All Forum Posts by: George Taylor

I would like all interested parties to visit our website. Not soliciting for business, just want to show investors they have options in new construction for one or multiple projects. Thanks all..

@Patrick K. Well my opinion on this is from bits and pieces I've gathered all over BP. So Fannie will only go up to 10 loans residential. My suggestion is to create and LLC, transfer them however you can get that accomplished, and then get a blanket loan on al of them that aren't o/o. From a commercial standpoint, we don't care how many loans you have or how big your portfolio is. Once this is done either you can continue to follow the commercial lending side or continue with the residential program until you hit that magical number of 10 again.

@Account Closed Since mortgage brokers and lenders on residential occupied homes are licensed in each estate separately then if you find a broker licensed in both then I would go with them. Just make sure they're licensed in both states and you can typically get a deal on their services using them for both.

@Lakshay G. On the other hand, if you are just looking for a HML without having anything do to with an IRA then he's exaggerated quite a bit. The majority of investors follow this exact strategy. You find a HML to purchase and rehab the property then once it's seasoned properly according to conforming loan guidelines you refinance it to a conforming loan. Easy as that, or to grow your portfolio at a lot quicker pace, you can purchase and rehab with cash, get a HML (since most HML's don't have seasoning requirements) for a cash out refi and use those funds for the down payment on another property. Then when you have the seasoning put them both in a conforming loan.

He may have been speaking on ONLY the IRA aspect, not the normal process that usually takes place 85% of the time.

Correct. The advantages of a HML is quick funding, not much in the way of required documents and no prepayment penalties. Any HML will require you to bring at least 10% down and the harder the loan the more down you will be required to bring. A lot of people use private money to obtain the down payment for HML's however.... A lot of HML's won't accept them and lend to you because they will have to take 2nd position and you, as the borrower, wouldn't have any skin in the game.

To make the payments you would need to have reserves in the bank and will more than likely have to show a POF to verify that. Something to keep in mind also is if you get a purchase and rehab loan you will be more than likely be required to front certain projects and be reimbursed on a draw process. Hope this helps some..

@Emmanuel Rios If it's for an investment then you would need to have at least 20% down and just do a walk through with a few different general contractors in your area.

@Gabriel Abud 20 years and 75% is going to be about the best you can find nowadays unless you have a very large network of partners like us. Still going to be very difficult to find the 80% and yes, @Shawn Ackerman nationwide under $50k.

@Jonathan Smith Depending on the fees anywhere between 3-5% typically. 

@Hetal Patel I just sent you a PM, sir. 

Something just didn't seem right and it's a good thing we didn't. Some craziness going on in North Carolina.

http://myfox8.com/2017/04/13/asheboro-man-charged-after-leasing-single-mom-home-he-didnt-own/