All Forum Posts by: Buddy Chou

Investment property, 1 and 2 family.

I need to refinance the majority of our portfolio of single and two family houses.  I had two lenders which either approved our appraiser or would us select our appraiser.  

Looking for more lenders since these lenders are really moving slow.

Thanks in advance.

I have a property on the market.  I received an offer that is satisfactory in terms of price and other conditions.  However, the buyer is getting a WHEDA loan (Wisconsin's downpayment assistance program).  I have heard terrible things about the program: long underwriting time, change of borrower criteria, change of decision at last minute.  This information is several years old.  Does anyone have more recent experience with them?  Are there lenders that can bypass some of the WHEDA underwriting and underwrite directly themselves?

Thanks in advance.

We had been approved for a "fix and flip" loan through Lima One. LTV was 70% and LTC was 87%. Our credit score is very good and we are well experienced.

Two days before closing, our lender ceased funding loans due to a "shelter in home" being put in place.  I have contacted several lenders and may have ceased funding or have made the loan terms so onerous, they might as well say we aren't making loans.

Does anyone know of any lender who is still making loans with reasonable terms? 

Thanks.

Reggie, I sent you a message through BP.

Montrell, I will give you a call.

Husband's score is 645, but wife's score is 545. They need to do an FHA due to a bankruptcy.

Anyone help this couple?  (I am the real estate broker.)

Thanks.

I have a buyer who I am told by his current lender that his score is high enough to qualify for a conventional loan.  I would guess his score is around 630. He was placed in a conventional loan because his wife's score was very low, probably less than 500.  We do not need the wife's income to qualify.  It appears that the problem that they had a BK 13 that was dismissed in Feb. 2016 and not discharged.  The current lender says that he needs 4 years from time of BK 13 dismissal to do the loan.  Is there anyone out there who can do a loan with 3 years from time of BK dismissal?

As a result of the widespread damage from the hurricane, I am wondering what type of investment opportunities do you local Houston investors see?  This is not meant to take advantage of people while they are at their lowest point, but opportunities that all parties can benefit.  For example, are there people who are just too exhausted to rebuild, but are willing to sell their flood damaged property and remove themselves from the situation?  People who rather take whatever money they can out the property and move somewhere else?  Or was most of the damaged homes in lower value areas (similar to when Katrina hit New Orleans, low valued homes did not make financial sense to rebuild).  This not meant to be an inquiry  about "vulture investing".  Just looking for a "win-win" situation for everyone.

I have been in the Mlwaukee market for over 10 years.  During this time, the schools and crime have gotten worse.  When the state legislature outlawed residency requirements for city workers, there was a large outflow.  

However, there is demand for rental in Milwaukee.  However, do not expect any appreciation or rent increases over the next few years.  Also, the eviction courts have gone from neutral to pro tenants.  It has become increasingly harder and more expensive to evict dead beat tenants.

Hope this helps.