All Forum Posts by: Joe Kim

It depends on the time period you purchased the home and how much your loan amount is.  Most lenders will not refinance this property because you are looking to sell it the instant you have a buyer and they need you to stay in the loan for at least 3-6 months depending on the bank/lender's overlays for conventional refinancing so basically you're looking at hard money options and most lenders charge anywhere from 4-9% for the origination of the new loan.  So you still have 3 months to sell it before a replacement loan would make sense.  If you were planning to keep it and use it as a rental, you have options though.  The hard money loans are designed to create the urgency to not hold the loan for an extended period of time because there is no secondary market they are selling to, there are some companies out there that could get you out of it, but costs of refinance probably will exceed the benefit for paying the 1.5% per month. Its a matter of how long you think it'll take to sell.  

I accidentally ended the post. There are many different types of loan products that exist and financing options. I'd be happy to go over them with you but I can't put all the options in a post. Just PM me and I'll set aside some time to talk to you about possibilities.

If you're looking to expand there are financing options to purchase additional properties with easy financing but you'll have to start risking more. Most minimum loan amounts are 100k. So you can't be purchasing 50k properties. But there are some loan programs called Debt Service Coverage Ratio. Where they don't take your income. They only take what your rental value you could get for the property and ratio that to your mortgage. Or the have no income doc loans where you just put in 25% skin in the game. There are tons of financing options depending on how you want to expand.

There are 8 other units that have fridges, if you don't want to buy a new one.  Even though you'll need one for the vacant apt.  Grab it from one of those others and put the ghost fridge in one of those apts where they people aren't superstitious.  Do a 3 way swap.

As far as your utilities are concerned it depends on how your multifamily unit is set up.  If they have separate meters, you can have your renters set up their own electric/water/trash set up in your own name.  If its all set up into one, there's no way to determine who's doing what so you need to adjust your rent to be able to cover the utilities.  In respect to your financing, that really depends on the properties you find and the deals you are able to procure.  It says you're from Montreal, so financing could be a little more difficult not being a US resident.  I could break down financing and financing strategies for you if you're interested but I can't do it in this post.  Just PM me and we can do it over email or phone.  

We offer several different kinds of loans, all for buy and holds, fix and hold, primary, and 2nd homes 1-4 unit.  Nothing for Flip and Fix yet.   

12-24 month Bank Statement loans, No tax returns needed for income qualification.

Asset Depletion Loans, Don't have any income but have a large lump sum? We divide the lump by 36 months and use that as your qualifying income.

No Doc/DSCR loans - 20-25% down and 2 bank statements to source it and we fund the rest. (Very quick and investment property loans only).

Have your property in an LLC? No problem. We can purchase or refi a property and keep it in the LLC.

Have more than 10 investment property mortgages?  We can finance up to 20 properties.

These loans fund on average in 21-30 days.  No Docs can be faster.

Call,text, or email for more information.  Let's go over your scenario and see where these programs might be able to help you - [email protected] (714)-559-2987

@Sharon Sweeny I don't know about market research so much, well I do, but there are specific FTC guidelines for doing cold calling for businesses. Like calling past 9pm their time and I believe 7am their time as well. Don't really run into that guideline cause I live on the west coast. That's telemarketer rules though. If they are putting their number for you to call them about a seller finance property of FSBO, then I'd say blow their phone up. They posted their number because they want you to contact them. If you are cold calling as far as like a telemarketer service off data you've bought, I'd say stay within FTC guidelines and work your marketing strategy around that.

Look for lenders that offer "no doc" loans.  They are SO hassle free.  20-25% down one tri-merge credit report.  2 appraisals.  2 Bank statements sourcing the money for the down payment.  Bam done and funded in 14 days or less.  

Biggest barrier to FHA would be occupancy and loan size. 4-plex limits stop at 530,150 I'm guessing. There are a whole list of companies that will do private money loans 1-4 500k-1M some even at 20% down with contingencies of course. Private message me and I'd be happy to give you some company names.

@Robin Boyer Where is the Riverside Meet? Can anyone come? Can I get the information?