All Forum Posts by: Gary Ryan Herndon

@Brendan Miller I appreciate the insight bro. I was considering backing out the 3k from the offer price also. That might be the only solution at this point.

Greetings BP community,

I recently placed my first rental property under contract for 100k a month ago in Atlanta, Ga. I was initially using a hard money lender because of income verification issues but I was able to partner with someone on the deal and qualify for a conventional loan with better terms. My question is, I originally negotiated to receive 6% in seller concessions/ closing costs from the seller and he agreed. The conventional loan will only allow me to receive up to 3% in seller concessions so is there any creative strategies for me to circumvent the 3% ceiling and allocate the credits to something else within the deal so I won't have to leave any money on the table? The home will still need a few cosmetic repairs that the 3% could be allocated towards but I know that the closing costs and repairs are all inclusive within the allotted 3% seller contribution amount.

Any help or insight is greatly appreciated. I am also the investor buyer/ realtor in this deal.

Greetings BP community,

I recently placed my first rental property under contract for 100k a month ago in Atlanta, Ga. I was initially using a hard money lender because of income verification issues but I was able to partner with someone on the deal and qualify for a conventional loan with better terms. My question is, I originally negotiated to receive 6% in seller concessions/ closing costs from the seller and he agreed. The conventional loan will only allow me to receive up to 3% in seller concessions so is there any creative strategies for me to circumvent the 3% ceiling and allocate the credits to something else within the deal so I won't have to leave any money on the table? The home will still need a few cosmetic repairs that the 3% could be allocated towards but I know that the closing costs and repairs are all inclusive within the allotted 3% seller contribution amount. 

Any help or insight is greatly appreciated. I am also the investor buyer/ realtor in this deal. 

@Willie James @Wayne Brooks @Patrick Johnson @Jeff S. @Stephanie P.  @Ian Walsh @Matthew Crivelli @Chris Gossett 

Hey community,

Thanks for  swooping in to rescue me. I was actually able to find a solid lender and qualify for a conventional loan at lower rate. I'll definitely archive all of the great information. Again, thank you for all the great information. 

Sincerely,

Gary Herndon

What's up Willie, 

Thanks man, I honestly was not aware that there was an Atlanta specific form on BP.

Greetings BP community,

I am a newbie investor/ REALTOR in the Atlanta, GA area and I have my first rental property deal under contract- close date set for Sept. 17th. The home would be financed through a local hard money lender here in the area. The purchase price for the home is $100k at 75% LTV. My total estimated cash-to-close amount is roughly 30k. I have already completed the initial home inspection, repairs are being completed as we speak, so outside of the re-inspection, I am just waiting to sit at the closing table. I received a call from my lender with unsettling news an hour ago.

Apparently, since I currently live in an apartment and do not own my primary residence, the underwriter will not be able to ratify the purchase because on paper, it seems as if I am attempting to purchase the rental property as my primary residence- even though I showed documentation of my current lease agreement and two months worth of utility bills. I did not follow through with traditional financing because 75% of income is derived from a monthly military benefit and my business partner is a travel nurse/ contract worker so her W-2's don't reflect her true income. Bank statement loan?

Can anybody lend any creative wisdom or insight? Again, I am in the Atlanta, GA area and I am also open to transferring to a different lender. My only backup strategy thus far is to present the owner with the owner finance option but the owner is a flipper so I know he possibly needs the capital from this flip to invest into the next one, so I just wanted to present the strongest offer/ solution possible. Thank you to everybody who took a second to read this.

Sincerely,

Gary Herndon