All Forum Posts by: Jeff Luman

Welcome to the forum

http://www.pitneyworks.com/

Jon can you point me to some documentation about Fannie having a 4 mortgage limit? The only thing that I can find says 10. The only 2 regular mortgages that I have are for my 1st and 2nd house. VA, and FHA loans for them.

Thanks Michael,

I could accept that kind of gratitude if I were still a cop or in the military, but I was well compensated in the oil industry. I wasn't always in the Gulf either. I did a lot of the survey work for the northeast gateway pipeline in Boston Harbor. I had a good time watching the interactions between the barge crews (mainly southern rednecks like myself), and the union workers that had to be included to get the contracts approved. I would go into more details, but I don't want the honorable brotherhood of XXXXXXX after me. Lets just say that the barge crews had never heard an employee tell their foreman....that is not my job, you need a xxxx to do that.

Oil companies are required by governing bodies to drill, lay pipelines, set up structures etc only in permitted areas. You cannot use traditional survey methods such as a tripod and stickman because obviously they would sink. An offshore surveyor positions assets....pipeleins, wells, rigs, lifboats, structures, etc using GPS, Sonar, Hydrophonics etc.

Mistakes on a surveyors part cost lives and millions of dollars. Example you are positioning a liftboat and you set one of the legs down on an 18 inch high pressure gas line. The explosion would leave nothing but floating pieces.

Imagine you took a map of the Gulf of Mexico, put it on the wall, and threw a bowl of spaghetti at it. That is about what the gulf would look like if you had a MMS plat that showed all of the pipelines.

Not to mention the pipelines that have been moved due to hurricanes.

The whole point of the 4 property limit is to discourage real estate investment.

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll042208.pdf

I "believe" Fannie still allows 10, but I havent researched it.

Also these limits are for mortgages, not unoccupied investor loans.

I switched to football when the astros died

I work for an investment group who finances residential/commercial purchases. I am looking to network with people in Louisiana.

Hello,

I work for an investors group that provides financing for commercial/residential purchases. My main area is Louisiana

Here is what we do. I will use a 100k house for easy math

You have a mortgage on a home. Place it into an inter vivos land trust. This protects you from Due on Sale, is easier to get them out if they do not pay, and will give the buyer the security of knowing that you cannot evict them unless they do not pay. (you will need a duly assigned fiduciary for this to work)

Charge a 5% to 15% investors fee for doing the financing.I will use 10% for the example (roll the fee into the loan) Charge whatever interest rate you like then amortize it over however long you want. Charge whatever down payment you want.

Breaks down like this

100,000*1.10(investor fee)=110,000
110,000-15000 down payment=95,000
Now roll closing costs into the loan ill use 5k for easy math
95000+5k=100000.00
So lets say you bought it for 80k, sold it for 100k+10%investors fee and then financed 100k.

Set your interest rate by how much you want their payment to be above your current mortgage payment.