All Forum Posts by: Reginald Wallace

Im very excited for you. Too many people hear challenging [disappointing] news and give up. Im glad a method to obtain your goal has presented yourself. 

That was a long story btw lol. The following Ykutube videos should provide you proper expectations when dealing with hard money. 

As for the rate, I cannot not say whether its a good rate or not [I would be crossing into the realm of originator] but I can say that hard money loans are typically priced at a higher rate mainly because they are usually shorter term loans; the lender knows that you are likely to get it refinanced after upgrades (BRR Strategy)

Watch the following in the sequence provided.

1) This guy does a great job of providung the birds eye view of Hard Money vs Traditional Bank lending for investment property.

[Kurt Carlton on Basics of Hard Money]

https://youtu.be/oIXyrUZtWXo

2) This video is very informative about hard money

[BP interview with Kevin Amolosch]

https://youtu.be/-1N-EJrA4t4

3) The video below speaks on strategy of using hard money

[Show 009 w/ Ann Bellamy]

https://youtu.be/6mNu6S-ZHWU

Keep me posted. 

As @Dennis mentioned, start attending local REIA meetings. You would likely get help there.

I would consider 2 things:
(1)debt consolidation with my current home equity and or refinancing whatever debt I can - which could free up some cashflow. 
(2)credit repair services; these companies tend to assure everything on my credit repor should be there and is reporting accurately.

Reg

@EricWeireter was spot on in mentioning no doc loans. 
The reason these loans disappeared immediately following the Dodd-Frank Act is b/c everyone is held responsible - especially should the borrower default.
For example, even if I, as a licensed originator, provided the loan based off of your cash on hand, me and my employer could face fines and jail time should the reality be otherwise. These loans do have a place for select borrowers who typically have a substancial source of income and/or cash. 
Im not suggesting anything about your intentions but it should be mentioned that lending is no longer comparable to gambling. 

With that, I would recommend getting free consultation from several originators and brokers in your area. I would emphasize the outcome you are looking for and allow them to do their job in searching and advising on feasibility. The lender/broker may be interested in pulling your credit, I would hold off on that until I have as clear a picture on products I qualify for. 
Reg

Scott, I agree with Mike. 
The likely reason for the denial is b/c its not your primary residents.

What were you trying to accomplish?
Just lower payments?
Debt consolidation?
[both address cashflow]
Cash for home improvements?
Line of credit for personal reasons?

Sometimes its a matter of getting with a mortgage broker or lender that have out of the box solutions. To be clear, I am not suggesting breaking or bending the rules - integrity is the cornerstone of every successful business. 

Perhaps a business line of creditloan might serve your objective

I just replied

Hi BPeeps,

My name is Reggie. 
Im here to learn to build a portfolio. 
My 9-5 is a pretty good match for the site as well. I recently posted a request to intern from start to finish with some Atlanta investors so I can witness the effort that goes into selecting an investment property.

I live in Sandy Springs, GA

Let me know if youd ve interested in having an intern shadowing you. 

Reg

Hi BPeeps,

Please help ! 

I would like to learn how to build a portfolio of investment properties by shadowing an invester from start to finish here in Atlanta. We all can agree that BP blog/forum has great content but I learn best in the thick of it. My main goal is how to effectively allocate time, resources, and effort while working a 9-5. 

Not only am I willing to do those internship roles but I am also a licensed mortgage loan originator for 1-4 unit investment properties. My job is compartmentalized to only provide my clients a loan. I would like to get aquainted with the before and after. Even if its just witnessing the process for one property it would be much appreciated. 

I currenly live in Sandy Springs, GA 30350. The closer the better. 

Please let me know,

Thanks

Hey Bijal,

I hope your visit to Atlanta meets your expectation.