All Forum Posts by: Bryan Silver

Mike:

I know many are using commercial lenders to acquire REO packages; buying bulk properties, etc.

I guess the question I would like to know is....can you get a commercial loan to acquire a single family property (one investment property)?

If so, going commercial route definitely makes more sense.

Adarrin:

Valuation websites you cited are very helpful. Another site you may want to add to your repoitre is Realquest.

Based on my research, realquest is more accurate than zillow, trulia, etc.

Depending on where you live, some of the bigger title companies (Fidelity, Chicago Title) will provide you with a CMA report for a miniscule fee (.35 cents for comps per property. Otherwise, you may need to get CMA report from a appraiser or real estate agent.

Hope this helps.

Like many investors, I am up against Freddie and Fannie Mac's 4 financed properties guideline. However, in my search, I have managed to find several lenders willing to service more than 4+ properties to include, but not limited to, the following:

WA Federal
Icon Residential (5 max)
JMAC
First Mortgage Corp (10 at this time)
Metrolending (5 max)
American Sterlings Bank

Additionally, there are private lenders w hedge funds that don't have a limit. Will provide details once info is forthcoming.

If you have lenders to add, please list below.

investy:

Do you have good credit scores?

aramon:

Many lenders require you to use your "own" money, but it doesn't necessarily define what "own" money means. You can receive down payment monies in form of a gift from a friend or family member.

A DP service would be excellent, if utilize appropriately. The key is the amount of equity in the property. In order to utilize DP service to help with down payment, you need a cushion of at least 20 to 40%.

biggerpro:

I think raywasted was pointing out that these are potential cashflow deals that may be available to an investor. I don't believe he has rightful ownership to market properties for sale?

Unless he has an agreement in place with current owner.

raywasted:

Do you mean list price for property #1 is 100K; ARV is $164K? List price for property #2 is $100K; ARV is $154K? List price for property #3 is $100K; ARV $175K?

Need clarification.

_______________________________
Bryan Silver
Silver Investments, LLC

msedwick:

I understand your concern. To get a ACCURATE assessment of property values, you should consult with title company and/or contact realtor in your immediate area.

Whatever the stated property value may be...it is best for you to subtract another 10% off valuation.

Let me chime in here!

It can definitely work depending on how the deal is structured. The ball is in the court of the seller. If he/she agrees to do a 35% carry back (hopefully a forgiven carryback) or provides incentives that can assist you with earnest deposit, downpayment, and/or closing costs....I say go for it!

This model will work perfectly on non-MLS, or wholesale properties. It will not work on listed, bank-owned/REO properties.

For forum sake can someone please provide a list of lenders that don't require source of seasoning and/or title seasoning?