All Forum Posts by: Don Spafford

@Kelly A. Also Mountain America Credit Union does portfolio loans. They only allow up to 2 at a time that use a 10% down payment with no PMI. They do it for the sates they are in, and any states bordering the states they are in.

@Account Closed I'm sure there is one in your state if not in your city. Try their website movement.com and search for one, or I can get you the info for the one in my area and I'm sure she could direct you to the closest one to you. I was just adding my 2 cents on their program and letting anyone in my state of Idaho know who to contact if they are interested in a loan.

Forgot to add too that they don't charge origination fees and other junk like a typical bank loan. To be certain you should contact a lender with them directly to find out all questions you may have.

Yes, I just spoke with Movement Mortgage yesterday about the Renovation Loans they call them. They are intended for flips but more long term like for a BRRRR. However they are not hard lenders so don't expect to close in 2 weeks. They still will require a minimum of 45 days. But you will get a much better interest rate. The best benefit though is all you pay is 15% of the purchase price, they pay for the rehab then at the end do an appraisal and assess your final LTV for your loan and you don't have to pay any payments until the end of the rehab. Saves you the hassle of finding a lender for the purchase then another lender for the rehab and paying two places high interest until you can refi. Down side is you have to hold it for 6 months. But if you are planning to hold it long term like a BRRRR then it saves you the trouble of doing a refi at the end anyway and you can just leave it there as a long term loan. For anybody in Idaho I refer you to call Toni Rigby. She is in the Idaho Falls office but can do loans all over Idaho. She is great and can answer your questions. If she doesn't know the answer she'll find out for you. Please tell her I referred you :) PM me and I can provide you her contact info.

They are a nationwide company and are surprisingly pretty large and can do some things that other banks can't. They just don't advertise and instead keep that marketing cost to do other things to better the communities. The Renovation Loans are pretty cool.

This sounds like an awesome meeting. Alas, I cannot make it that night :(

@Tyler Shane Martindale Welcome to BP! I'm sure you will have great success with time on your side. Spend as much time as you can listening or watching the podcasts and webinars. Practice using the calculators. When you are ready/able get a PRO membership, it will be well worth it for the resources it provides. You should be able to get a discount code at the end of a live webinar. The PRO membership will allow you to listen to ALL of the podcasts and webinars and unlimited use of the calculators. Ask questions on the forums and learn as much as you can. But remember, you never need to know it all to get started. Just know enough to run your numbers accurately and find a good deal. Good luck!

@Ivan Dodic Congrats! I hope it works out well. Idaho is a landlord friendly state. I can't speak on the Boise area, I am about 4 hours East of there and invest around my area. There are a few large apts near me as well if you are interested in expanding your search, let me know and I can send you some. My area typical cap rates are between 6-8. But there are quite a few under market rents that could be increased.

@Katie Miller Welcome! BP needs some publishing help. I do have a book idea actually. I'll send it to you, just don't steal it :)

Welcome @Christy Browning so great that you found BP. You will learn tons here. I highly recommend listening to all the podcasts and read as many books as you possibly can. Most of the great ones are suggested often on podcasts. I have read more in the last 10 months than i have my entire life and I have grown exponentially from that coupled with the knowledge gained from the BP community. Best of luck to you!

@Matt Skinner Interesting. I was contacted by this person just the other day. When I got an email with more info, the name on the email was totally different bu the same phone number. When I called the number, it was strange, there was some clicking like connecting to somewhere else. When the guy answered he had a very hard accent like someone in Africa. From the different names and the weird accent not at all matching the picture profile, I pretty much figured this was a scam. Thanks for posting this, even though it was originally a couple years ago.