All Forum Posts by: Cris Normandt

Hi @Oscar Leon, Have you looked into IRRL loans? The interest rate reduction is a great tool to use when refinancing out of a VA loan. There has to be a net tangible benefit (like lower APR) for it to go through. It is all about getting your VA eligibility back. Most people do not know that you can have multiple VA loans out at the same time which could also be an option for you. Are you trying to use a conventional loan to be more competitive in the market?

HI @Theresa Reynolds, I would start first by getting away from a bank and go speak with a lender who can get more creative. I know there are 203k loans for rehabs and there are options such as "homes for heros" which you should look into as well. These might not get you to where you want on the loan amount, but they will limit costs and help on the backend. 

Hi @Mel Adams, you could always reach out to agents on BP who are REI savvy and have them give you their recommendations, that is how I found mine before I became a lender. I am sure there are a ton of lenders in the network tool that you can reach out to as well. Most lenders tend to be licensed in a few states, but stick to a certain region that makes sense around their home state.

Hi @Elvy Harris , There are a ton of ways that you can use your current property to expand you RE portfolio. Reading the BP books are a good start. Make sure that you get a lender that is very familiar with your options. If your home is utilizing your VA eligibility, there are good ways out of that so you can use your VA benefits again. VA loan is a great tool for investing in RE, just know that buying with the VA means you have to occupy the home for at least 12 months.

I can tell you who not to use, the are out of the Charlotte Area. Bottom Line Property management. 

Definitely speak with the HOA. I had an upstairs neighbor who had a toilet leak into my condo and it was a mess with the HOA. Speak with the neighbor and get something in writing that you spoke with them about the issue. The problem is, the space in between the two condos should be outlined in your HOA bylaws on who is responsible. HOA's are honestly the worst in the world to deal with. They do not take responsibility for anything that will cause them to lose money. I hope you have a much different situation than I went through. How bad is the water damage?

In my personal situation, I had to get a lawyer involved. I had them draft an official letter to the neighbor and the HOA. The upstairs neighbor was contacted by my insurance company and they footed the bill after the insurance deductible.

Thanks,

Cris

Make sure you are analyzing the properties really well before purchase and make sure that it will cash flow properly when you refinance out of it. Usually there is not a ton of equity built in on this loan product. The idea is great, but without proper data you could be cash flowing negative after the first year when you decide to refi into another loan. There are a few circumstances where you can have 2 FHA loans out at a time but they are fairly uncommon.

I like the idea of househacking to get into a home. This will get you a ton of experience down the line. Do realize there are other mortgage products out there outside of the FHA loan that could be beneficial.

Thanks,

Cris

HI @John Louis Tomines, 

BP has been a great tool for me to network and understand the power of REI. Would love to add you to my Agent list in CA. I am a lender in Vegas. I look forward to seeing you kill it!

Thanks,

Cris

Hey Rommel,

Shoot me a message if you are still looking. 

Thanks,

Cris

Hi Matthew, 

I would be more than happy to have someone reach out to you if you are still looking. Shoot me your number in a message and I can have a lender reach out. 

Thanks,

Cris