All Forum Posts by: Emmanuel Montano

Quote from @Timothy Franklin:

I have a connection dealing with this exact type of issue, funds have to be in escrow by the 18th to prevent default. I'm still trying to help them, is there still time?

2 days is possible with a private lender with their own funds. Institutional private lending can be very fast but usually not 2 day close. I messaged you to see how to send you to the right help based on your needs 

Quote from @Emmanuel Montano:

Quote from @Brody Veilleux:

Quote from @Emmanuel Montano:

Depending on your financing structure, as long as the lender allows it you can do it. Likely they will only allow you to live in the property once you refinance out of the debt due to rules and regulations, but you can always ask! 

I was planning on using a FHA (203k) loan or a FannieMae Homestyle Renovation loan to finance everything and just refinancing into a conventional assuming I'll have 20% equity after renovations. What obstacles are you thinking I'll run into? If I get a fha don't I HAVE to live in it during the renovations just to qualify for the loan?

Great question. From my experience i've ran into certain rules also such as regulations regarding primary residences for FHA and hard money etc. As long as your primary residence on your drivers license is updated correctly and you fill out this new residence as primary application, it may be no problem. Ask legal counsel though. I am not telling you to do one thing or another

Also, i believe that FHA will not allow renovations to a home unless it's already livable with minimal to no repairs visually needed but go check. I remember hard money being needed in some of these situations where long term financing isn't possible to qualify for the situation for whatever reason and once an investment property is stabilized (you can structure your deal however needed to get funding such as investment property vs primary residence) then you can exit the temporary financing with a refinance. FHA has some time required before reselling a property you just purchased, 3 months i believe but everything i'm saying must be validated for your own protection doing these things. This is something you will, as you already are, have to continue to research and plan out meticulously

Quote from @Brody Veilleux:

Quote from @Emmanuel Montano:

Depending on your financing structure, as long as the lender allows it you can do it. Likely they will only allow you to live in the property once you refinance out of the debt due to rules and regulations, but you can always ask! 

I was planning on using a FHA (203k) loan or a FannieMae Homestyle Renovation loan to finance everything and just refinancing into a conventional assuming I'll have 20% equity after renovations. What obstacles are you thinking I'll run into? If I get a fha don't I HAVE to live in it during the renovations just to qualify for the loan?

Great question. From my experience i've ran into certain rules also such as regulations regarding primary residences for FHA and hard money etc. As long as your primary residence on your drivers license is updated correctly and you fill out this new residence as primary application, it may be no problem. Ask legal counsel though. I am not telling you to do one thing or another

research market data for the top and bottom averages of property value appreciation data in your area to find out if it's worth it to you. Go ask a realtor to tell you the market value of your property as well for a better understanding 

Look at other rentals in the area and see not only how they are advertising or promoting online but also the inside and outside of the rental so you can create a similar environment to try to replicate the same results. Look up market rental data to know if you're in a lower paying area. You can also sell the property to a landlord.  

Depending on your financing structure, as long as the lender allows it you can do it. Likely they will only allow you to live in the property once you refinance out of the debt due to rules and regulations, but you can always ask! 

It sounds like a private lender would be of assistance to help you refinance until you can qualify for traditional mortgage. I'm more than happy to help you or anyone else in need of a refinance an investment property whenever appropriate. 

The fees are nothing if its simply between you and the seller on terms that dont cost you anything. 

If you are hiring a private loan servicing company, look up their rates on their site and ask them for more info

What investment strategy do you want an underwriting calculator for? 

Awesome I'd love to connect Liam! It's great to run into other positive individuals in multifamily space.