All Forum Posts by: Justin Landesman

 It might have been bound but many insurance companies have put those new policies on hold if the purchase has not happened due to the disaster and letting the mortgagee(lender) know that the policy is on hold. Just make sure that is not the hold up. If not, it's just a matter of waiting for the lender to start lending in that area again. 

@Lina Truong definitely submerse yourself in MTR learning for at least 2-3 months. Ebooks, podcasts like @Bonnie Low suggested and start running numbers on every deal you see until you know how it all works. Once you have ran through about 3 months or so of this and penciled out 50-100 deals for fun, I would talk to a local agent and start the process of looking. Make sure you are clear on your objective so they are not showing you deals that are not worth looking at. If you have any loan questions feel free to reach out. Wishing you great success!

Great question @Lorraine Hadden,

You should always compare both side by side to see the advantages /disadvantages to each. In this case, your monthly payment with 20% down will have a good MARKET rate if your DTI works with a much lower month payment and no mortgage insurance(MI). If you choose to go with a first time home buyer program, you would need to identify all the terms and advantage of that as MANY are available. It would depend on your income, location and price of the home. Sorry I am a little late responding but hope this helps! Let me know if you have any questions at all.

Very normal. We are seeing much longer wait times on purchases to be cleared for disbursing funds than refinances. I hope your deal and lender can fund soon! If it is a larger bank/mortgage broker, you should be fine. 

@Monty Alston It has some impact but no lenders will give you credit for having experience building a home unless you have built or renovated a home in the last 3-5 years. You can most likely still get a loan but it would be a low LTV and higher rate, especially with little income some SS.

Will do. Thanks Mitch. 

@Monty Alston sorry to hear about the tough situation that you are in but glad you are being proactive about it. If you are looking to pull out equity on your home to start to do some fix&flips(great idea) then it would all depend on how much equity there is in you home and your current income(SSI,retirement etc). If the use of the funds are for business purposes, like investing in real-estate, you will have an easier chance of qualifying for a loan documentation and income wise. However, the LTV that you will be allowed to borrower will be less, in the 60-70% range max. Hopefully this gives you some direction. Wishing you all the best!

Thanks @Mitch Smith. I will keep you posted on the progress of these. One is in National City, another in Grant Hill and last one in Fairmount Village. These are all lower $ properties and not the strategy you use. Hopefully the guy just gets caught up with us. Otherwise it will likely be a sell situation.

@Matthew Cook I would NOT pay for the renovations unless I was on title or had a very formal contract written about the split of profits. If that is all ok then get a very good local realtor to run comps in that area to determine the conservative value of the home once you've completed the renovation work(ARV). Do the calculation to see if there is enough profit in the deal for you after splitting with your buddy. If there is, get a real appraisal with as is and ARV and put together a REAL SOI that you think is conservative from multiple GC's. At that point you should know if the deal makes sense. Hope this helps!