All Forum Posts by: Joseph Chauffe

Additionally, by occupying the property, does he disqualify us from combining this property into a portfolio loan in order to leverage the equity, or other investment loan opportunities?

Hello all, 

I am looking at a duplex for purchase. A friend had expressed interest in getting into real estate a while back, so when this duplex presented itself, I contacted him to find out if he would be interested in partnering - he was.  As negotiations with the estate from which we are purchasing are ongoing, he develops an attachment for this home and decides that he wants to move in in order to get out of his current living situation. While I am ok with helping him get out of his situation, it is of the utmost importance to me that I receive cash-flow and the equity in this property, as it would be my first rental. My intent is to leverage the equity in order to purchase more properties in the near future, and this house has the best combination of location, conditions, and potential than anything else available to me. If the plan is to leverage the equity in this property for future purchases, should I expect him to pay full market rent? I'm trying not to cut him out, despite the fact that I know he needs to just buy himself a home and come back to me when he is ready to invest.

Hi John,

I would be happy to check out your project. I've renovated a lot of these old shotguns, including my own recent camel-back addition.

Joey

So I got myself into a tight spot submitting plans without an engineer or architect's stamp. Now I have to find someone who can provide me with a stamp or a new set of plans in a very tight time frame. I have pretty detailed plans, and considering I used nearly identical details from previously permitted plans, this structure will be as sound as the next. Does anyone in the New Orleans area know a license engineer who can do this quickly, or better, just stamp my plans? Any help is much appreciated.

Thanks. Yeah, the 20% requirement for 100% financing made me laugh a little. I've seen before, and I think it may have been an ad by the same company a while back, they want it to be in "reserve". It makes sense to me - they won't lend to just anyone. I think the wording might have been 80% accurate.

In New Orleans, there is a craigslist ad in the real estate section for this company offering 100% financing (mortgagor must have 20% of sales price) for non owner occupant real estate deals, both buy and hold as well as flips. They also offer a cash out refinance up to 75% LTV. Has anyone ever worked with them to acquire financing? If so, were they easy to work with, efficient, etc.? Their interest rates seem pretty fair.