All Forum Posts by: Jhonny Paulino

Do you have more than six months with the property in the LLC ? if so, Jerry Padilla @ MB financial can help you with you refinance as long as the property / title is on fee simple. I completed one a few months ago.

Thanks Ned,  That's the option that I will be exploring next week.

correct.  I will go thru the state , however that process takes 3 to 4 months at least.  I was wondering if there are banks that will give you a loan on this condition.  

Hello,

Looking for reference or information for a mortgage company or any financial institution who can do a long term mortgage refinancing on a Row house with ground rent in Baltimore where the owner is not register with the SDAT. I got approved for a refi and was going thru the process of closing on the loan, however the underwriter stop the deal because they don't do mortgage with ground rent. The house appraised at 142k, the current loan on property 57K, tittle and ownership is under LLC but willing to switch to personal name if the deal is good . my credit score is on the 680 mid range. Any real estate investors out there that successfully done this type of deal can PM the info or reference will be greatly appreciate it.

Yes, I have that contingency in place.

just want it to verify with the community that my assumptions were correct. I knew about FHA loans been denied because of high delinquency on the condo but wasn't sure if this apply to other conventional loans.

Is the financial condition of the Homeowner Association (HOA) of a condominium taking into account for a conventional mortgage as an investor?

Hello BP.. I’m looking for advice on the following issue.

Right now I have a condominium under contract for 86k, the seller agreed to carry a second note for 25k for a year and the rest of the money is coming from a HML loan (60K) at 12% interest for a year. The ideal plan is to complete the repairs in the condo, find a tenant to rent the property and do a refinancing in 6 to 9 months to pay out the HML loan and the second note of the owner.

Currently we are having a difficult time obtaining all the disclosure forms from the HOA and after further looking into the issue we discovered that the HOA although is "operational" in terms of collecting the condo fees, cleaning the common areas, etc.they are not following all the legal formality of a HOA in regards of being incorporated, filling all the paperwork with the state. Etc. it appears with the housing crisis of few years ago they fired the management company.

Now my question is if the HOA situation will prevent me or make it more difficult to obtain long term financing in 6 to 9 months.? I don't want to be in stuck in 6 months with the HML loan because I can't obtain a conventional loan due to the lack of legal organization of the HOA or the financial situation of HOA. I know that high delinquency is an issue for FHA loan but that's only for owner occupied.

I'm currently contemplating withdrawing my offer and walking away from this deal because of the situation of the HOA.

I'm also considering the Richmond, VA for rental. Where can I find info or can you name a couple C or B neighborhoods / Zip Code in Richmond ? Also any example of what are you getting for rental properties.

How much is he asking for down payment ? 

Ok, Here is the scenario.

I went thru Homesearch.com and placed a bid for a property currently occupied.  I didn't win the auction at first but then  after a week and half past, I got contacted by homesearch.com that I was the second highest bidder and if I'm still interesting in the property because the highest bidder backed out...  The answer is yes to that question however the partner that I was counting on provide a good portion of the financing used the money on another project since we were under the impression that we lost the auction.

So the question is, Will a Hard money lender be able to provide funding in a case like this ? The price that I'm paying for the property is way under the 65% LTV ratio versus the comps in the area. the only sticking point is that I will need to start the eviction process once I close but need the funding in order to do that.. they will provide a special deed warranty

Any ideas if a HML can take in a situation like this ?

Sorry for the typo. Yes I understand that part. However as an investor can I get a loan from a HML to complete the closing on a property that I won at auction where the previous owner still in the property ?