lender that doesn't look at personal income as a qualifier for loan approval.  There are plenty out there and there are several variations (Fixed rate, Arm, bank statement, rental income qualifier etc).  Just because you cannot go full doc, or cannot show a 2yr income history, don't let that keep you from taking advantage of a good deal.  Let me know if you have any additional questions.

My focus of lending is in the non conventional market space.  I don't believe there are options to buy an owner occupied property without showing personal income to qualify, but there are lenders doing 'business purpose' loans for self employed borrowers who use there primary as a home office.  Hopefully someone here can provide more insight into that lending space