All Forum Posts by: Account Closed

Howard Stokes is right.  Stated is your only alternative and like I said, there is a lot of it out there including US Commercial.  Rates are going to be around 9% on an 8 year fixed with a 30 year amortization and it will cost you anywhere from 2 to 4 points.  650 middle credit is required for that product, but your minimum loan amount is 100K.  Not sure of your credit situation.

Of course, there are no points or fees other than appraisal and credit report up front.  We are paid on performance.

If you're looking for buy and hold investor money, there is a lot of that out there including US Commercial, but you're surely not going to pay Bank of America rates.  If you've just changed professions and location, you're much more of a risk, particularly on an investor property, than you would be on a traditional mortgage.

Dodd/Frank was not your friend on this one.  Going stated income used to be the way to go for this type of scenario, but it's against the law to not use income and there is no one that comes close to Fannie or Freddie that will touch it.  

The key to investing, like Mark wrote above, is to use other people's money.  To do that, you've got to find the right property.  Properties that are right for investing are typically in some sort of distressed state.  Distressed means they're not just in physical repairs or updating, but it could be their title is distressed because it's going through the death of the previous owner or it could be it's going through a divorce.  If it's distressed, use other people's money to solve the problem; whether it's taking the property out of the estate or settling the divorce proceedings.  

Zig Ziglar wrote, "You can get everything in life you want if you will just help enough other people get what they want." Secrets of Closing the Sale (1984).  You have to help them solve their problem.

We have Illinois money.  I'll call you today

6 and below is where you'll be with a blanket. Maybe a little less.

There is a tremendous amount of cost to refinance that many properties.  Each one needs an appraisal etc...

Tom

Hey Josh,

No lender (broker, correspondent or bank) will do a stated income, owner occupied loan, in Maryland.  Our previous governor, Martin Owe'Malley made it illegal and then if you dump Dodd/Frank restrictions on top, it won't happen.

We offer stated, NON-OWNER, for single family residential to 70%.  PM me for details.  (A big deal will be when you bought it.  Seasoning is an issue for 12 months).

Tom

Jeremy

You're at 70% +\- right now assuming your numbers hold. We have money for this if you have cash to close. You wouldn't be able roll anything into the loan amount. 

I'm afraid you're buying this project 10-15% higher than you should to be profitable. 

Tom

I'd like to help you or your company finance those projects.  Please send more information.

Thanks

Let me know what the banks say.  It should be very interesting and I'd like to see how my stuff stacks up.

If I've learned anything over the last several years it's this:  Keep your personal finances separate from your business finances.  Don't encumber yourself with a tremendous amount of business debt by wrapping up your primary residence.  It's contrary to what many of the latest gurus say, but I say if you've got your home paid off, you can sleep easier at night.

It's not a question of stealing the money.  Just because the tenant wants to pay and the landlord would love him to pay doesn't mean there is no risk of penalty, especially in this nanny state of Maryland or if the guy turns out to be a nut and he's tearing up the place or releasing roaches (Pacific Heights) and he's all paid up; you'd have a hard time getting him out.  I don't think it's worth the risk.  Do substantial due diligence up front, escrow it if allowed and move on.