All Forum Posts by: Jeremy England

Pm me if you find he will

Seasoning refers to the period (6 months) which fannie mae requires between when you purchase a home and when you may cash out refinance that loan.  This is only for fannie mae conforming loans, not commercial loans or other non-conforming loans.  BAnks usually deal in conforming loans but not always

Well currently its matching the stock market, so I suppose I'd like to be more than that.  

I'm not sure, I guess that's why I'm asking around to see if others are doing it and make an educated decision.  If I were going to pull the trigger, I would probably go to a reia meeting and see who needs such funding.  

 I do agree there is little discussion about seasoning on the podcasts or articles.  

 Not necessrily.  I could have refinanced immediately with a commercial lender at 70pct. But that would be a 20 yr amortized loan with a 7 yr balloon.   So the cashflows wouldnt have been as good and with rates increasing, i would have had to refinance in 7 years.  

If i had expected that i would have planned for it.  Its another tool in the tool belt but in this project i wanted a 30 yr fixed

 I dont recall being prohibited.  But at any rate, once you have the money you can put it in whatever acct you want.  My money, there money. Whats the diff if its unsecured.  Ive been a good customer.  

Thanks. Im not negative on the issue. Just didnt exactly come out with no money in it. 

Im good with the cashflows and how much i have invested

I have an IRA with about 27k in it. Its not my primary retirement investment vehicle. I am currently working with a friend who is planning on opening an sdira with one of the custodians listed on bp. His has about 150k in it and I'll be borrowing from him to fund deals.

I was thinking of converting my small ira to an sdira and doing some lending.  I was thinking of funding rehab costs or transactional lending.  

anyone doing that here? What's been your experiences like

I don't find them competitive for investment properties in terms of fees.  I have excellent credit and cash and they just quoted me at 2.5 points, plus underwriting fees plus other fees. The rates were lower however.  

For a 75k loan my lender costs were at 3700.  I got half that with a local credit union.

I have my personal residence with quicken also and have taken 3 loans with them over the years for other houses i lived in.  So Im not a new customer.  

I got a loan for 100k amortized over 7 years, bought the house at 62, rehabbed for 16, paid about 3300 in holding costs, and 950 in buying costs.  

I owe 78k because after what was left of the loan after paying all of the above, we paid back in a lump sum.  which was about 19k. 3 k has been paid back in interest via monthly payments.

So ive used roughly 2000 of my own money up til now.  

I anticipate having to pay 2500 or so in closing costs, then repay the balance of 3000 to the personal loan.  

making out of pocket about 7500

Rents are 1000, new payment on the new loan will be 450 or so.  Itll cashflow fine.  

I'm not worried about the house losing 25% of its value.  But should that happen, I'd still be cashflowing.  

I'm not emotional about it at all.  I just thin I can make more than 10k over time

You can refi with a commercial loan with no seasoning, usually for shorter term (20 year) or balloon notes.  Probably a lower ltv as well.  70% in most cases.  

But its available in most local banks