All Forum Posts by: Benjamin Voorhis

We are going to be converting our purchase into a halfway house/ sober living.  Anyone know of a lender that will finance a building like that? 

6 months seasoning would be fine.  I know the market for low doc loans are limited at that price point, but thats what Im looking for.

I have a property I want to buy, I have private money lined up, but I want to make sure it refinances for a cash out before I pull the trigger.  House should appraise 70-80k, thanks for your help!  My FICO is 745, plenty of fix and flip experience, 25 plus rentals.  

Anyone know a lender that will do loans on 1-4 units below 75k.

We buy in Ohio and a lot of our properties arv around 80-160k.  We would like a commercial lender that can do the cheaper mortgages if possible 

Looking for Ohio or Dayton Ohio Lender’s for the refinance portion of the brrrrr. Running into some issues with lenders that need 6 months of seasoning, which I understand is federal guidelines for Fannie backer loans. Just need a lender that will appraise for current value hopefully 75%.

Thanks!!

So, it’s a bit complicated, but my partner and I went in together, he took a heloc out on his primary to let our business borrow it, and we bought the house free and clear just with a promissory note between the business and him.  

So I have a home that I am wanting to owner finance to a neighbor. The deal is good, 15k over the appraised value is the sales price (130k). The neighbor will put 15k down and then pay 12% on a 20 year note.

The issue I have is the loan is currently going to be in a friend of mines name for 92k at 6% on a 10 year note. The friend is wanting his money back within a year, which I could pay back in that time but means I will forego all other investing.

Is there any bank that would take this mortgage on? Is it worth inquiring about considering the due on sale clause most mortgages have in them? I would love to just have another mortgage come in and pay off my friend, so that way I can make the spread on the house while also investing in other deals.

Thanks!

I have a property in Fort Worth Texas that is finishing rehab and is almost re-financed in my name. I will have a mortgage in place and my neighbor approached me about owner financing the property to him. The terms work out well for me, I would like to do the deal. I am just trying to figure out how to structure the contract. Should I close and do a wraparound mortgage, do a contract for deed? Any feedback would be helpful

yea, these would be 2-4 month long loans, so Im ok with offering higher interest with no points, and without the annoyance of hard money.

its a little complicated, we actually airbnb a section out and have room to room tenants, so we cash flow very well, 1,000 to 1400 a month