All Forum Posts by: Jesse Ramirez

Justin,
From my research I've come to the same conclusion. If you do your research you'll come to find that usually HML's will lend between 65%-80% of ARV. All costs are figured into that percentage.
Usually, lenders will require a credit score higher than 620, but that's not to say that some won't lend to you if your score is lower. As a matter of fact, I've come across lenders whose sole qualification for the hml is the deal itself.

Bottom line is do your research, work hard, and good things are bound to happen.

Found an article on non recourse loans involving iras,..... i'm leaving a link to the article here,
http://ezinearticles.com/?What-Is-A-Non-Recourse-Loan-And-When-Are-They-Used?&id=973192

I got in contact with the author of the article, Kevin Cook, and he was more than helpful in answering my questions.
There are several types of non-recourse loans, and depending on the bank the terms can vary tremendously.
In general, ira non-recourse loans don't allow a 2nd note or mortgage on the property. The good news is that most non-recourse loans out there that don't involve an ira do allow the seller or a private party to carry a 2nd note on the property. Typically there is no need for a credit check or anything else that may disqualify an individual based on there personal background.

The only thing that matters to the lender is the deal itself!

Sounds good. Would they consider financing if the buyer asked the seller to carry that 30%? I don't think it would matter, but nothing is as it seems right now.

Good point Chris....if you don't mind me asking, do you see yourself taking these same actions as a banker?
Do personal relationships with bankers even matter anymore or are all the decisions left to corporate?

Amazing, you would think they would go out of there way to take care of the good guys. What are these people thinking

Checked out cityfeet....definately a site where great commercial deals can be found if you're willing to sit and scout on your computer for a couple of hours. Can't believe I've never heard of that site before, but I guess that's why I posed the question. Thanks for the tip.

Checked out bid4homes and seems like a good site for rehabbers with cash. Won't do much good for the no money down crowd, but useful nonetheless.
I wonder if there is any other sites like this.

I've been researching the company Jamal, and I'm not sure jumping into this program at this point is worth it. After paying your $495 fee you post your great deals on the site and then if you're deal is picked up you're paid a small bird dogging fee.
Might as well go through the trouble of finding your own cash buyers and assign the contracts to them for a considerable profit.

Thanks for the tips fellas. Dam these gurus and their promises of 100,000 plus starting your first month......lol, j/k

Ok, other than craigslist what would you recommend on the web? I assume you get most of your leads from rei clubs or agents.
If you don't have a site to recommend.....could you divulge where you get most of your leads from?