All Forum Posts by: David Robinson

@Sam Mathew

Property Investment Mortgage Group in Huntsville,Al is a great portfolio and investment lender for any state, message me if you would like more info to help.

@David I. You may benefit from researching portfolio experts that can help with the 6 properties and get cash out for the larger multi family.

@Thomas Malone I have not read or hear of Lee Arnold but interested in this discussion to find out more.

@Chris Mcdonald Check out Parkville next, it seemed like a good area for growth in some different formulas.

@Chris Mcdonald Following your deal hope it turns out great. Where at in Baltimore.

@Wa Chan

I don't believe its bad to work with a lender from out of state, as I have worked with many clients all over the country, the key is quick and open communication, you should get the feeling they are out for your best interet,keeping you up to date throughout the process. Trust but verify, verify. Would be great to talk with someone that has already worked with that lender.

Also research how much time you will spend with the paperwork, are they going to ask you to verify your blood type, its a joke but some lenders will bombard with never ending paperwork requests. It can be stressful and time consuming, and in my opinion time is priceless. We try to get all the docs needed within 72 hrs so we can help close within 21 days. Staying ahead of the system so you can move on to the next deal.

@Gustavo Juarez Your grandfather has options in asset based loans, where the loan is based on the investment scenario and not his income.

@Lonnie Thomas I pulled this from hud.gov that regulates FHA loans, hope this helps

4155.1 5.B.4.a

Description of

Gift Funds

In order for funds to be considered a gift, there must be no expected or

implied repayment of the funds to the donor by the borrower.

Note: The portion of the gift not used to meet closing requirements may be

counted as reserves.

4155.1 5.B.4.b

Who May

Provide a Gift

An outright gift of the cash investment is acceptable if the donor is

 the borrower’s relative

 the borrower’s employer or labor union

 a close friend with a clearly defined and documented interest in the

borrower

 a charitable organization

 a governmental agency or public entity that has a program providing home

ownership assistance to

 low- and moderate-income families, or

 first-time homebuyers.

So if you can document the relationship of the gift giver from one of the above it may help.

@Lonnie Thomas What type of loan is this?

@Sheldon Santos You can search and follow keywords about Sacramento here on BP if you haven't already, giving you some insight on that area and the people talking about it. Are you thinking about doing your own investment in Sacramento?