All Forum Posts by: Jared Fisher

The result for a background check using Zillow Rental Property Manager's site came back with a result of "N/A". Does that mean the applicant had a clean criminal record or that the 3rd party wasn't able to screen the applicant?

0 Votes

Quote from @Robert Portal:

The main things that you need to keep in mind are seasoning and status of the home. Conventional guidelines will ask you to have owned the home for 12 months before you can do a cash out refinance. Additionally, you have to qualify by submitting all your documentation (tax returns, W2s or 1099, paystubs). The new debt will also be accounted against your DTI. Lastly, the home needs to be rent ready so it can pass appraisal (cannot be under construction). Other than that, the timeline should be give or take 30 days.

Another route you can look into, is refinancing into a DSCR loan. This loan will qualify the property itself, without the need of all your personal documents (as mentioned above). Just have to make sure the rent can cover the mortgage (this is where you assess rents in the area or ask your agent for rent comps). There are programs where they don't require seasoning and you can refinance as soon as you're done. The process can take between 30-40 days.

Thanks Robert! About how much higher of a premium interest rate can I expect to pay on a DSCR loan compared to a conventional loan interest rate?

0 Votes

Thank you!

1 Vote

What is the process like for refinancing a hard money loan into a conventional loan? Is it easy to accomplish within a short period of time like within a couple months?

0 Votes

How do you finance pre-foreclosure lead? I'd imagine there isn't enough time to get a conventional loan approved for the property before the auction date? Thanks in advanced!

0 Votes

How do you finance pre-foreclosure lead? I'd imagine there isn't enough time to get a conventional loan approved for the property before the auction date? Thanks in advanced!

0 Votes

How do you finance pre-foreclosure leads when they are 4 weeks out or less to their auction date? I'd imagine this isn't enough time to get a conventional loan approved for the property? Thanks in advanced!

0 Votes

Quote from @John Slater:

Quote from @Hunter Gibson:

Hi everyone, I am looking to learn more about Pre-Foreclosure/ Foreclosure homes and how to buy them. If anybody could give me any pointers that would be great. If anybody has actual experience that would be AWESOME!!

Thanks for all the help & I look forward to hearing from you

Hi Hunter. Pre-foreclosures has been my world for the last 10 years nearly. I have bought them as flips as investor, and listed them as an agent when flip doesn't make sense. Let's connect.

Hi John, how do you usually finance pre foreclosure leads? I would imagine a conventional loan would take too long to get approved in order to close before the foreclosure auction date?

0 Votes

Salt Lake City, Utah

Does anybody know any courses/programs that they recommend for learning how to find off-market properties? I'm specifically interested in learning how to land a pre-foreclosure deal, but I think I need a structured system for educating myself and have a teacher/mentor for support and to hold me accountable during the process. Thanks in advance!

0 Votes

All Forum Posts by: Jared Fisher

Jared Fisher has started 15 posts and replied 26 times.

Post: Zillow Rental Manager Background Screening Results

Post: Zillow Rental Manager Background Screening Results

Post: Refinancing a hard money loan

Post: Refinancing a hard money loan

Post: Refinancing a hard money loan

Post: Financing a property in pre-foreclosure

Post: Financing a property in pre-foreclosure

Post: Financing Pre-Foreclosure Leads

Post: Pre-Foreclosure/ Foreclosure Experiance

Post: Recs on courses/programs for off-market deals particularly pre-foreclosures