All Forum Posts by: Jasmine Claye

I recently read "Landlords grow rich in their sleep". Is renting a unit as easy as purchasing a unit, hiring a management group, and collecting the cash flow?

That makes sense... Thanks for explaining.

Ok thanks for clarifying. I initially thought the owner is the owner (name on title) and the lender used the property as colleteral. So if there are multiple mortgages all using the same property as security, is the senior lender (first mortgage holder) the only lender able to foreclose?

Can one property have 2 mortgages by 2 different lenders? If so, who is on the title as owner, or does each lender have a portion of ownership, such as the outstanding loan balance owed to them?

OR

Is there one mortgage and a second secured loan? If just one mortgage, is the first lender the only one on the title as owner?

Thanks for the replies. Before I resigned, I did think it over but could not continue to keep working a job that I was not happy at and it had absolutely no ties to what I want to do in the future. So I figured now would be the perfect time to build a foundation for my future. Hopefully everything will work out. I hav money saved & hardly any "real" bills.

Sanjvi ... Initially I planned to get another job but then I figured I would obtain my RE license before going back to work. If I do decide to work right now, I want a job that deals with RE some type of way rather than working just to say I have a job. I currently do not have any investments as I am learning more before I began. My goal is to flip and manage rentals.

Chris ... thanks for the info. I figured they perform some of the same work and since I ultimately plan to get my broker license, I figured I would go for it without obtaining an originator's license. But because I am still learning, I believe the originator license would suffice for now.

Today I quit my full-time job. I doubt I will regret this decision as I got tired of the job after working there for a month.

I see my local real estate school has an upcoming broker course that I am considering enrolloing in. Believe it or not, as soon as I quit my job, I received a phone call about a loan originator/officer position. I do not have a state loan originator license or experience so my question is .... Would I be able to work as a loan orginator with a broker's license? Im pretty sure of the answer but just wanted to confirm. :mrgreen:

Thank You

She said that they can also be used for investment properties, as I explained to her what I wanted to do which is flip the property. Is this not true? So this renovation loan may not be used for an investment flip property?

Bryan ... sounds like a good strategy & seems to have been working well for you this far! Great idea.

Bryan, how far does an institution have to be to lend money? Last time I checked, Homeservices Lending in Raleigh was willing to make renovation loans. This is an e-mail from Holly Tucker, a Home Mortgage Consultant:

"We do offer those loans we refer to them as 203K, or renovation loans, and they are available on investment properties as well with similar loan to values, the 70-75% is standard.

The loan to value is based on the after repair value, so you maximize your lending potential.

I work directly with Richard in my office on all 203K's and he's excellent. If you feel it's something you want to pursue you've got he right place for sure. Let me know".

Not sure if this will help but if its not too far, it may be what you're looking for.

Does the 75% LTV include purchase + rehab costs?

Any users of Portfolio Lending from small banks care to share any of their personal experiences? Feel free to share anything about Portfolio Lending.