All Forum Posts by: Ramon Flores

@ari hadar Please PM directly and I will say my experience.

@Chafic El Amatoury When you purchase an investment property with a lender, there will be an appraisal done. The appraiser will state what the rents should go for and show other similar properties and what their rents are. The lender has NO control over this. If you disagree on the rental amount, you can provide proof of rental amounts to the lender, and the lender can show evidence to the appraiser that the rents are different. In the end, the appraisal will dictate what the market rent is.

I too am looking for a lender with similar criteria as @Michael Reilman. 

1-4 units
Asset value or ARV = $100,000 or less
Loan at 80% LTV, so $80,000 or less (could do 75% LTV)
30 year fixed
Rentals, ideally fully occupied at refinance
No seasoning required
Portfolio loan

@Warb K. Wilcox I am looking for a BRRRR SFH project there.

@Warb K. Wilcox @Thomas Hendrix Hello I am an OOS investor who is also looking to invest in Mobile, AL. I am also looking for a project in Mobile.

So I am about to purchase my first property without getting a conventional loan. I would like to use the BRRRR method and hopefully pull my money out. I understand getting a hard money lender during the buy and rehab phase, but I have a question about the refinance. I currently do not have a job due to COVID-19 but I would like to get a conventional loan. My question is: Is it possible to get a conventional loan without a job? Or do I HAVE to get a portfolio loan since I only have rental income and no W2 income?

I have good credit (760+) and I have only 3 properties financed with Fannie Mae. Any help would be much appreciated. Thanks!

@Pratish SHah I am not sure about somebody of these questions. But I do say that you should have the lease in writing. This will save you in case something goes wrong with the tenant.

I have been reading a lot about "subject to" deals, and it seems like a good way to invest in real estate. I was thinking about ways I can come up with my own deals (without a wholesaler) and find motivated sellers to do "subject to" deals. My problem is that in my current market (Los Angeles), the capital required to do some of these deals is too high. Just the holding costs on some of these homes are over $2500 a month.

So I have been thinking about doing long distance "subject to" deals. My concern is that it will be hard to build rapport with sellers without meeting them in person. Here are my questions:

- Is it feasible to do long distance "subject to" deals?

- Would sellers be open to these deals only through phone contact?

- Would it be easier to simply go through a wholesaler?

Any thoughts would be greatly appreciated!

@Account Closed Thank you! I couldn’t find any info on the other pages you uploaded.

It says that funds are used to “alleviate economic injury due caused by disaster...”, in my opinion this is broad.

I guess when I get my EIDL loan I will use it as reserves and I move my current reserves into my active investing account.

Does so this EIDL loan mean we can ONLY use the funds for the properties that have been affected?