All Forum Posts by: Joshua Martin

Hey @Steve Vu,

  I'll be out of town those exact dates, but have a nice stay in Milwaukee and keep killing it!

Best,

  JTM

Hi @Kendra L Lee,

  I could maybe be of service. I spend some time working as an agent (depending on how much I like the buyer), and am just closing on my first four family in Milwaukee. It is a solid market to invest in, and I know the areas pretty well. PM me if you'd like to connect, I'd be happy to at least talk to you about Milwaukee.

Best,

  JTM

I serve tables and bar tend at a fancy pants place, but I also got my RE license about 9 months ago, so I've been selling a few houses. Also closing on my first four family June 20th. The plan is to be full time RE, but I'll have to be extra creative. With what I'm trying to go after though, W2 income may not be as important (multifamilies). Great topic!

15% down on investment properties?! Sounds legit. I'll be in touch when I line another one up.

Thanks @Account Closed, I appreciate the input!

Hey gang,

This is a little pre-emptive, but I like to plan ahead. I'll be closing on a four family June 20th, and I'm buying with significant equity in the property. Depending on where the appraisal would come back I'd say 50-60k to be at 100% LTV. So... what are some options for getting the money out?!

I will be occupying the property for the foreseeable future. It cash flows with me in it, and it's a great property in a great location. In six months to a year I want to pull out every dollar I can to go after something bigger, but on a cash out REFI I think they'll only let me take 75-80% LTV. I need more ;)

Anyone know what kinds of LTV you can get as an owner occupant on a REFI? One lender told me yesterday 'only 80%,' but then why the hell do I see short sales where people owe absurd amounts of money on property that should never have been loaned? Are those days gone entirely?

  If I could cash out 95% as an O/O that would be legit. I'd loose the cash flow, but I'd have a huge chunk to go after a multifamily and have skin in the game for raising additional capital. 

What LTV do HELOCs typically go to?

  And lastly, while brainstorming, I thought, "what if I could get a high net worth individual to buy the property at market and sell it right back to me on land contract for a reasonable interest rate but would he would know will be consistent for many years?" Is this last strategy viable? Or am I perhaps looking some obvious SEC and/or lending issues that someone more well versed spots right away?

  In any case, I like to plan ahead. Thanks in advance.

Best,

  JTM

Sounds like an awesome gig. Perhaps in a few years. That's the direction I'm trying to go. 

Best of luck, this is a good place to find the best candidate.

@Ham Merritt Do you guys hold your loans in house and so have a little flex? And do you offer 'nonconventional' loan products that might be valuable to investors? Or are you boiler plate mortgage lender and sell them all off to Fannie and Freddie? Just doing the simple ones? Thanks.

Hey gang, 

  Just wondering if anyone has used this product, and if their experience as a buyer was easy? I have a house under contract, and I'm keeping the option open in case things come up on the appraisal because I'm not asking my seller to do a thing, and I would rather not be out several thousand out of pocket after closing for required repairs.

  But asking around about this loan, I've found that everyone who has used it on the buyer side says the 'experience wasn't that bad,' or 'ours was easy,' while every lender I've talked to says 'the thing is a nightmare,' 'they never close,' 'don't do it.'

  And hence, I think the real problem with this loan is finding a lender who 1, knows anything about it, and 2, is wiling to do it in an efficient manner. 

  I think it requires a lot more paperwork on the part of the lender, and so they all make them sound much worse than they are.

  For example, there's a mortgage guy local to me on this site who seems to comment on every other thread, but I send him a private message asking if he is familiar with this product, and **tumbleweed**.

  Any buyers or lenders on here that have used this product? And what has your experience been?

Thanks in advance.

Best,

  JTM

Awesome @Lorraine B.! Glad to see you're having luck in the Mil! Would you mind sharing the numbers on the property?