All Forum Posts by: David M.

Hi Mat. Local banks are going to most likely want to underwrite personal income... 

All you need is a lender that does not require personal income and will use the equity or cash flow in the properties. 

if you need guidance on who to use and what rate and terms to expect, reach out and I'll recommend some to you. 

Hi Eldren, 

Welcome. I'm an investor/broker here in Colton. I sent you a colleague request. Lets connect and chat about the local market.

Shaun/Jimmy... I'm in the Inland Empire area, but I've been going to REI meetings in Long Beach once a month, or as often as I could. You can find local groups on Meetup.com. Here is the link to the event I'll be attending tomorrow night. https://www.meetup.com/Learn-How-To-Be-a-Real-Esta....

Hello All, 

I have a very good friend of mine who is an experienced operator and is about 30days away from obtaining his license for an 8bed Sober Living facility here in Mentone, CA. The residence was previously an assisted living facility that he already owns and needs very little cosmetic work done. He's looking for an investor/equity partner for start-up costs and operating capital. You couldn't ask for a better operator to partner with than this gentlemen. If anyone is interested in the opportunity, you will find out how passionate he is for success and the well being of his patients from the first conversation with him. Please contact me for further information if interested. Thank you. 

Hi all, sorry for the delayed response as I've been inactive on BP, but hoping to stay in touch and contribute as often as I'm able. As for Lendinghome... It turns out that my submissions were caught in the middle of policy changes that were literally changing on the fly, in my case the changes implemented helped save the deals and were able to close. I've closed 4 deals with them last year and will continue to use them. Should out to my rep Alex whom was in the middle of all these changes and helped the transactions close. Lending Home is a valid source for residential investors.

Stay tuned.... I have several files with them now that we're trying to resolve issues and close. I will be sharing comments and my experience with the BP community soon.

Nick, 

B2R, is definitely real and as Robert mentioned, guidelines have loosened up a bit... and I'm looking forward to the single property product. The 6.125% rate might be due to the loan size... as I experienced pricing in the low to mid 5's for $2M+ portfolios. 

Mike... care to share the source who's offering a similar product in the 4's?

Patrick, Not sure how your lifestyle is or how big your family is. Another option which a friend of mine just did is buy a owner occupied home you want to live in, and rent a couple of the rooms out. You take advantage of long term financing at low rates and low prices and now have income from tenants. He purchased a 4 bedroom home for $110k, 3.5% down, 5% fixed for 30years. Hi monthly payment is around $740 including MI. He has 2 of the rooms rented for $300/mo to some friends and charges 1/4 for utilities. Market rent for the home is $1200-1400/mo. After a year, its been working out great for him. Gotta be careful and strict about who let stay there, and lay the ground rules out as friendships can turn bad, but it's worked out so far for him. FYI- they are all single, with no kids.

Patrick, Not sure how your lifestyle is or how big your family is. Another option which a friend of mine just did is buy a owner occupied home you want to live in, and rent a couple of the rooms out. You take advantage of long term financing at low rates and low prices and now have income from tenants. He purchased a 4 bedroom home for $110k, 3.5% down, 5% fixed for 30years. Hi monthly payment is around $740 including MI. He has 2 of the rooms rented for $300/mo to some friends and charges 1/4 for utilities. Market rent for the home is $1200-1400/mo. After a year, its been working out great for him. Gotta be careful and strict about who let stay there, and lay the ground rules out as friendships can turn bad, but it's worked out so far for him. FYI- they are all single, with not kids.

Rob, the OP did not mention how many months in default the owner is so it may have to be brought current. Also, the taxes/ins are not included, so It may be possible she owes back taxes.$1800/mo without taxes/insurance is pretty hefty, also we don't know the terms of the existing loan. Wouldn't you have to increase the payment to make a cash flow and profit? Please let me know if you're able to pull it off and profit from it, if so I can refer some out to you.