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All Forum Posts by: Cris Normandt

Cris Normandt has started 3 posts and replied 41 times.

Feel free to reach out. I work for a mortgage banker and would be able to have someone contact you and run through the numbers with you. Definitely speak with multiple lenders, stay away from big banks who do not have your best interest in mind.  

HI Bridget, Matt is absolutely correct. You have to figure out the seasoning period needed in order to get out of the HML. If you get into a loan that has 10-12% interest and find out you have to wait longer than anticipated to refi out you are burning cash like crazy. Make sure to do your due diligence and get your financing for the refi in order.

@Steven Harris why not look outside of ATL. I am from NC and used to live in Charlotte before moving to Las Vegas. There are a ton of opportunities in the Sc and NC market that is a short drive from where you are at? In the desired price range. 

Post: New investor from Carolina Beach, NC

Cris NormandtPosted
  • Lender
  • Las Vegas, NV
  • Posts 46
  • Votes 14

Hi Richard,

I am from that Wilmington and went to UNCW as well. GO SEAHAWKS! Hope your AirBNB keeps doing well for years to come. If you need a good agent I have a few that work for Intercoastal Realty. I can help with any lending questions you may have going forward as well. I moved from Charlotte, NC to Las Vegas a few years back. Totally different scene. Have a Britts donut for me. 

Post: New to Real Estate - Where to start??

Cris NormandtPosted
  • Lender
  • Las Vegas, NV
  • Posts 46
  • Votes 14

Jaron is absolutely correct, you need to do a ton of research on RE and then find the niche that you want to get into (this could change multiple times on your RE journey) You could jump into being an agent and find out that it isn't for you. There are a ton of people that invest passively in RE that are not licensed. Read a bunch of BP books and then branch from there. Start analyzing deals and figure out what works best for you personally. 

It looks like from your situation that the HML might be your best bet. Conventional financing is probably off the table with no job to determine an income source. The HML's that I have talked to do not give 100% LTV either so you will need to figure out how much you need to contribute on top of the renovation costs when purchasing. My branch does work with certain institutions that handle flips. They also do their own due diligence on the property so make sure you analyze correctly.

Don't let this deter you, there are plenty of people who started with less and made it work. They used credit cards  (which I do not recommend) or any other means of financing to get that first deal. 

Be aware of litigation issues on condos. In my limited experience with them, they can be hit or miss. SFR or even multi-family 1-4 units could be a great unit. Make sure to do extensive interviews on your RE team wherever you decide to invest. Just curious, what is making you want o invest outside of MI instead of in your home state?

Hi @Angeline Rebottaro R/T is short for Rate and term, just another way of saying a normal non-C/O refi. 

Trying to time the market rarely works out. Just look a the data surrounding the market. (Data not drama) Current trends for interest rates are indicating they will be going up. The news of the FED tapering bond purchases is a big reason for this. I would suggest analyzing a ton of deals before pulling out any cash in your condo. Remember that Cash-out is usually maxed out at about 75% LTV with Fannie/Freddie.

Hi @Angeline Rebottaro Reid is correct on this. Both Fannie and Freddie have 75% LTV on their Cash-out Refi loan programs. If you decided to go with a R/T refi the LTV could be as high as 90% assuming good credit.

Thanks,

Cris