All Forum Posts by: Jeremy P.

Here ya go: https://www.biggerpockets.com/files/user/brandonat...

Could the denial be as simple as asking for a current shot record of the Animal? If expired, kindly ask that it be current

What about Big Box Stores, or Theme Parks, etc. that allow Service Animals. What happens if/when they attack. Who is liable? The owner that brought the Animal onto said Property or Big Box Stores, Theme Parks, etc.?

Network with your Local REIA (Real Estate Investor Association), get on their lists for Off-Market Deals. Tell them the paramters of the type of property you're looking for.

Connect with Real Estate Agents and have them send you deals also. most of them get listings daily and can pass them to you (if it fits your paramters of the type of property you're looking for), I think they are still required to list on MLS though

https://www.biggerpockets.com/analysis it's working now!

Network with your Local REIA (Real Estate Investor Association), even friends and family could help you with the down payment for a percentage back in profits.

You can check out @Brandon Turner book: http://get.biggerpockets.com/nomoneydown/

I recently started compiling questions for Lenders from Big box, Private, and Hard Money:

• How long does a pre-qualification last?
• Since I will be doing this for Investment Properties will <LENDER> send me a proof of funds for the deals to be approved by the seller?
• Does <LENDER> have a specific title/attorney I would need to close with?
• Can I have a quick close? Does <LENDER> have an requirements on the property before closing?
• Does <LENDER> sell your loans or keep them in-house?
• Does <LENDER> allow investors with four or more mortgages to do a cash out refinance?
• What terms and loan programs does offer investors? ARM, 15-year, 30-year fixed, balloon?
• What interest rates does <LENDER> charge and what are the initial costs for your loans?
• What loan-to-value ratios does <LENDER> offer investors for a new purchase and a refinance?
• What are your seasoning requirements for refinances?
• Does <LENDER> lend to LLCs and/or Partnerships?

I was recently able to get these answered as I had a Lender email me daily for status of our initial 5 minute phone conversation, their responses: 

• Pre-qualifications are usually good for about 2 months, then we would just verify that everything is still good to go and issue another pre-qual if necessary.
• We issue a pre-qualification letter to provide to the seller, who may/may not contact me directly to verify
• In a purchase, the seller chooses the closing agency
• Depending on the circumstances, we can close a loan in about 30 days if everything is ready to go. A survey, title search, and appraisal are required.
• We sell our loans
• Yes, you can do a cash out refinance, but we will need to verify the expenses for all of those properties, the income they generate, and we will need to show evidence that you have reserves to cover PITI for those properties. Underwriter may require 6-12 months of reserves.
• Interest rates vary depending on credit score, debt-to-income, and loan-to-value and fees will depend on the property and type of loan refi or purchase. We have no origination fees on refis over 100K, but you still have prepaids, title, transfer taxes, and appraisals that will need to be paid. Origination fees depend on loan amount and pricing (lender credits) available at the time of lock plus prepaids, title, transfer taxes, and appraisals. (Our origination fees include processing and underwriting.)
• We have 15, 20, 30 year fixed, ARM (which I don't recommend with rising interest rate), we don't do balloons
• On a primary residence we could do 1% down if you don't own other properties, 3.5% FHA, 3-5% conventional (all would have mortgage insurance. On investment properties, you would likely need to put down 15-25% depending on the number of units.
• 6 months seasoning for refis
• No, we only lend to natural persons, but we can broker a loan to an LLC. In these cases, expect higher fees and interest rates.
• If you are looking to flip a house and only keep it for a short time, I can refer you to a hard money lender that can help you with that.

Rates at the time (last week) were 4.25% owner occupied and 4.5% non owner occupied at least for me.

After reviewing their answers I found this Lender that does 1% down payment if you don't own other properties. Who knew this existed? This could help out new Investors trying to get into Real Estate and FHA 3.5% is still to much for them. Combine that with First time home buyer and some creative financing and this would be a great thing.

Just keep an opened mind not all Lenders are Equal. Usually when I talk to Lenders I try to give them the most about me before the credit is pulled so as to not waste both our times.

Would love additional questions to ask Lenders or modifications to what I already compiled.

@George Smith Support replied back since some of the Links; i.e. http://get.biggerpockets.com/flippingbook/ were not working either

@Jeff B. any analysis you try to PDF did nothing.

From BP support: Thank you for letting us know, we are aware of the issue and the technical department is already working on it.

Looks like everything is coming back up now!

Agree payoff CC debt first. with the exception:

Some lenders will say 10-29% as an Ideal utilization. 0-9% would be ideal, it leaves you enough to spend and enough for you to still save. Bring it below 3% utilization (you will see the biggest score jump), you can ask for a credit increase. I recently did this with all my cards went from 13% utilization to 3% without making a payment, and jumped 74 points on my credit score

Always pay your statement balance first (this will prevent interest charges) if you can afford to pay the total balance then do it while still saving.

Never be late on anything CC and Mortgage payments are the worst. 

I like @Tyler Ansell

Currently reading it now. I like it. 

Make sure you get the companion books also THE BOOK ON FLIPPING HOUSES & THE BOOK ON ESTIMATING REHAB COSTS (copied from @Brandon Turner best books to read pdf)