All Forum Posts by: Jeremy England

 I don't know how people do that because when I was looking I was being told no.  at least not without at least a 3 month seasoning

the bank i was talking to would only do up to 65pct ltv, regardless of the HUD costs without the seasoning

What sort of terms are you seeing on a commercial cash out? LTV? Amoritization? and rate?

I ran into this on my first rental, I bought with cash, then rehabbed with cash, then rented, then got hit with a seasoning requirement.  This is for a 30yr mortgage.  I spoke with a commercial lender that offered a 20 year amortization but a higher (6%) interest rate than I could get with a mortgage.  So decided to wait for the traditional seasoning req.  A 20 year amorti and 6% would exceed my monthly cash flow goal. 

I ran into this same problem with seasoning.  Did you ever refi?  I'd like to hear your experience as it went and did you everntually scale?

That sounds like a unicorn. 

I've bought cash, but also considered HML which I refi out of at seasoning. You can also look into personal loans, or private money loans with folks sdira

got my start as a builder at 25 years old where alot of the same lessons learned apply, but didn't invest in rentals til I was 40.  I'm far more cautious now than I was then.  I have more to lose.  Plus, for those of us that lost a ton in the crash of 08, we are more hesitant.  So I'm going slow, and not overextending myself.  If the market tanks again, I'll be ok.  

 You likely can if you have good credit.  

Navy fed, USAA.  All these guys have personal loan programs for that much.  Question is what is your plan for 20k.  You arent' buying for that much, but you could certainly fund the rehab for another investor that needs a partner.  

I'll be buying again around the feb time frame, if you are still looking by then.  Maybe we can tallk

I figure if I can get 9 more like the one I have, i'll be set.  10 properties, totally doable goal

You'll need a 4pt inspection for insurability and wind mitigation inspection to get the best rates.  That's across the board.  If the roof is older than 15 years, then inspectors are going to say it needs to be redone.  Doesn't matter if its built with 30 year shingles.  

My advice is free so take it for what it is worth but ensure you have a good exit strategy in place before you buy. That HML is going to come due and most if not all conventional banks are going to want that seasoning period done before they will refi you out of the HML. But not only that, if you don't meet those income and credit requirements, they still won't refi you out.

Were I you?  I would focus on building my cash position, and perhaps working for another investor part time.