All Forum Posts by: Brandon Heath

Hey @Conner

This is a pretty good idea. I have no idea if investors will be up to using it. I imagine it's worth the try though. Having all the info updated to a spreadsheet makes things a lot easier when deciding who to send a property to.

Not sure if you plan on having a real estate site. To have the forms match your website you can embed them into your site. I use Google forms for getting details from brides and grooms (I'm a wedding photographer).

Here are what mine look like. 

http://s.bl-1.com/h/r0oRY9q?url=http://www.brandon...

Welcome Jerry,

San Diego to San Antonio-ish? Happy with the trade? For sure a better market to get started in huh? 

Be sure and set up your keyword alerts. It really helps to stay connected to the topics you are interested in. 

Good luck!

welcome @Jason 

You came to the right place! I'm in the San Diego area also hoping to locate a buy and hold deal here in the county! 

Hey @Shawn,

I am a noobie as well but I am basically looking to get started the sameway as you. My local market is definitely at a higher price point but I'm pretty optimistic that there is a deal out there ..... Somewhere. Which is why I started getting ready for a direct mail campaign where I will be targeting local landlords who own small multi units. 

Like @Joshua stated, we win when we buy low. If the turnkeys in the area are still high maybe look into some other ways of locating great deals. 

I'll let you know how the direct mail route goes. If it works here it for sure should work for you. Good luck!

Awesome Job @Dustin Kircher!

What part of the county/community is this in?  Mind sharing some General numbers? (if they are G-14 classified then no worries).

See you all there!

Thanks @Wayne Brooks, This makes more sense to me. Ill get pre-aproved then "elect" for a 203K loan if I need it. Thanks 

Hello BP,

I am starting to investigate how to go about using an FHA 203K loan. I have heard and read that these loans can be a little tricky. Which is why its very important to find mortgage company that uses these loans often. So, while doing so some searching on the internet I came across a company that seems to assist with locating a lender for you.

http://sandiego.rehabloannetwork.com/

Is this basically a niche mortgage broker? Has anyone ever heard of an issue using a service like this? (not specifically this company, but anyone using a like business model)

After reading some topics on the website seems as though you it would be easier to be pre-approved for a 203K before even finding the peoperty. I don’t see how this would work if you didn’t know that you needed any rehabbing to begin with. If it turns out you don’t need it, does the loan jut revert to a standard FHA?

Thanks for any help or answers you are able to provide

HI @Jon Holdman, Thanks for your input. 

Just to verify, are you saying that I can not acquire a small 2-4 unit property using a HML, then refinance that loan into an FHA (or 203K) loan? I wouldn't move in until it was necessary to do so once the property was refinanced.

Also I wouldn't be purchasing an uninhabitable property. I have scene my share of properties that have been approved for a standard FHA and I wouldn't call the properties "nice" by any means. Are you saying it needs to be turn key and ready to go?

  The idea is to be able to purchase a house from a wholesaler quickly. A bank loan would initially take longer than most wholesalers would be willing to wait. 

(note, I am extremely green and ignorant. I mean for the above statements to come off as just additional questions, not challenging your knowledge)

Hello BP,

I am just trying to get a better understanding of how a HML could potentially help my attempt at a "Hard money Fix, Rent and Refi".

I've noticed that a lot of HML state that they do not loan on Primary Residence rentals. I am curious about how this works in regards to a FHA loan for the refi. Would I have to wait until the refi was completed in order to move into the property making it my primary residence?

I am extremely ignorant  this topic so any and all info would be great. I am still reading through what I could bring up by searching bp. 

Additional info: I imagine some questions may come up so Ill try and cover it all here to provide you with a better picture.

I plan to get pre-approved for an FHA loan in 3-4 months.

I have been building some relationships locally with some wholesalers. It seems that no one like to try and wholesale to anyone needing bank financing. It was suggested that I look into HML so that I could quickly jump on a deal once one shows up. And that's why I started my research tonight.