All Forum Posts by: Scott Hollister

ASK THE EXPERT!

It’s a night of Q & A on all-things mortgage at this month’s Manchester Meetup. Bring your questions, your complaints, and your “How Do I finance this project?” scenarios and industry veteran and YouTube sensation, Kit Crowne, will do his best to answer all comers. This will be a perfect networking and learning opportunity for 1st time buyers, investors, house-hackers, flippers, and everyone connected to real estate.

Call @Mark Kudlach jr. 

He is amazing, has worked on multiple jobs of ours, and we met on BP!

@Steven Clark congrats on the house hack under contract, what its he purchase price for the 3 unit? 

And we always post to the event page and we have a FB group, we can add you when you come to the meetings. Jacob handles that part. 

But we host the 2nd Tuesday of each month from 6-8pm. @Jason Boice

@Jason Boice Yes I do, @Mat O'Grady is correct. Standard purchase and sales contract is best. But each association in parts of the state may have different contracts. I am a licensed agent so it's easy for me to use the contracts from the greater Hartford association of realtors. 

If I am working with a seller directly I will usually start with an LOI (Letter of Intent), which is more informal stating the terms of the deal before signing the purchase and sale contract which will require a deposit to fully execute the P&S.

If you're working with a seller directly, your attorney can help you with this. But my advice is to hammer out the details of the deal before fully executing a contract. Big ones for me are: purchase price, closing date, as-is or contingencies, financing terms if seller financed, and deposit amount. The rest of the details are on you, such as: rehab amount, ARV, end financing, etc.

@Jason Boice if you're on the desktop BP version, top of the page under networking, if you hover over that it should bring up more tabs, from there go to the events tab. Then you can put in your zip code to search local events. 

And sounds great, hope to see you there next time! 

@Jason Boice Hebron is a great rural town. I am based out of Tolland County and we host the Manchester BP meetup, our meeting is tomorrow at 6pm if you want to swing by. Look under the networking tabs for meetups and there are a few around. 

There are still deals to be had on the MLS but you have to be creative with them. The standard cosmetic flips are hard to come by for the "right" price.

But don't give up, just find your competitive advantage. 

@Andres Bernal What is your current loan on it? 

Currently your options are more of a "stated income" loan as @Michael Ablan said or a commercial product (cannot be primary at time of close, but you can live in it after the fact)

I left my job two years ago and I'm just getting around to applying for Fannie and Freddie debt after 2 years of "positive income". 

Options:

1. You can go non-prime 30 year debt. Current rates as of August 2019 are floating around 3.8%. With non-prime (or non-QM), which means you don't fit in the nice and neat boxes of prime lending, you will have to pay a premium, around 200 basis points higher than 3.8%. Last year I got quoted around 6.8% for this product as a primary residence loan self employed. 
2. You can go local commercial bank route. Right now just above 5% for a 20 year loan, 5 year ARM. It's not a bad route but you won't pull any cash out, and it will have to debt service, which is a tough thing to do with CT taxes.
3. You can sell it to your girlfriend, but I would wait until you put a ring on it;)
4. Parents could co-sign the note for you. 
5. You can check your relationship at your bank, they may be interested in holding the loan in house. That means they use their own capital as a portfolio loan. 
6. HELOC is great option, but you have to qualify for the mortgage part of that.

As always, be creative as much as you can. I got stuck bad in a refinance once with a hard money loan, had to refi out with my girlfriend at the time, now my wife;) But it was a very tough 3 months trying to get out of the note, I asked my Unckle to cosign, I asked my girlfriend, etc. It made me feel bad but I learned a lot about the lessons of knowing my end financing better than the underwriter will, so that way I can pivot ahead of time. And I am huge on building relationships with local credit unions. And often times they can do things that big banks cannot, especially when the economy isn't well. 

Hope you figure this one out! 

Hello @DJ Berry,

We have our Central CT meetup tomorrow night at 6pm in Manchester CT. Feel free to swing by, open networking night. We have a post in the networking tab above. 

@Kenneth Guy reach out to Ashlee Racow at Statefarm, great response time and quality insurance. I have all my polices through her now, went through one claim already, and was happy about support. 

The rates are amazing in the single family as rentals, great for house hack 1-4 units. Might be expensive in the mid-between multifamily properties. As always its good to get some quotes, just make sure you're properly covered when it comes to the rental policies. 

Her contact: https://www.statefarm.com/agen...

Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successful businesses in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as the area's top short sale negotiator.

Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team of 7 are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.

Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.