All Forum Posts by: Bruno Nunes

I use Apartments.com to manage all my leases and rent payments. Its easy to manage as you scale, looks more professional than having your tenants pay you through Venmo, Cash App or Zelle and its free. The only down side is that its not instant like the other names. It may take a few business days to process the payments depending on your tenants bank. 

@Michael Glist I’m open to suggestions on lenders as I try to find the best deal for my specific scenario. Can you DM me anyone you might know?

@Michael Glist This would be strictly for investment. It’s fully occupied by tenants already. 

@Brett Goldsmith hard money may be my only option I’m open to any lenders you may have contacts to if you want to DM me. I’m looking to put 20% down but I can put more if needed.

@Ronald Isgate thanks for the Info but no local bank is going to finance this property or provide any stated income doc product. 

Hello my fellow BP community,

Ive been waiting for several months for a short sale approval to purchase an off market 3 unit investment property  that is priced significantly under market value. I had a couple lenders waiting in the wings that had pre approved me for a stated income product, due to low earnings reported on previous years tax returns this was the only option for me at the moment. Now that this pandemic struck all my lenders are phasing out all these creative products that Ive used previously including my commercial line of credit that I had available. Just this week that short sale approval finally came in an as I was ready to apply for the loan which needed that approval Im left scrambling to find a new lender that will still offer the product I need. I wanted to know if there is any lenders that you've worked with that are currently still offering a stated income product for an investment property?

I’ve purchased a few properties site unseen but I had experience buying multiple properties before I ever did that. I think the most important thing to know is the market your buying in and to have either boots on the ground in that area or to hire a home inspector so you can at least know what your headaches will be when the renovation starts. If you haven’t purchased a home before I don’t recommend this rollercoaster ride until you've had more experience or at least work with someone that does. 

Im in the same boat on 2 different properties right now. From my experience I prefer to sell right away to move on to the next flip wether your dealing with cash, hard money, line of credit etc. Theres always another deal so get that property listed ASAP.

@Lindy Pond I kindly disagree. There’s are a few lenders that will give you a line of credit on investment properties that I know of off the top of my head. None of the big banks will do it from what I know but to answer the posters question you need to seek out local small banks to help you with the Heloc wether is an investment property or primary home. There’s usually no seasoning requirement just credit and income are usually the driving factors to get approved. 

@Jay Hinrichs what’s your average profit on those? That’s a great idea if your in an area that has that much land for sale and the deep enough pockets to purchase the land as well. Great model though. 

@Tyler Smith

Well played.