All Forum Posts by: Jim Blackburn

Correction to last post. I was typing too fast on my phone. I meant to say construction loan interest is normally paid over 12 months or until the project is complete and the loan is paid off.

Matthew Wright Typically a renovation loan will be a little under1 % higher than a non-renovation ion loan. (3.75 vs 4.75). We're talking about Fannie Mae Homestyle Renovation Loan which can be used for primary resident or investment property, or Fha 203k Renovation Loan which can only be used for primary residence. Once you get up in the double digit cost of money, you are either talking new construction rates, normally paid as interest only over 1: month period, or you hard money. Ask anything.

Hello Roupnel Pierre - You can get can cash out 75% of the purchase price within 60 days of closing using the delayed financing guideline. If you wait 6 months after closing, you can cash out 75% of the new appraised value.

Christy Holt You can try mentioning to your Realtor to use an "escalation clause" in your offer which strengthens your offer against another offer with same price. Basically it increases your offer price incrementally after a certain # of days, which encourages a fast closing.

Bryan Pham life circumstances change all the time. A good letter of explanation explaining the circumstance will shorten the 1 year requirement down the road.

Frank Inman It sounds like the seller just asked for ss# bc he hasn't gone through this a lot and just didn't know what to ask. Can't you just print a standard purchase contract and fill in the blanks including Earnest money, Closing date, and Purchase price. Then in case he doesn't know his contracts work, write in the comments section "if not closed by this date, then earnest money is forfeited." Yes you guys can go to a title company to close, as you would want to do lien searches.

Steven Chen - you can simply claim the income on your schedule E on your personal tax returns. - you can quit claim deed title to LLC after closing to protect personal assets from personal liability. - of you get a great buy, you can cash out 75% of new appraised value 6 months after purchase.

Kevin Dam Try a high volume correspondent lender that gets high volume pricing vs retail pricing.

Once you use FHA once, it becomes more difficult to use it again without constraints. Why not control 4 units on your first purchase instead of 2 right out of the gate?

Erik Stewart did you provide the lender with a copy of the lease and proof of receipt of first months rent and security deposit as proof of renting out the vacating single family? Did you write a long letter of explanation that explains your intentions and why you are downgrading your lifestyle?