All Forum Posts by: John Shoup

@Jesse Gonzalez

Thanks for the information. I had no idea there were any changes to that affect! Seems unfair that just because I decided to go into real estate and not, say Laundromats, that I'm not entitled to have a primary home purchase option for my family. The last thing I want to do is tie up my investment funds in a house not making any money. Just don't understand why it cant be treated as a business only, not taking into account any SFHs. Thanks for the info guys.

Do we have any underwriters that can help? I have zero mortgages in my personal name, but I have a portfolio loan under my sole owned LLC, in which I'm NOT a personal guarantor. Because I have "ownership interest" in over 10 properties (23), I don't qualify for the loan backed by Fannie Mae which is offered by the bank I've been dealing with. They have been blaming it on the Fannie Mae guidelines... The guidelines state that, with a 720 credit score or better, you may qualify for up to 10 "Fannie Mae insured loans". Nowhere does it state that "ownership interest" is factored in the guideline. Have I missed the boat on this ?

If you have a minimum loan of 500k, there are dozens of lenders that will go 70% LTP (Loan to purchase) the next day. If it has been over 3 months since purchase and some upgrades have been made, they will go 70% of ARV. Once you get up to 500k loan value, it frees up a lot of restrictions given by local and "big box" lenders. Good Luck!

I have slowly built a portfolio of 23 SFHs in West Florida. After obtaining a spreader loan (basically a blanket Loan) I continued to buy properties cash or hard money. When applying to add the new purchases to my spreader loan (promised that I could during the original courtship by the lender) they broke it to me that average seasoning for "commercial cash-out/refinance deals" was a minimum of 24 months before appraised value can be borrowed against. This limits me to the 70% of the purchase price, not the appraised value (ARV). This 24 month seasoning was quoted as "industry standard" in which I am skeptical. Does anyone else have knowledge of this "standard"?