All Forum Posts by: Steve A.

Thanks! I didn't consider the IRA this time but is a great option.

 Yes it's for a flip in Seattle.  Tearing down a small house and rebuild.

Thanks @Andrew Postell for the tip on portfolio loans. I was under the impression that is after owning many properties (10+) but I'll call around in Seattle and get some quotes.

I can't locate my original message, apologies. Reposting in the rehabbing and house flipping forum. 

Hi everyone, we finally did it. Took the first step and put an offer on a property. Now we need to finance it. We spoke to Quicken and said they wouldn't finance our investment, because it wasn't a primary residence or vacation home. They also said assets cannot be used when financing investment properties.

Problem is we're not sure how to finance this. Do we say it's a vacation home? Does anybody know a lender in the Seattle area?

Specifics -

Currently own primary residence with mortgage. I am not currently working. My wife's income is about 35k/yr. Combined we have approx. $1million in assets, above and beyond primary residence.

Any ideas how to finance this and any lenders in Seattle area?

Thanks!

Steve

Hi everyone, we finally did it. Took the first step and put an offer on a property. Now we need to finance it. We spoke to Quicken and said they wouldn't finance our investment, because it wasn't a primary residence or vacation home.  They also said assets cannot be used when financing investment properties.

Problem is we're not sure how to finance this. Do we say it's a vacation home?  Does anybody know a lender in the Seattle area?

Specifics - 

Currently own primary residence with mortgage. I am not currently working. My wife's income is about 35k/yr. Combined we have approx. $1million in assets, above and beyond primary residence.

Any ideas how to finance this and any lenders in Seattle area?

Thanks!

Thanks @David Thompson I'm going to read your article now.

Thanks @David Faulkner, I'll start searching for the 2.5k in a bit.

Steve

hi @John Spina jr, exactly what I've heard. We're not expecting anything in the 5 boroughs and that's why we're going west, as the expression goes :)

@Anthony Angotti thanks, makes good sense. Hope to start on a property that doesn't need a major renovation and we'll get recommendations from the contractors.

@Lance Robinson also good advice. I'll run the numbers when we see some turnkey properties to see if they make sense. Thanks!

Thanks everyone! @Andrew Johnson I appreciate the great response!

@Lane Kawaoka thanks for the reminder ✌🏼