All Forum Posts by: Ryan Coleman

Hey Joseph,

I am a local lender in Mass and am very familiar with the Worcester county market. I'd love to assist you in the financing of these properties, as well as can assist in referring just about anything you may need in the area.

I'd love to help, give me a shout!

Respectfully,

Ryan

Hey Patrick,

As far as bank owned properties that appear on MLS the only way to "contact someone" would be through the listing agent. Typically the properties are sold as is and require rehabilitation loans, or cash offers.

I specialize in rehabilitation transactions and would love to dive into a scenario for you. If your an all cash guy, best of luck to you!

Respectfully,

Ryan Coleman

Has to close in entity name(LLC, S-Corp). Geographic restrictions apply as well(MA, as well as Southern NH). This program is offered through my company here in the Greater Boston Area and is through our local portfolio lender.

Hey All,

700 FICO minimum, as well as interest rates around 5-6%. Fairly competitive when in comparison to hard lending, but both obviously have their benefits.

I am a lender for radius financial group, as well as my company offers this program. Great to see some interest in it!

Hey BP!

I had posted on a forum or two regarding this program and have received a good amount of feedback so I figured I'd share it with everyone. It is an ideal program for RE Investing beginners. In my opinion it is another option to make those initial investing dreams a reality.

The program allows for 80% financing of purchase, as well as 90% of rehab costs. Below I have attached a snippet regarding the program. I hope this helps, as well as if anyone has any further questions please don't hesitate to ask!

Charlie is exactly right, it's called boarder income. Ensure you have some sort of leasing agreement/written agreement, as well as have them pay through checks. Although the common saying being, "Cash is King," not in the mortgage world.

Best of luck,

Ryan Coleman

Scott,

Welcome to BP. I am a lender out of Quincy, MA, as well as service the greater Boston area. Great to have you aboard the bp bandwagon, welcome!

Best,

Ryan Coleman

There are conventional products for 3% down. Look into the product, it's called HomeReady.

Also how about USDA 100% financing.

203k is a good option. Although us mortgage companies will put you through the ringer, but mostly because of everything that has to aligned.

Also DP assistance can only go towards down payment, as well as closing costs. None towards repairs.

Sean,

Welcome! I have been a mortgage lender for just about a year now. So my views may be slightly skewed on how to get going on the realtor side. I also played a sport in college. I played d2 soccer over in New York. Then relocated to Boston, essentially the same type move. New city, new people, new industry. My best advice is stick to what you know. It's all about networking, as well as meeting the right people. Some possibilities, maybe become very active in a local men's baseball/softball league. Join various young professional groups, as well as other assorted networking groups with other like minded people. I myself picked up a part-time coaching job, a few deals came from that. Other than hitting the phones, marketing yourself properly, as well as mastering your trade, just deeply root yourself within a few groups and let people know what you do. With time and hard work comes connections and the deals will quickly snow ball.

Best of luck!

-Ryan

Hey Shane,

How much money are you working with? 203k requires 3.5% down at minimum. With that being said 203k is a great option to fix, repair, as well as alter the home with ultimate goal of increasing the homes overall value. Also keep in mind, whatever additions you are looking to add will be rolled into the total overall loan amount as well.

I'd suggest also looking into any down payment assistance programs provided through your local community/city. Income limits, as well as retaining home for a certain period of time come into play, but if you were to retain/rent and jump to another property. Could be a lucrative move for little to no money down.

Also look into any USDA 100% financing loans. Which is restricted to certain areas, but when there is a will, there is a way.

Best,

Ryan