All Forum Posts by: Account Closed

Jennifer L. Alter, Esq.

Eagle Premier Title Group, LLC

Using your Mom's credit and income is a totally different scenario than you buying a 2 or 3 unit. 

Mom would be a non occupant co-borrower and the qualifications are different for you. She could do this as a non owner, but the down payment would be 15% with FHA.

you should take the 12 and 2.  That's cheap money for what you are doing.  Look at it as the cost of doing business. 

Me and most of my colleagues (hml's) are crazy busy right now. Not sure what you're looking for. In a niche market like hml, we are not going to be as busy as a regular residential lender, but compared to market of each, hml's are considerably busier imho.

There are products out there, below a million dollar loan amount, where you can refinance your primary (as long as there are units) or your investor loan without dcr requirements to 70% ltv. 

I broker hard money.

There are up front fees that go to appraisal or BPO depending on what the end lender requires.  DO NOT order the appraisal yourself.  It may not be acceptable to the lender.

We don't charge an application fee or anything like that up front, only fees that will go to third parties.

Every segment of lending has its place and specific use.  Don't be afraid of it; use it for what it is, a temporary solution to an immediate need.  Hard money is useful if you have a large spread (purchase price to rehab to end value) and don't have the capital to do the job yourself.  

just because there is a significant investor concentration, doesn't mean there is no financing for those properties; it's just more expensive and requires about 30% down. 

Some hard money lenders are doing 2-4 unit properties as owner occupied.

You absolutely need more money down (typically at least 30% of purchase price) than an FHA 203K, but those loans are being done all day.

You will have a 12 month seasoning requirement and generally a prepay which will make it a bit expensive, but that money is out there.

ARE YOU KIDDING ME??????

Full disclosure: I have four kids, two with Master's degrees in their chosen fields, one with a degree in Economics and another that's pre law, so I've had very similar conversations. 

 It all gets down to this simple fact; not everyone is made to do everything, but if you find what you're really good at, stick with it and own it.   If you're being successful in law school, it's not just because you are smart but because it's the way you're wired.  Lawyers think differently than most people; they're logical, think in steps and they are problem solvers and that skill set is extremely valuable in today's real estate business world.  Immerse that way of thinking, in an environment that will let it thrive in business and real estate and you will be a force to be reckoned with.  

Stay at the firm, not just because of the contacts you'll make, but because you'll have a pretty significant steady income behind you to catch you when you inevitably stumble, because you'll be able to glean knowledge from kindred spirits and because you need health insurance (I just threw in that law one, but it's valid these days):).  

Congratulations to your successes and I toast your future.

Mom and Dad should be proud.  Feel free to pm me and connect.

Tom

David,

I have an outlet for your properties.  From the posts, I'm assuming you want a blanket and not 6 individual loans.  

I'll need additional information; when did you purchase them, what's their value now etc...

Please shoot me a private message or email

[email protected]

Thanks

Tom