All Forum Posts by: Paul Han

**repost because I may have asked this in the wrong forum category**

I have two properties under contract sight unseen. After inspection was done out there we found some things that require repair, to the order of $5k so not that much. The insurance companies are requiring me to fix these issues in order to provide a policy that my lender requires to close.  But since we haven't closed yet I obviously dont own these properties.  Are there work arounds to get some sort of insurance policy that lender's will accept but allow me to repair after I close? thanks in advance!

I have two properties under contract sight unseen. After inspection was done out there we found some things that require repair, to the order of $5k so not that much. My lender requires homeowners/landlord insurance to close. But insurance companies are requiring the repairs to be done in order to provide policy.  Well I don’t own the properties yet so I hesitate to spend thousands repairing a property that’s not yet mine. So now I’m stuck between a rock and a hard place. Any ideas? Thanks in advance!

my agent walked through them today and are rentable as-is. but I will look into what we can get out of renovations. thanks!

 would you do the same method using hard money just skipping the reno part?

Hi all just wanted to get your thoughts on these two auction wins:

property 1: won at 96.5K, Appraised value at 180k. est rent 1400. 

property 2: won at 77k, appraised value at 160k. est rent 1200. 

assuming 20% down (yes I can finance these) would be about 35k down. 

with just a straight investment/dscr loan the COC would be about 30%. But i could BRRR with hard money then refi with appraised value into long term for my capital back out. this would allow me to pull my 35k back out but reduces cash flow by about half.

which directions would you go and why?

Went to one months way back and it was awesome. I’m def coming to this one. 

 thank you for your reply.  very informative.  if you're willing, I'd like to have a private conversation if further conversation requires privacy.  otherwise, what are your thoughts on best solution to my unique situation?

I've google this topic and searched on forums and most posts seem old/outdated.

Situation: I currently have 1 primary mortgage. I started a business 7 months ago so conventional lenders are all saying no due to requiring 2 years of tax returns (I have found one lender who say will lend on 1 year of tax returns but I have my doubts).  

1.  If I take out an unconventional loan (portfolio lender) and/or seller financing "loan" on a rental property does it count against my FMFM "10 financed properties"?

The reason I ask this is I don't want to put 20% down on a property now and then regret later being unable to use the full 10 loans on the lower interest conventional/primary mortgage products later.

2. off topic question: can you BRRR a hard money loan into any type of loan like portfolio product mentioned earlier? or does it have to be a cash out refi to conventional loan?

Please ask me questions if my questions are unclear or more details are needed to answer. thanks.

Paul
 

literally hopped back on BP forums for the first time in a while and I see this post first page.  I live in falls church but my office is in Centreville.  Ive been trying to find like minded RE friends.  6pm works perfect for me. 

@Kenny Rosado

Are you talking about springboard to wealth? Do you find the program to be worth your money? Or would you rather get a refund?