All Forum Posts by: Steven Goldman

Did your LLC or you own the properties? Is it a fixed rate? Thanks,

Dylan, most lenders and banks will not HELOC a commercial property. Vacation homes, second homes in your own name no problem. I suggest refinancing. Some banks are still at 5.60 for 10-20years, 75 percent LTV on cash outs. Good luck.

Nat Love: If the property is not legally permitted to be a two unit then I would not improve it to a two unit as it will not increase its appraised value for the purposes of financing. For financing purposes, if you can get approved for a fixed rate HELOC why not. You can use that fixed rate money to buy another property. If it is interest only then at some time you will want to start retiring the debt. HELOCS are usually less expensive to originate. Good luck and keep moving forward.

We are in search of a lender who will lend on a  short term rental on a irrevocable trust owned property in Pennsylvania. The short term rental has proven annual income and the guarantor is well qualified. Call Steve @ 267-205-6101. @g2loans.com 

In case you want to know we lend in most of the continental United States except the well known no go states. 

We have a refinance program with only 90 days seasoning. We can lend you your purchase/rehab. money and than convert it to a 30 year fixed loan! Call us today before rates get higher! 267-205-6101   @Steven Goldman  G2Loans

@Kay Olsen  Seller financing deals can be very attractive. In my opinion the key to a successful seller financed deal is to conduct thorough due diligence. People have  a tendency to be lured in by the seller financing and over pay for the property. At a minimum I would get a broker price opinion as well as an appraisal. If it will not appraise such that a bank would lend on the purchase price, you should not buy it. Also, the seller financing should be at or slightly higher than, market financing. If the seller financing is significantly greater than market financing, I would not buy it. Finally, run all of the numbers just as you would for a deal that is not owner financed. It has to make sense standing on its own and not be influenced by the owner financing. This is a commercial deal so be careful about the wording of the mortgage and note as owners tend to attempt to reduce your rights and defenses in the case of a claimed default.   Good luck and keep moving forward. 

@ Chamarr Auber In addition to understanding the difference between the BRRRR and rental calculator I strongly suggest you find a good rehab. construction estimator. As lenders we find that many newbies and even less experienced rehabbers do not understand the cost of the rehab. They have a very unrealistic view of the scope of work,. While book's like Bigger pockets Scott on rehabbing can help give you a basic understanding. You can not rely on your contractor's estimate. You must do your own due diligence to understand the cost of construction. Good luck and keep moving forward. 

As mortgage brokers many of our rehab. lending buyer's come from sharp wholesalers. Some people just have the gift to find and sign deals. Hook up with one and then go for the ride. Good luck and  keep moving forward.

If you use a FHA program you will have to reside in the property. If you plan on a FHA rehab 203 k loan you can not move out and stack them up or the loan will get called. You can purchase a S.F.H. as a hack fix it up and move out as a first time home buyer. If you have limited down money that would be the best place to start. You will still need reasonable credit and income. Good luck and keep moving forward.