All Forum Posts by: Pete Storseth

I began my journey in 2019 and started to aggressively search for properties to either hold, wholesale, quick flip.

When covid started, I didn't let it faze me but had to take on other work and got distracted.

But I'm interested in re-visiting my ambitions and am curious how much of the landscape changed after covid.

I'll be checking out more lenders, local chains, CUs, and HMLs

@Whitney Hutten

I hope so. And I understand.

The BRRRR is frozen! Haha

I am not thinking of taking advantage of the forbearance. That would be a risky and frankly shady move.

I was pointed to an article and news story about a proposed free rent and mortgage bill. That's an awful idea.

I think that too many tenants will abuse it. Dont get me wrong, I know that millions have already suffered indirectly by Coronavirus related fallout. However I think it is a little overblown in the media.

The government has done a pretty decent job with its travel bans, shelter in place and stimulus money. I think another round of that would be a good idea to add a little more bandaid to the situation. But freezing rents and mortgages affects literally everyone, even if they aren't furloughed or sick.

@CJ M.

In the past, I found HML that would refi, just wondering if any still will. It's a higher rate but if it cashflows I dont care so much

@CJ M.

Was it a bank or hard money or private lending?

Looking for HMLs still offering 30 Yr amorts in 3-6 months.

Without the refinance, BRRRR isnt BRRRR

It's a high interest rental with HML and a flirtation with forbearance with conventional. Or am I wrong? Do I just need to start calling lenders again?

I'd like to be wrong

@Daniel Kitchel

Hhahhaa. Well, that should help! Same thing I did. Check out credit karma once your statement is posted

@Chris Seveney

Hey that's great news !

Thanks Mr Chris. Since this post started I've been doing some research on note investing and I've heard your name on the Carson Note Buyer podcast I think. I was pleasantly surprised to know I had your advice here too!

@Daniel Kitchel

As for the credit issues, use this time to build your score. I've benefitted from the stimulus check being able to pay off chunks of debt here and there. Of course it all depends on your situation.

@Daniel Kitchel

I'd love to see the feedback on this. I'm looking at a couple of properties I would buy through hard money lenders that would really benefit mostly from a refinance in a few months.

For your question Daniel, I think it's a good idea to call smaller lenders, credit unions and local banks. At least a couple of months ago that would be the textbook answer. I started my search for lenders at big national chains to see the difference, and it was pretty depressing.

Once I found smaller chains and HMLs, my real estate plans seemed possible. With the big guys, my strategies seemed like pipe dreams.