All Forum Posts by: Sam Prindle

Hello friends!

This just sent to me from one of my top lender partners:

Starting November 18th, 2023, Fannie Mae is rolling out a game-changing update to its guidelines, specifically focusing on down payment requirements for 2-4 unit homes.

The big news is that Fannie Mae is reducing the conventional down payment requirements for 2-4 unit properties to an astonishingly low 5%. To put this into perspective, the current requirements stand at 15% for 2-unit properties and a substantial 25% for 3-4 unit properties.

This change directly addresses the self-sufficiency concerns often associated with FHA 3-4 unit properties, benefiting both buyers and sellers in the process.

This program has no max income requirements, and no first time homebuyer requirements.

Very exciting news!

Sam

Hi all!

I have a client that would like to invest in a mobile on its own land. Here are the details - the home was manufactured in 1990 and is a singlewide. It's on a slab with a 1.22 acre lot with a shared well. My client would like to buy and immediate rent to a co-worker that's currently without a home. The rent will be deducted from their paycheck through their employer. The cost is 75,000.00. Any ideas on a national source (that serves Maine) that may take this on? My client does have a decent down payment, depending on what is needed. Thank you for listening!

Hi all!

I have a client that would like to invest in a mobile on its own land.  Here are the details - the home was manufactured in 1990 and is a singlewide.  It's on a slab with a 1.22 acre lot with a shared well.  My client would like to buy and immediate rent to a co-worker that's currently without a home.  The rent will be deducted from their paycheck through their employer.  The cost is 75,000.00.  Any ideas on a national source (that serves Maine) that may take this on?  My client does have a decent down payment, depending on what is needed.  Thank you for listening!

Hi all!

I have a client that's extremely interested in a remote property in Carthage, Maine.  Our go-to mortgage broker does not have a lender in our network that will consider an off-the-grid property for financing.  

Currently, the property gets its power from solar and windmill.  The seller does suggest adding at least two more solar panels.

Is anyone aware of a lender that may entertain this?

Thanks in advance!

Sam

p.s.  The property is approximately 1/2 mile from the nearest pole with power.

Hello Mainers!

I'm new to real estate investing and would love to team up with others in our state and split the profits.  Would anyone be interested in possibly co-wholesaling some properties?  I welcome all ideas.  Thank you in advance and Merry Christmas!

Sam

Has anyone done business or have any experience dealing with this company (a hard money lender) based out of San Francisco?  Their website is justintimeloans.biz and the main contact is Lisa Brandon.  

Thank you!

Sam

Hi Anthony!

Thank you!  That's good to know for in the future.

Have a great day!  Sam

Hi all!

Are there any hard/private money lenders that would consider 100% financing to a newcomer for a large portion of the profits in addition to making a generous interest rate + points?

There is an upcoming auction in our area that is worth persuing.

Thank you in advance for any comments, ideas, or suggestions.

Have a great night!  Sam

Thank you Mark and Lena!  It's great to be here.  Have a great night!  Sam

Hi Chris, nice to meet you!  Thank you very much, it's a pleasure to be here!