All Forum Posts by: Simrun Mirchandani

Hello BP, as we all know the market is quite competitive right now with low inventory. I found my first homerun deal, directly off the MLS but now times have changed and the best way to find deals is off market. Does anyone have any suggestions on the best way to learn off market deals? I have read books, understand that mailers/ lists from the county work well for leads. But any specific advice especially with finding leads/writing contracts would be great.

Thanks!

https://www.marketwatch.com/story/mortgage-regulator-to-loosen-refinance-restrictions-for-home-loans-in-forbearance-2020-05-19 

This recently came out showing only 3 consecutive payments would be needed after forbearance ends to qualify for new credit. 

I am currently in grad school working on my MBA, and have been paying tuition as I go as much as I can. If I am able to put my mortgage in forbearance just for 3 months, I will graduate completely debt free by allocating that cashflow towards paying tuition. I dont plan to purchase my next property till  Q1 2021, therefore my credit will be back to normal with more than enough time. I also read that once out of forbearance, 3 consecutive payments will be needed and lenders will be able to lend to me again, which would be Oct 2020. I've been researching the pros and cons, but to me this still seems like a smart move to move the 3 payments to the back of the loan, I just want to make sure my payment doesnt increase to much as this property will cashflow hard once its turned into a rental. What do you guys think?   

Hello BP,

After making numerous phone calls, I found a lender, BMO Harris who would do a HELOC at 89.9% LTV w/ no seasoning period as I recently did renovations to my primary residence and hasn't been a year. I am about to send an app in, and wanted to see if anyone else hre has used them and how their experience is/was with them. Appreciate any insight!

Has anyone used a HELOC from BMO Harris? Looks like they would do 89.9% with no required seasoning period

@Nolan M.@Brian G. @Jaysen Medhurst@Jay Hinrichs Ok so based of my numerous phone calls here is what i found. 
Navy Fed - Susended HELOC currently
Pen Fed- loan up to 90% LTV rates starting at 4.75, will have to pay for inside appraisal if needed
PNC - 90% - rates 4.84-5.34. will have to pay for inside appraisal if needed
Suntrust 89.9%, rates higher at 7.5+, they will cover appraisal. 

I bought a fixer upper and sitting on 75k equity, so they would have to come inside of the house to see renovations instead of drivby appraisal. AFTER all this, I learned that I must wait 1 year before a bank will use the appraised value of the home, as its only been 9 months. Otherwise, they use the purchase price. Thus, I will now have to wait a few more months till I can setup a HELOC...

@Jaysen Medhurst This is primary residence

I am looking to setup a heloc asap to secure the biggest line I can get before the market goes downward and home values are affected. Does anyone have any recommendations on HELOC lenders they've used in the past? Im looking for preferably 90%, but ill do 85%. 2 lenders ive looked into so far are PNC and Suntrust, if anyone have used them before please let me know. Thanks!

Hey Jonathan, I recently found out i have substantial equity in my house. I was planning on using this equity to fund a flip in the future and wasnt rushing on setting up a HELOC, well now with the pandemic and the possibility of home prices to decline would right now be the best time do get the HELO while market prices are high allowing me to get the max creit line vs waiting 6 months?

I recently appraised my house and found out I have a substantial amount of equity. I planned to use this equity down the roa to fund a flip, but with the current situation and the possibility of home prices declining in the future, would now be the best time to setup a HELOC while real estate prices haven't been impacted the most and I can receive the biggest line amount vs waiting 6 months?