All Forum Posts by: Billy Raz

Hey Everyone –

I wanted to see if anyone knows of any good non-FNMA lenders in Arizona. I’ve been buying in Tucson.

I've reached the 10 max with FNMA. I'm in contact with a company called Priority lending. They've quoted me 5.125% 30 year fixed, 70% LTV based on purchase price. However, they want 2 points for brokering; this is my main complaint.

I purchased my 11th property this week at the sale, and want to get going on the refinance ASAP.

Any suggestions, referrals?

Thank you,

Billy

Thanks for the welcomes, everyone!

Look forward to be a part of this.  

Billy

Hi –

My name’s Billy. I’ve been involved in real estate since 2011. I began work with a major company in 2012 as AVP of acquisitions. This company capitalized on foreclosures and converted them to rentals, one of the major players, and I helped them acquire SFRs in Arizona, Texas, Georgia and Wisconsin.

Learned a lot working for this company, not only about acquisitions, but the other aspects of this business: construction, leasing, and property management (and administrative stuff too).

Now I work for a different company that buys NPLs throughout the country and resolves them through using various methods.

To-date (5/3/2016), I’ve acquired 10 rental properties for myself. They are SFRs in the $100k - $200k range.

I like the business of buying and resolving NPLs. This is mainly where I want to expand my knowledge these days, with an emphasis on real estate law in foreclosure proceedings and the intricacies per state.

Thanks to BP for making my involvement possible.

Billy Boy 

Chris –

Thank you for the specific info.

Another discrepancy that this clarifies is in regards to the borrowers principal residents. I was told from one broker that the owner-occupied principal residence does not count against the 10 FNMA max. According to this, so long as it’s financed, it does. Disappointing news.

Thanks,

Billy 

Gotcha.  I'm thinking this is in fact the case.  

Hey Mark - 

This plan crossed my mind, but according to my mortgage broker it is not plausible.

According to what he told me, by refinancing one or more loans with a commercial lender, it will not free up spots with FNMA. 

Once FNMA sees 10 financed properties, it doesn't matter who the lender is, only that this borrower has maxed-out.  

Unless I've been given misinformation.

Thanks,

Billy

Interesting.  Thank you.  

Thank you, Lee.  I'm a young buck and not yet married.  

I just need to get this commercial lender down on the points he wants to charge me.  other than that I don't think the fixed rate is unreasonable.  I've been securing rates at 4.75% with FNMA.  

I wonder if he's collecting the points, or if it's the investor he's selling the loans to.  Probably both taking a cut.  

Appreciate it.  

Ah, I had a feeling it wasn't that easy.

Ok, as mentioned I'm speaking to a portfolio lender now.  He's quoting me 30 year fixed loans a 5.125%.  Only problem is he wants to charge me 2 points plus $500 - $700 closing costs (not including appraisal and service fees).  

What do you think of these loan terms?  Curious what other investors are finding with portfolio lenders.  

Thanks,

Billy 

Howdy –

I have 1 rental in Dallas, and 9 rentals in AZ.

All of the properties have FNMA financing and therefore, I’ve maxed out the 10 financed properties with FNMA.

I would like to continue obtaining FNMA financing, so the question is this:

Can I transfer any of the these properties into an LLC (that I would need to create), in order to free-up more slots for additional FNMA financing?

If not, are there any alternatives you could recommend?

I’m in contact with a commercial lender who has given me a reasonable quote for additional loans, but obviously I’d like to procure more FNMA backed financing if possible.

Thanks in advance for your help.

Billy