All Forum Posts by: Ray Egan

After using Wells Fargo for my last two properties that I’ve successfully sold for a profit, using conventional loans, it is taken me almost a week to get from the same person I’ve been talking to for the last two houses to tell me that yes, in the security vehicle a.k.a. the mortgage there is indeed one line that says that I intend to occupy the house for one year.

 After using Wells Fargo for my last two properties that I’ve successfully sold for a profit, using conventional loans, it has taken me almost a week , to get from the same person I’ve been talking to for the last two houses,  to tell me that yes, in the security vehicle , a.k.a. the mortgage , there is indeed one line that says “that I intend to occupy the house for one year.”

A whole week!

 He seems to think there’s no creative way for Wells Fargo  to eliminate That particular line perhaps in favor of me giving an extra couple of percentage points when I sell the property for a profit.…… I kind of understand that… So my question for this form is

 That particular line perhaps in favor of me giving an extra couple of percentage points when I sell the property for a profit.…… I kind of understand that… So my question for this form is

Does anybody know a 30 year mortgage out there that is not FHA or anything to do with the government, that allows me to buy live in as my primary residence fix up and leave and sell before one year? Or, does anybody know any bank that would be more flexible than Wells Fargo in terms of giving this kind of loan. As I intend to bring A trusted lender with me for future purchases it would almost be like the bank making a continuous stream of income in away.

 A trusted lender with me for future purchases it would almost be like the bank making a continuous stream of income in away.

Any thoughts ideas advice? The Hardmoney lender route seems a little bit too, I don’t know risky?

The Hardmoney lender route seems a little bit too, I don’t know.... risky?

Thanks for any input you guys have for me.

Not too sure what you mean by "that's what a property can be that can't fit bank financing. If you can't get a loan then your perspective buyers will all need to be cash buyers" .....Usually, at least here in Miami, a house that can't fit regular financing Is usually the type of house that I want, as they are usually bank owned foreclosures that are in need of a fair amount of rehab. Am I missing something? I'm not holding properties, although I'm in a situation now where I have 75% of the purchase price of a property I'm looking at and I'm considering a personal loan, as FHA is a nightmare, and the few local people that I've talked to here that have money to invest want far too much accountability....Understandable, but I want to do as much of my own thing as possible. A personal loan seems like the ticket. I will do more research

Thanks Nghi Le. 

When I hear FHA I get a knot in my stomach..... Trying to find a loan where the paperwork is minimum and not wanting to have to justify every move I make... Just free to work hard on a place, live in it while doing it, turn it around in a reasonably quick time and list it for sale... I cannot be the first person wanting to do it this way... I have met a mortgage broker (before the purchase of my first house) and we did sit down and talk but my knowledge was a lot less then..... perhaps I should reach out and tap his knowledge of local folks who could possibly make this happen for me....

I appreciate all the suggestions.... keep them comin'!!

Ray

Miami

Thanks for the advice. I do have an S corp.... probably easy enough to switch to an LLC. and yes, to take a profit and move on to the next is my plan of action. Just a little more swiftly than the last two conventional mortgages...

I will research that a bit more. Perhaps call the attorneys that got me set up as an S corp (originally for a boat-cleaning company) and let them know my plans and see what they say....

Again, thanks for the input!

Ray

Miami, Florida

Hello all....

I will be needing the services/help of a hard money lender in the coming months as I am embarking on my third single-family home--flip--, here in Miami, Florida. 

I have found one online that allows me to live in the property as I renovate (my business model and the main point here), but awful YELP reviews have me steering away from them (Athas Capital). That, and they have not responded to 2 emails over the last week-and-a-half, one very detailed, stating my case......

I understand the hesitance of lenders not wanting a sheet of drywall falling on your head during fix-up, and then not being able to pay your hard money lender back because of severe head trauma, but that can happen anywhere... You could be in your main residence and have a sheet of drywall fall on your head as you redo one of your bedrooms....how is that different?

Anyway, if anyone has any insight into a trustworthy lender who really wants to help (and make money too), I would be interested to hear any of your ideas/contacts.

Thanks for listening...

Ray

Miami, Florida

Hi all!!

53 years of age, a former trombonist/composer in Canada for 22 years, now a full-time hardware store employee, photographer (one fashion shoot to date, but I'm trying!) author--well, one self-published book DON'T TELL YOUR MOMMA YOU'RE AN ATHEIST, and a sailing enthusiast..

I may be 'jumping-the-gun' a bit here, as I have just moved into my new house (3 weeks ago) and I don't anticipate making a real-estate investment decision for another 3 years or so. This due to the fact that prices of 'normal sale' homes are rising here, despite all the existing foreclosures... and it will be at that time that I either decide to:

-take the deal and run.. and find other interesting ways to buy and sell stuff?

-rent it out, refinance, and go look for another small house/duplex to buy and live in.

- ?????

There you have it. I look forward to being part of this community and to educate myself about ways I can make money this way. In a few years I hope to make my photography take over as a replacement for the hardware store, so I can be more freelance, dabbling in a few areas to make my money.

I appreciate, in advance, any advice, experience you may have.....

Thanks,

Ray
North Miami

Hello,

First time here..

I closed on my first single family home 3 weeks ago in North MIami. I bought for $100K and prices are rising here. Rents now in the area are around $1,200 and my PITI is $760/month with only a 3.8% mortgage...

The way the markets are going, in 3 years my house may be worth over 150K (already in the last 8 months of my waiting to get in this place I have seen a 15K rise)....

What would all of YOU do in my situation... wait 3 or 4 or 5 years as this price-rise seems to be happening and then 'take the deal' (and then look around for other interesting ways to buy and sell whatever), or rent it out at that time, potentially at a larger than the present $1,200, refinance and move into another house, albeit a smaller one...All this would be part-time as I work in other areas of interest..

Thanks for any input

Ray
North Miami