All Forum Posts by: Logan Drew

Hi Jorge:

FHA loans are for owner occupied properties, but you can utilize the FHA 203k Rehab loan to buy a home that needs work. Do you already own a primary residence? Or will this be the only home you own? Are you looking for an SFR rental? Or a 2-4 unit property?

Hi Ryan:

I would always try to stay in the Southern California markets if you can make a deal happen here in Southern California using financing or otherwise. That said, I have quite a bit of knowledge in the Pittsburgh, PA market since it is my hometown. @Michelle Mapp also has knowledge of Pittsburgh, PA and might be able to speak to the amazing opportunities with low barriers to enter that that market offers. There are tons of great deals with minimal cash required that will have net cash flow immediately. PM me if you would like to get into detail about financing a deal here or about the Pittsburgh, PA market.

 Hi David:

Try www.homepath.com. You can search Fannie HomePath properties there. They are all Fannie owned properties. Yes, you can utilize minimal down payments and no PMI on investment property/ non-owner occupied properties using the HomePath program. I am a lender and can answer any questions you have about qualifying conventionally or otherwise. Let me know if you need to get into more detail via PM or email/ call me.

I own a project home (SFR) in Pittsburgh, PA and would like to get it off the books asap. Please let me know if any of you investors interested in the Pittsburgh market would like a project that is easy to finish and can clear $30,000 in a matter of a few months. The project is almost complete and should retail for $135,000. I'm looking for $105,000 as-is today. I have a $120,000 appraisal in hand from August. The project will take less than $5,000 to finish. Call 412-478-3992 or email/ call the info in my signature below for details.

Zillow Link: 1811 Maine Ave, Pittsburgh, PA 15122

Have you researched any other markets besides Cleveland?

Hi David:

Can you qualify for a full doc investment property mortgage?  Have you checked into financing?  Do you have funds for a down payment of 20%-25% for something in Southern California?  Also, maybe taking advantage of Fannie's Homepath is a great way to get into an investment property with minimal down in OC?

ATTENTION LAS VEGAS INVESTORS.  LARGE VEGAS PROJECT NEEDS TO GO!!!

12 Vintage Ct, Las Vegas, NV 89113

*Listed at $2.199 mil. About $1 mil in rehab estimated. ARV appraisal in hand at $4.7 mil.

IMPORTANT DISCLOSURE:  This is listed with an agent.  The seller is a personal friend who has asked me to help get the deal out there as well.  This deal needs to get off the books.  Call or email me direct for best results.  You will get connected with the seller immediately.  We do not care if you are an agent or if you already have an agent., we still want to hear from you.  Any buyer/ agent/ investor with the ability to close is someone we want to speak with.

*Exclusive Spanish Trail Country Club http://www.spanishtrailcc.com/ . Cabana, several bars, hot tub grotto, wading pool, wine cellar... the list goes on.

*Amazing potential for an investor looking to serve the wealthy end-user who loves to entertain.

*Experts and industry vets only, please. This is a VERY LARGE undertaking. Qualified investors/ buyers only.

*Square footage of home and lot to be verified by buyer. Rehab estimate to be verified by buyer.

Forum is named "Private lending and conventional..."

To clarify my response, purchase price = max value to calculate LTV for the first 12 mos if using FHA.

For the first 12 mos you own the property, the purchase price you paid for this property will be the one that your lender uses if you are looking for conventional/ conforming/ govt financing.  That said, this loan would be also be considered cash-out in almost every instance on every program.