All Forum Posts by: Paul Lee

@Thomas Mattausch. Try BECU for a HELOC. I think they do quick UW'ing and I believe they will give you up to $500k. on a driveby appraisal. Or at least they used to. They used to close them in 2 weeks with $100 recording fee, no strings attached. For this low LTV they do a drive by appraisal as well. Won't get you to the 80% LTV every cashflow monster wants here on BP, but will get you a lot of cash quick with an amazing interest rate that you can pay on only when you want to use the cash. I've used them on non-owner occupied, but I believe at the time it was $250k a prop and driveby appraisal as long as the AVM was below 70% LTV.

@Justin Cambra I've been reading on this situation for another market and noticed that a experienced self manager recommended these two firms. I noticed one of them maybe from Seattle.

ManorShare

WanderJaunt

I have another colleague who just signed up with TurnKey. I've read some pretty poor reviews. What was your experience?

Total BS! This is the monopolization of what everyone needs being transferred to landlords, because the city knows they will pocket more money this way. Water will surely increase in price as it becomes more scarce. You can't control garbage fee's and violations either. IE if you set out extra garbage on the side of your toter, that is extra $$$. What next, free natural gas?

I already am running into a brick wall with one of only a few lenders that was doing FHA loans (non seasoning) during this 1 year "lifted" period and it is now with PMI seasoning...

WTF??!?!?

If all of the sudden (last month) Uncle Sam's minions decided that they want to season PMI, but leave the rule in tact, of actual mortgage seasoning, I'm generalizing that they are just trying to pull the plug early on this 1 year trial. Come February, this rule might be back in tact.

Unless anyone knows of Private Mortgage (not government backed) insurance that will insure the mortgages fannie and freddie are taking down?!?!

How hard is it to start a bridge insurance company? If you could get away with charging a point for 2-3 months of seasoning nationwide you would be killing it (as no one is doing this). I'm also assuming you can "flip" mortgage insurance policies. Anyone want to start a company and got the know how/licensing to start such an insurance corp.? Message me and I will devote my life to it, as we would be billionaire's in no time.

I do know if we go tits up we can just twist the arm of the president, tell them the world is going to fall apart and then walk out with $100 billion... Ehh emmm "AIG"

Joseph,

We have about 10 local companies that do this (Seattle area). Only 1 of which I can stand behind.

If you are capable of finding trust in investors that don't know anything about real estate you will end up pretty much just flipping the house yourself.

If you don't already have a perferred hard money and conventional money lender, I suggest setting up a relationship now.

One of the keys to success to a few of our local investment advisor companies is they all are teamed up with a lender. If you can do the lending inside your investment company that would be the best and ensure the most success for you.

Why does anyone want to conserve cash at the rates that are available right now? If anything you should be turning it or lending it for unrealistic rates.

Regards,

Hey everyone, first post here and I hope not the last. I'm actually running into an issue now, after flipping 10+ homes since February on FHA loans. Now my lender (I'm in WA state) that I've used for all of them is denying them because they are saying PMI has a 90 day seasoning rule, but they can still underwrite the Fannie/Freddie loans.

To me this doesn't make a lot of sense, because I thought Fannie/Freddie provided their own PMI on the loans they were doing.

Anyone run into this? Any lenders you can reccomend in WA state? I messaged all the local credit unions who I thought may be interested in portfolio loans to see if I can find a new preferred lender.

Regards and thanks for your comments,