All Forum Posts by: Wesley Weber

 Thanks Peter, sent you a message! 

anyone know of any sisa or Siva lenders in Florida? I've had luck with Texas and California but not in Florida.

Thanks Neil. FWIW I actually have a couple of other properties I'm considering making deals on (a fix & flip in addition to a non owner occupied) so maybe I will have more luck with them.

 Thanks Neil, I agree private money would be great. The only issue I can think of is (aside from actually finding the lenders) finding a lender who has an appetite for buy&hold/owner occupied as I have heard most don't like to tie up money long term. Any suggestions (aside from just Googling) as to where to start to find private lenders?

 Thanks Forrest. Message sent.

I'm in the Tampa, FL area. Looking to get into real estate by doing an Owner occupied property while I rehab for 6-12 months and then rent it out. The problem I am facing is that my wife and I have been self employed for 6 years and have low reported income because of deductions (100K annual business income but only 40k after deductions). Does anyone have advice for routes I could take to go about securing a loan based on these circumstances? Do any lenders actually look at an entire tax schedule and not just the bottom line?

Sorry just saw your post about finding a partner for the refinance.

The renter would ideally be put in place after rehab for 1-2 years before refinance. What options are available if not bank financing for a refiNance on a long term rental?

I should note I've been involved in real estate in 1 way or another for many years aND am now looking to get into the investment side of it. Is this a feisable option and process of a short/mid term Single family home.

I purchase a distressed investment property at approximately 30% discount ($200,000 valued property purchased for $140,000). Traditional bank financing is out, Being an investment and being self employed with low income after tax write offs, so I opt for private or hard money lending with an interest only loan as traditional financing is not currently available to me.

After rehab I now have 40% equity in the home (property now appraises for $233,000). Because of the initial wholesale price discount and the additional equity from rehab I then refinance with a traditional bank with a loan around 60% ltv so that I can then start paying down the principal. The reason the bank would grant this loan at this time is because of the 90k in equity the property has in addition to having a year or 2 of continous rent.

Help me understand if/where i got anything wrong or if there are other options available at any point in this process. Obviously this is a perfect example and numbers may be inflated, I'm just trying to make sure I grasp the concepts.