All Forum Posts by: Robert Granara

im looking into a 3 family property...it is 3 1/2 stories...

the 3rd unit is a townhouse style unit (3rd & 4th floors) and it has 3 bedrooms and a bath on the 4th floor...there is one staircase from the kitchen up to the 4th floor

anyone know if these are legal bedrooms and what the ma code is for exit ways/egresses in townhouse style units like this?

and how would this be diffent from a regular townhouse unit or single family for that matter?

i attended my local REIA meeting last night and networked w/ two guys looking to put some cash to work...i asked for any equity partners ...so thats an excellent idea and good starting point

however i have no idea on how to approach these guys...i will be speaking w/ them this wk and im trying to get some idea of what to expect

one guy says he would want to be an equity partner and just own on the building and not the note

for example say i have a $200K 3 family property...if they put down the 50K down payment and have no participation at all in the maintainance or management

i was hoping an interest only loan at 10% 5 year balloon and maybe 20% of any appreciation on the purchase price?

how does that sound?

under contract on a 3 family rental property...im paying cash...but i wish to get the cash back asap after its fully rented out?...i know fannie upped the limit back to 10 but did anything change regarding cash out deals?

in order to raise my score over 700 so that i will be able to refi from a hard money loan...right now my mid scores are 664,665 and 685

i was told i need a score over 700

if the property is cash flow positive with tenants in place does that make it easier to qualify?...

also i read in another thread that some banks will allow a transfer of the mortgage into an LLC but this may vary from bank to bank...

anyone ever hear of MGM good/bad?...im in the process of working out a rehab/hard mony loan with them...i see they are based out of florida

I am trying to find out if I can transfer property to an LLC for the purpose of lowering my DTI and lowering my debt on my personal credit report...And if the bank asks for a personal guarentee will that show on my credit reports?

i was told by a Rehab/Hard Money lender that in order to refi after the rehab is complete i will need a score of over 700...and they advised me to move my current 4 rental multi family properties into an LLC and that will put me in a better spot personally to refi out of Hard money...

my current scores are 690 665 and 664...

by moving my rental properties out of my name it will decrease my debt but also lower my income

i will be consulting my attornery and cpa but wanted to throw this out there to see if anyone here has done this or any advice...thanks

richard, its what i was told based on the price rehab and ARV...still waiting to see if its too good to be true or not...

i have spoke w/ other HML's who have told me i need money into the deal...one lender wanted $20K down plus 7.5 pts...

found this lender that will go to 65% of ARV...with a 12.5%...3.5 pts..$2500 procesing fee...$750 underwriting fee...$500-$1200 title fee...$495 appraisal...

this would allow me to get into this deal with zero $ down...

any thoughts on this type deal?