All Forum Posts by: Jim Blackburn

Emily M. First refinance to cash out 75% value at primary residence rates. Then move out 12 months later, or 6 months with a good letter of explanation, and put that to work in a new purchase. Ask Anything.

Stephen Igbeka - when you say "mentored," so you mean like five advice and direction over the phone? Couldn't he do that from anywhere? You go where the deals are and try to stay close to home --- you don't want to spend a lot of time in your car. Time is money. Ask anything.

Earl Whitbeck is this the only or last deal?

Ilona Davidovich you can cash out 75% of the purchase price with delayed financing. You must close within 60 days of your purchase closing date. Or your must wait 6 months. If you are expecting a much higher value than your purchase price, then you may as well wait the 6 months and then refinance 75 % of appraised value.

Allen McGlashing 
- Was it difficult to find contractors that would work with the 203k loan guidelines. No we have a long list. 
- Did the government take long in paying the contractor. Lender pays the contractor. It's fast. 
- Does the repairs need to be approved before starting the work. Yes. 
- how much of a roll does the lender have in the whole decision process. Buyer sends 3 bids to lender for review. Lender sends 203 consultant to appraise potential future value and help lender determine max exposure. Buyer and contractors work together to compete work and let lender know when complete and ready for final inspection. Dispersements to contractors may be over 2-6 months. - I feel like a 203k loan works for me cause my plan is to buy a 2-4 family closer to Cambridge/Boston that needs a lot of work fix it up, refinance, and rent it to tenants with a cash flow. 1,100,000 max loan amount for 4 units. Only 3.5% down. Ask anything

Carolyn Morales - many investors lien to keep their properties financed to maintain the tax advantage, especially if still employed and earning high income, and leveraging that equity to accumulate more real estate while rates are still low. Both Fannie and Freddie will now allow up to 10 financed properties. Ask anything.

John Witherspoon we can quit claim deed right into the LLC the day after closing for $100 quit claim deed at title. No big deal. Ask anything

Chris DeSisto Here are some examples... A loan officer at a Chase Brick and Mortar Retail Branch is a direct lender. His only option is chase retained financing. Chase underwrites and funds the loan. (Chase is one of the top 8 mortgage lenders in 2016 volume.) A loan officer at Quicken Loans is a direct lender. His only option is Quicken retained financing. Quicken underwrites and funds the loan. (Quicken is one of the top 8 mortgage lenders in 2016 volume.) A loan officer at Joe Schmos Mortgage Shop (there are 6,000+ mortgage lenders/brokers in US) is a broker. He is not lending from his own portfolio of funds or credits lines. He is simply referring the loan to a bank who will underwrite and fund the loan. He is acting as a middle man and will receive a broker commission for referring the loan. A loan officer at Guaranteed Rate is BOTH a correspondent direct lender for 23+ banks AND also a broker for another 30 banks with niche offerings (i.e.. non-warrantable condos, bank statement loans, foreclosure or bankruptcy in last 1 year, foreign nationals with no US credit or US income, etc.) Correspondent Lending means the is lending from his own portfolio of funds or credits lines. The lender may decide to retain the loan (in cases of excellent credit) or bundle, package and sell the loan to replace lost liquidity. (Guaranteed Rate is one of the top 8 mortgage lenders 2016 volume.) Ask Anything

Inga C. Canton is a great area. Outstanding school district. Grew up in Troy (next door). It's true that the area is hot. FAIR WARNING: If you decide to buy in all cash, to get 75% of your cash back with delayed financing, Guideline, we have to close the refinance within 60 days of your purchase closing date... if we miss that date, then we have to wait a full 6 months before the cash back will be allowed.

Some investors will allow up to 89% access to equity with a conventional loan strategy.