All Forum Posts by: Naveen Kumar

Thanks @Caroline Gerardo. The lender said they looked at the reserves and the upcoming needed repairs and think that they association is under funded. The property is in PG county, MD. These are low rise, 3 floor buildings. 

How do I find a mortgage broker that can assist? The buyer was fully qualified and is putting down a healthy downpayment. 

What type of loans exist for those looking to owner-occupy a non-warrantable condo? I have a condo that the buyer is ready to put down 30% on, but the conventional lender declined due to the warrantability issues with the condo. 

I've heard about owner-occupied portfolio loans on a few different podcasts but rarely see it being talked about.

Does anyone have any first hand experience or insight they could share about the possible options?

Any non QM/portfolio lenders here on BP familiar with the owner-occupied programs that are out there?

If you do decide to buy in a LLC, it is a better idea to set it up in MD since your investment property will be in that state as MD will require you to file a personal property tax return each year.

Hi @Kenneth Garrett - can you please send me a copy of the investor packet please?

Thanks

Naveen

@Muoki Musau - there are always distressed properties - D4D might not work, but you can try pulling lists and mailing them. Also, you can look into foreclosure auctions on the Leesburg courthouse steps

I can speak for my experience:

- Does Hubzu allow a buyer to purchase the home using Hard Money? 

I put the bid in as a cash buyer and brought a hard money lender after I won the auction.

- Will Hubzu honor a "approval letter" from the hard money letter? 

I did not have to bring an "approval letter" - just gave them the lender's contact information and the two parties worked everything out

- Do most Hard Money Lenders REQUIRE a full inspection, with access to interior of the house, before lending money?

My hard money lender understood that auction properties might not be granted a full inspection, so they did a paper appraisal

... Basically, I'm trying to figure out if it's possible/makes sense to purchase a property on Hubzu using hard money.

It definitely is possible - the numbers will dictate if it "makes sense" :)

Hope this helps.

I have bought a few off Hubzu in the past year and it was a good experience every time. They give you a clear and marketable title and I used a HML for one, so the lender did their due diligence too.

The title company they use has good prices and they take care of a lot of the fees.

The 6 month seasoning is for a cash out refinance. If you need your money sooner, you can put a mortgage against it at the time of purchase, and do a rate and term refinance as soon as the rehab is done. @Andrew Postell has a post detailing the strategy.

Hope this helps.

I have an opportunity to rehab a property in a Joint Venture with the current owner where I put up the rehab money and we split the profits upon sale.

Have you done something like this? What kind of contract would I need to protect my interest if the seller decides not to 'sell' after the rehab?