All Forum Posts by: Chris Cambridge

The short cut to your assessment and unasked question is come with 35% minimum. See Rick's questions above, what will it be worth, demand?. Also what's the projected gross inc, net inc? All that matters in the end is cashflow! 

Strong demand neighborhood for those priced out of the city.

Your properties (I'm assuming residential) should have been in an LLC from the beginning. They should not be owner occupied and cash flowing. Although you have no income to show are you able to show cash (seasoned) enough to support 6-9 months loan payments on the refi and purchase? (Let's use a round number at 5-7% of loan amt).

Standard Criteria 650+ FICO

Now I see you were seeking 100%. If from a private lender with no prior relationship it's tough. If from private individuals maybe. 

Now let's dig deeper

First question... What are the taxes?

Second Question... What will the taxes be after the repair?

There is no accounting for taxes. This NJ the highest taxes in the country. What's the number?

Who has SFR's in the Meklenberg county of NC for sale? $120-140 range?

@Shaun Draughn, Are these conditions something that you have experienced or are you a lender that's able to do this type of refi as this deal actually meets all of these requirements. 

I'm a broker these are where the guidelines are for underwriting.

Also Do you mean that each building must be worth over $115k?

Yes that's a good average value per building. Cashflow is also a determinant factor. email to share more details.

Portfolio funding looks like this....

Must use an entity
Properties: 5 or more
Value: $80,000 +
Loan Amount: From $200,000
LTV: Up to 75%
Each Property must be cash flowing for at least 4 months to be considered for underwriting. No credit given for missing cash flow.

Let's connect I'm in NYC.

Where there's a will there's a way. Great reminder as to the fact that there are no limits to our abilities. I felt like I could have done this some months back but I failed to capture the owners attention correctly.  You didn't box in your game plan and that's the real accomplishment. 

 Give yourself a better cushion and buy a smaller property if you intend to work with just under $200K. That 20% DP is a fallacy. Keep this as a rule 25-35% sometimes 40% plus the ability to show reserves of 6 mths payments. If you have a partner coming with the rest then fine. Will you have to use it all? Not always. Will you look 10 times more credible? Absolutely. 

For example, if we are pre-approved for $900,000 Pre approved?