All Forum Posts by: Joe Miano

@Angela Doyle Hi, what ever came of this transaction? Did you end up purchasing the car washes? I'm also looking at car washes now and using Seller Financing would be my preferred option. 

@Kevin Mcnair  it shouldn't be a problem getting below 5% with 20-25% down. Yes investment rates have come up a little since the beginning of the year but they aren't over 5% yet unless credit rating is coming into play. 

@Kellyn Cameron if you are on title to the townhome in NC then that property will count as your "first" property. Title shows ownership, who is listed on the mortgage just shows who's responsible for paying back the loan. There are Conventional programs that allow 3% down without being a first time home buyer but most of the time the rates are just slightly higher than if you were to put 5% down. Reason why is lenders like to see the buyer put a little more skin in the game. You'll just need to look at the numbers for both options. Plus with slightly lower credit scores and the minimum down payment = the MI would be higher than that of FHA. The MI on FHA loans are based off a percentage of the loan amount rather than credit scores and LTV. And if you're looking at a multi-unit property then conventional requires 15% down regardless if you're a first time home buyer or not. Just food for thought. Best of luck!!

Thanks everyone for your comments. Definitely a lot to think about. Hope to get something sooner rather than later. Now I’m hungry for wings...strange haha. 

Hello everyone. My name is Joe. I’m wanting to get into short term rentals but I feel that right now the prices are too high. Am I wrong? I’m looking in the Smoky Mountains area: Gatlinburg and Pigeon Forge TN, even Bryson City NC and Maggie Valley NC.  After everything that’s happened over the past year with the pandemic, I really feel short term rentals is the way to go in the next couple years. Obviously we’re in a big sellers market right now so should I wait for prices to settle down or just bite the bullet and jump in? I’m nervous at buying at the top of the market. Any advice, thoughts etc? Thanks!

Congrats!! That's an awesome first deal and hope everything goes great for you!

I'm a mortgage loan officer and work for a lender here in Charlotte and would love to see how I can help out. I'll PM you my contact information. I have access to traditional products and non-traditional products. 

You should always look at a minimum of 2 different lenders to make sure you're getting a good deal and can compare apples-to-apples. 

I know this thread is a little old but saw it and wanted to also confirm what Tim Sherrod is stating regarding Delayed Financing. I work for a direct lender here in Charlotte and when it comes to the Delayed Financing Exception:

"The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value)."

If you're looking to get up to 75% of the ARV, you'll have to wait for the 6 months seasoning period.