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All Forum Posts by: Heath Thomas Jr

Heath Thomas Jr has started 39 posts and replied 184 times.

Post: Hard Money Loan First Then Refinance

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65
Quote from @Chris Seveney:
Quote from @Diane Tycangco:

Hello Everyone!  I was talking to an investor who told me if he bought my property, he would borrow money from a hard money lender for a few months and then refinance with a regular lender.  Why would he do that when the rates a hard money lender would charge is astronomical?

Thanks!


 1. May not be able to qualify at this time for conventional financing or the property needs work that they want to upgrade first.

2. Speed. Conventional financing can take 60-90 days, hard money in a two weeks. If he is only having hard money for a few months the delta between 7 and 10-12% is not that much.

There are many other reasons, but those two I see are the most common


 I agree on the speed, but if a conventional lender is taking 60-90 days on a 1-4 unit deal, I would have some concerns on what exactly they are doing.

Post: dcsr loan for sfr

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

Agree with Mike that this deal probably doesn't make sense but on these tighter deals, particularly where you can get a little time, the Fannie Homestyle reno loan could be of use.

Post: First-time real estate investment, considering partnering

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

If you are in VA and interested in investing out of state, I would recommend Baltimore or any other city you would be willing to drive to so you can get eyes on the area.

You also will not get any first time homebuyer benefits if you are planning to buy an investment property.

Post: Hello Bigger Pockets Community

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65
Quote from @Aaron Wilkins:
Quote from @Heath Thomas Jr:

Welcome Aaron! I definitely recommend checking some of the real estate meetups in the area (there are plenty to choose from) to start getting connected with people in similar spots and to find resources to help.

Happy to answer any questions you might have.


 Thank you! Well I do have one question since you're in my area and apart of this community. I was digging around this forum for a region specific category but didn't find one yet? Does one exist? 


 I am not sure there are region specific forums, but you can search for posts and events based on city. Some people put their location in the post like you did

Post: Hello Bigger Pockets Community

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

Welcome Aaron! I definitely recommend checking some of the real estate meetups in the area (there are plenty to choose from) to start getting connected with people in similar spots and to find resources to help.

Happy to answer any questions you might have.

Post: Investment Property Baltimore

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

@Jerome Thompson you don't need 20% equity to take out a HELOC (usually beneficial though), but you do typically need to be in your house 6+ months before you can get one.

What is your current financial situation? Did you put most of your cash into your home purchase? Are you able to save a decent amount on a monthly basis?

Post: Hard Money Loan Questions...

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

Nothing wrong with hard money but if your goal is to keep it as a rental why not look into a Fannie homestyle loan?

Post: First-time home buyer. Is 600k too much on an 85k salary alone?

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

Happy to help you set a plan, but everyone else is right that $600k is out of your budget currently.

Whatever you end up doing, I would recommend looking into conventional financing though. Your income would qualify you for the Homeready/Homepossible products and you may find that is better pricing than FHA.

Post: Retiring Soldier Living Abroad

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

Thank you for your service CPT Awesome! My brother was also stationed in Germany when he was in the Army and actually just bought his first house there.

Baltimore is a popular market to househack and get your feet your feet wet in investing.

Happy to answer any questions you may have.

Post: Best options for buying another property?

Heath Thomas JrPosted
  • Lender
  • Baltimore MD
  • Posts 198
  • Votes 65

It is a bit of a misconception that it is harder to get a conventional mortgage while self-employed. That is thrown around because a lot of self-employed are showing minimal income on their tax returns because they deduct everything.

If that is you, then yes you should go the HELOC or DSCR route. But if you are showing decent income, you could qualify for a conventional investment mortgage.