All Forum Posts by: Chris Haas

@Robert S. just curious if you mind sharing where you are in Myrtle. Not an exact address but area. I like surfside a lot. I'm looking more at place not ocean front but within 3-5 miles from the beach. The HOA fees vary quite a bit and it is difficult to evaluate which HOA's are reasonable and which are not since it all depends on what is included.

Without throwing out an offer to him, you could simply ask him what he is interested in, short term flip type financing, or securing a property long term.  Depends also what you do, flipping or buy and hold. 

That sounds scammy to me

Checkout https://alliedmg.com/.   I know a few people that work there, I know they are not fly by night, but I don't know for sure their seasoning rules.  As far as the 1st question, lenders farm out the appraisals unless you are getting a home equity so I don't think a specific lender does or does not give more favorable appraisals.   

I would not consider those properties unless you have a someone local.  I like some near Albright College but that zipcode goes deep into the center of reading which are nowhere near $60K.  Also finding property management may be a challenge.

Real private money usually starts from someone you know well. They know you trust you realize you have a good day job etc etc.  Friends, Family etc.  Start there if possible.  If you have a good enough deal and have some funds, you said limited so not sure if thats zero for this or some, then usually a good deal will get funded somehow.

I couldn't agree more with the last post.  I think West Reading has some promise because it's close to the hospital and lots of nice restaurants but outside of that, everyone is selling that has the ability to get out.  Around Albright, or Alvernia colleges are sort of the edges of the city is worth a look if you have a great deal, but anything towards the middle of the city in exactly as described by the previous post.  Funny that's the 2nd time I heard someone say they would literally give a property away and actually mean it.

My credit union did up to 85% of the appraised value......bbt bank would do 80% of the appraised value.  For a home equity many times they will just use a computer model not a real appraisal.
I don't know of any specific time frame limitation.   I find credit unions are more competitive with rates and ltv than banks in my area.

Why is the ARV $30,000 more but their are 0 in repair costs. If berks county area, I think you want to be in wyo, wilson, exeter, or mifflin school districts in that order.

Rate looks pretty low, remember most non owner occupied rates are slightly lower than owner occupied.  

Best wishes though, good luck

I know, I'm going to get a lot of it depends answers, but if that is your answer please give me for example....my deal similar to yours was x points, x% etc etc.

I've been networking and have some potential deals where I would be a lender for an investor.  For round #'s sake, assume this example:

Purchase Price $100,000
Lending $80,000
Repairs Required $7,000-10,000

ARV $145,000

What type of points/rate combinations would you say is competitive, meaning a good deal for the borrower when the lender isn't a best friend.  Estimated loan length 6-12 months until rehab and refi (they want to rent it out not sell it)