All Forum Posts by: Sholei Foster

@Matt Devincenzo

I would say, obviously poor prior decisions. So in terms of credit scores, is there a way to pull off said terms with a not so average credit score I think is what is asked. Credit scores equal how likely you are to pay the bank I get that. Any other information is welcome

@Chris Mason

A 600 credit score

Anyone in the southern NH area familiar with one time closing construction loans? If so, what advice would you give to someone that put a deposit on a 2 acre plot subdivision that has all the boxes checked for land, except they don't have great credit (600 fico average) but wants to do it by themselves? They would have "skin in the game" but need to know steps involved to make the "deal" happen. For example.. 200k for 2 acre lot. $250k build and has a drawing. What do you think are the steps for the "best outcome" they should make knowing this information? Taking in consideration taxes, no VA loans, below average credit? All information is helpful.

@John Underwood Is there still taxes due if I invest in real estate with sdira?

can you avoid capital gains if you sell a house and put it in a sdira? Also, how are you able to pull money out to pay yourself and avoid the early penalty if possible?

Is it possible to have a new build house pre sell to take care of the construction loan? Can I roll the remaining lot balance into that loan as well? 

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@Matthew Crivelli

Ok, yeah 12 months did not make sense on a bridge. I still a little confused on the calculator as far as checking the “cash” box if I am indeed going to use a bridge loan. Any info on that?

@Matthew Crivelli

Is it typical that banks usually want you “seasoned” for at least 12 months if you are new? I think I am missing something

If I use a hard money loan for the acquisition, would I leave the "cash price" unchecked? If I check the box I have all the drop downs I would use except for the amortization years. Unless I am supposed to put 1 year, if my hard money loan would be 1 year? Also, with hard money loans, is there p&I associated with them? If so, do they get paid back their loan when I refinance? Just want to make sure and thanks in advance.