All Forum Posts by: Sohrab Khosravi

@Ariana Dean

Welcome to BP this is a very good site to learn and move forward.please let me know if I can help you in any way or if you have any questions about financing and loans.I am local in Houston and like to network with like minded people.

Hi @Andrew P.

I am a loan officer and maybe I can help a bit.

When you want to get a loan for a rental property you have some option:

1- FHA loan (this one work best on more that one unit less than five units like Fourplex,

You need to live in one of the unit for at least one year, but you only need 3.5% for a down payment (you will pay for the mortgage insurance upfront and monthly) the title need to be held under a person and not an LLC also you can just have one FHA loan at a time.

2-Conventinal loan, you can get up to 10 finance property, it has the better team an interest rate need 20% down for the first 4 properties and 25% down after that, you need to have a reserve requirement for each property before you can buy the next one. The title and the loan it need to be held under a person and not an LLC.

3-commercial loan, this type of loan dose doesn't have any written guideline and its different from bank to bank on the limitation, terms and other stuff. Because there is no landing law guideline for this type of loan you need to make sure you understand them correctly and make sure it will work with your plan. This will hold under LLC or corporation.

We have another type of loan also like portfolio loan which will work for rental propertys and the title can be hold under a llc or personal name.

Hop this help.

@Daniel Hsieh

I really recommend listing it with HAR and if you can find a flat fee listing.

you need to consider some money for the buyer agent if you want to sell this fast.

I never skip this step when I try to sell a flip property.

Hi @Ryan S.

I am a loan officer and this is what I know on this subject. If you are looking for a conventional loan and you are not living in the property, it will consider as an Investment you need to put 20 % down up to four properties and after that it goes to 25 % (this is on SFRs)

If you are looking at up to 4 units and not just a single family you need to add 5 % more to your down payment.

If you want to live in one of the units you do not need this much down payment with conventional you need around 10 to 15 % and for FHA you need 3.5%, but you need to live it the property for at least 1 year before you move.

If you can, I think the best option will be FHA.

Also, you can start looking for the bank that go portfolio loan, but the interest rate and term will not be as good as conventional loans.

Hop this help

@Ryan Fischer

Hi,

I am a loan officer for AMP lending in TX.as far as the down payments goes for investment properties with conventional loan is work like this: up to 4 properties you need 20% down and after that you need 25%.For4plex you need to add 5% more to the down payment.So if you are buying yourfirs4plex will be 25% down.

Hop this help.

Hi,

I am in need of some recommendation for make ready and carpet cleaning in Austin and Houston, TX.

I use to have a crow for my make ready, but they are up scaling to bigger projects and they do not have a good turn over time anymore.

I really thank full if I can get some referrals from BP members.

Thank you so much in advance.

Hi,

I am in need of some recommendation for make ready and carpet cleaning in Austin and Houston, TX.

I use to have a crow for my make ready, but they are up scaling to bigger projects and they do not have a good turn over time anymore.

I really thank full if I can get some referrals from BP member.

Thank you so much in advance.

@Kayman K.

Take a look at NARPM.org

**The Ins and Outs of Hard Money Conversions in TX**

As an experienced lender, we realize that securing permanent financing on an investment property can sometimes be confusing. Understanding the difference between hard money and conventional money is vitally important. That is why at AMP Lending, we pride ourselves on educating our clients on the lending process. This helps our clients feel comfortable about the plan they have set in place to ensure financial security for themselves and their families.

Hard money loans are a necessary part of the investor portfolio. If the property you're buying has deferred maintenance that requires rehab and you don't have the cash to buy the home outright, hard money is the way to go. Most hard money lenders will lend up to 75% ARV (after repair value) to cover repairs and acquisition, but you will need an exit strategy. Hard money loans are bridge loans and are temporary.

Getting pre-approved for a traditional loan first to ensure your exit out of the hard money loan, is the first step. To get you started and on the right path, here are a few titbits on what to do and expect during the process:

1.Before you start looking for a home to purchase make sure you’re pre-approved with a lender.

2.Not all lenders are created equal when it comes to investment financing. Make sure you are using a lender like AMP lending, which specializes in investment financing.

3.Income: Make sure your lender is asking you for income documentation and assets, before a pre-approval letter is issued. If they don't ask you for these items, they are not looking at the full picture, and you might run into problems.

4.Assets: Having clean bank statements are critical part of closing quickly. Make sure any deposits in your bank account in the past 60 days are provable with copies of checks or detailed transactions. Cash deposits are not provable, and will be required to be backed out of your total balance. Retirement accounts can be used as reserves. We will use 60% of the balance of the 401k (or equivalent), without the funds being removed from the retirement account.

5.AMP lending can use future rents on a vacant property that you are purchasing to offset your mortgage payments.

6.Once a lender has determined you are qualified for permanent financing, it’s as good as cash!

Give us a call today!!!

Sohrab (Rob) Khosravi

Loan Officer

AMP Lending

NMLS # 1270826

Direct 281-574-6332

Cell 281-840-2717

[email protected]

Complete a free Pre-Approval Application at www.askmortgagepros.com/rob