All Forum Posts by: Elvis Vasquez

@Rachel Murphy

Are you looking for a primary residence or for an investment property? 

You need to talk not just to one lender. Go to your local banks and credit unions. I'm sure some of them would be able to work with you. We have a local CU that won't take in consideration your DTI ratio at all for investment properties. All they need is a property with a rent roll that will cover all expenses and leave you some cash after. And they go up to 80% LTV.

Other option is to partner up with another investor. And use your money for downpayment and his credit for the loan. Or just have a part of the deal with your money. There is plenty of options. You just need to find the right one that fits you.

Hope this helps 

@Elvis Vasquez I did not give the HML money up front... The $2,500 was fo

Hi BP,

I am about to purchase a property in two weeks through a so- called national hard money lender called "Lonestar Hardmoney" ... Their website is lonestarhardmoney.com. I became skeptical when they would only use one appraisal company: Appraisal Commercial, Inc.  (appraisalcommercial.com) and their website looked similar to LoneStars... The appraiser was also willing to bring down the cost of the appraisal by $500 within an hour which seemed weird to me. Is it possible that I am paying the appraiser $2,500 for the appraisal, and that even if the "appraisal" comes in fine, that lonestar is going to find another reason to deny me the loan and keep my money? How do I check is this process is legitimate?

@Elvis Vasquez why would you want to buy wetlands? Just curious. 

@Taylar Caraway I did one, as an agent, for my ex.  The streamline, under $35k, was pretty simple.  It allows for the gc to get 50% up front....appealing to the gc but I'd be concerned about a gc I didn't know getting that much up front....I'd rather smaller amounts as they go along.  The loan itself is about 1/2% higher than a normal fha loan.

Over $35 k requires a consultant which adds another wheel to the cog, but probably good for most buyers.

Both loans add a10% contingency factor on to the rehab budget.  Any money left over from the rehab goes to reduce your loan balance.