All Forum Posts by: Charles Mullins

@Harjeet Bhatti thank you and that does make sense.  

@Matt K. thank you.  I'll start looking for local banks or credit unions.

Hi everyone, we purchased an investment condo that our daughter will be using for a few years. Due to the # of investors we needed to pay cash for the property. My goal was to either get a HELOC against the Condo or possibly refinance pulling cash out when we find another property. What we have been running across is so far no one will HELOC or refinance the condo since it isn't our primary residence. As I listen to the webinars and podcasts it sounds like this is a pretty normal thing. Any suggestions for someone starting out? Is it just bad luck for us and we haven't found the right place yet? Thank you all for reading and appreciate the advise/guidance.

I'm no expert, but I did learn a lot from @Brandon Turner book on No Money Down @ https://www.biggerpockets.com/store/no-money-down-...

There are multiple seller financing options that may help get you the deal without w2 income.

@Stephanie P. great advise!  Thank you

@Alan G. thank you and I did hear local / smaller banks and credit unions were the ones to visit. We are thinking about an LLC, but didn't know how that played into loans. Good insight there and still learning the LLC pros and cons. <= still a lot to learn there :). Thanks again

@Greg Downey thank you for your reply.  Thanks for the details and it is making more and more sense :).  Thanks again 

Hi @Upen Patel.  I'm learning so please bare with me.  What I'm looking for is getting something establishing a relationship with a bank that can immediately refinance a rehab project without a long wait time.  My understanding is this is called seasoning and some banks have 6 month to 1 year criteria in place you need to wait.  I also want, ideally, the same bank to not have a limit on the number of properties.  I thought I heard if a bank sales your loan to Fanny Mae, etc. you can only have so many of them.  So, I want to avoid that and start with a bank where they do not have this limitation.

Right now I'm just working on getting the financing piece setup, so I know what path I can go down when I find the good deals.

Hope that helps.  Thanks again

Hi everyone, does anyone know where I can find a list of portfolio lenders?  Is there an easy way to tell by looking at the bank?  I reached out to a couple, but they sale their loans.  Correct me if I'm wrong, but I believe I heard a portfolio lender is one that keeps their loan versus selling, can have a shorter or no seasoning period, and you can typically have more than 6 or 10 loans with them.  <= going by memory here.  

Thanks follow BPers!

Well today is my first ever offer on an investment property.  I ran all the numbers decided what the right number was, but unfortunately we didn't get it.  Still exciting knowing I made the jump to at least offer!  Hopefully we get the next one!  @Brandon Turner thanks to your any property can be a good one if the price is right.  We did offer the "right price" and we made a wise offer and even though this one didn't work out the next one might!  Hope everyone has a safe and enjoyable Labor Day!!