All Forum Posts by: William Stinson

I recently had one of my 1099 employees approach me about helping him deal with some back taxes that have come to a head and he is running out of options. He owes $60,000 to the IRS from 2004 taxes and he has asked me if I would do a secured promissory note with his house as collateral. His house is worth $180,000 and he only owes 8,000 on his mortgage. He would be willing to a 68,000 note (8k to wipe out mortgage and 60k for back taxes) @ 9% with a 36 month term. He has been with my company for 10 years and I'm not really worried about his ability to pay back the loan plus the LTV is sub 50% so I feel I'm safe on that end. Any other concerns I should be factoring in and would you do this deal? I have a large amount of cash sitting right now waiting for the right multifamily deal but this would require much less work on my part.

Hello Everyone, I am looking to purchase my first investment property (either a SFR or condo) in the Richmond area to utilize as a short or long term rental. I currently do not have quite enough funds to cover the 20% down payment and was planning on using a family loan to help fund it. I know that this cannot be an unsecured loan so I was planning on using a lot I own free and clear as collateral on the loan but the first 2 lenders I have talked to says Fannie Mae will not accept this for investment property purchases. I have read some posts on this forum contradicting their statements so I was just looking for some clarification. Is this in fact the official Fannie Mae view or just lender specific. Any advice would be greatly appreciated. Thanks!

I am looking to purchase my first SFR investment property and need an efficient, market savvy, and computer savvy loan officer in the Richmond area (or surrounding area) to help with this purchase. Any help would be greatly appreciated.

Thanks in advance!