All Forum Posts by: Ryan Keenan

Hey bp,

I was wondering is there any advantages of using a portfolio lender over a non-qm lender or vice versus? Should you go with one over the other?

Thanks!

 What kinds of loans are you using? Portfolio? Terms? Just curious because debating on going the non-qm or portfolio route... Fannie mae and Freddie mac allows me only 2 deals a year. I know about the delayed financing options and all that.

@Nikki Closser

This has frustrated me too but with delayed finance you can get back what you paid for the property or 75% of the ltv (which ever is the lower number not exceeding your purchase price.

Purchase for 100k and after rehab it appraises at 150k..

75% of 150k is 112,500 however you can only get back 100k because 112,500 is over the purchase price. Unless you wait the 6 months. There are lenders out there that will do 6month seasoning I'm doing one now.. that only leaves 2 deals a year unless you have alot of cash hanging around.

@Nikki Closser

Just a thought , delayed finance does not let you take out your rehab costs only what you paid for the property.. how do you plan on using it to move faster?

 I've been out for a while, was in the navy..

make sure you claim the rents on your schedule E when you do your taxes it will help qualify for the next purchase ..

@Nathan Goff

It's been pretty good so far, was actually able to get a fha loan after the va loans. You just have to live there for the time they say. I recommend veterans United for the va loans. Not trying to plug them but they deal specifically with va and fha loans.. I found that other regular banks have no idea when it comes to having to multiple va loans. Is your first property a duplex?

@Nathan Goff

Why are you going to refinance ?? You can get two v.a loans. I did, you just need to qualify.

@Matthew John

Are these rates offered on 1-4 units? Have you ever thought about using a local bank portfolio lender?

@Gino Tomba

I have done it and will never do it again. Creates such a headache when it breaks. Better just to have the hookup and have one less potential problem to deal with in my opinion.

Hey Bp,

I have a problem tenant who at first couldn't figure out how to mail it, so we tried giving him my bank account and depositing the rent at his convenience. That seemed to work for a little however he would seem to have an excuse.. next he said zelle would work perfectly ... it's the first month using it and he deposited it Saturday sending me a screen shot of it depositing in my account on wednesday... does it normally take this long?and I see absolutely nothing on my end of a pending deposit? Seems like another trick.

Thanks!

Ryan