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26 February 2020 | 2 replies
I have the supply (borrowers) but I’m looking to raise money to fund those mortgages.
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26 February 2020 | 1 reply
If you can withstand the scrutiny (experience, credit and income of borrower and property), that's the way to go.
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26 February 2020 | 5 replies
A borrower who is paid $14.50 per hour and works 30 hours per week, received __ per month?
27 February 2020 | 2 replies
Current rents per month: for whole park ~4KFair market rents per month: I'd guess just at > $500/unit and offload the utility costs on the renters, current paid by park ownerDown payment or equity: Expect I could come up with 30% down if neededSource of down payment funds, if applicable: own funds and borrowing from/against IRA/brokerage acctIncome Source: Salaried in telecom construction management for ~20yrsGross monthly income (optional): $5K/moMonthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $3KFICO: Excellent 800Credit issues: just mortgaged a rental property in Feb and cannot yet show rental income history to offset costs.
26 February 2020 | 0 replies
Current rents per month: for whole park ~4KFair market rents per month: I'd guess just at > $500/unit and offload the utility costs on the renters, current paid by park ownerDown payment or equity: Expect I could come up with 30% down if neededSource of down payment funds, if applicable: own funds and borrowing from/against IRA/brokerage acctIncome Source: Salaried in telecom construction management for ~20yrsGross monthly income (optional): $5K/moMonthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $3KFICO: Excellent 800Credit issues: just mortgaged a rental property in Feb and cannot yet show rental income history to offset costs.
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27 February 2020 | 7 replies
Anything below the 5's in an investment property might be hard to get but I've heard of borrowers that they have but not seen my self.
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4 September 2020 | 8 replies
A few points: Per the Fannie may guidelines for the “delayed financing exception”, you can borrow up to 75% LTV, OR your initial purchase price (this can include closing costs), whichever is LOWERLots of people have had success with including rehab costs on their HUD / closing statements, so that the second part of the above guideline isn't the limiting factor, enabling a BRRRR-type strategy without having to wait the full 6 month seasoning period.
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27 February 2020 | 5 replies
I have heard (from a hard money lender, so he is motivated to encourage me to borrow hard money) that it's much easier to get the refinance at the end of a BRRRR deal if the property is finanaced for the purchase vs using cash to purchase and rehab a property.
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27 February 2020 | 11 replies
Years later the borrower is still sitting in that sub-par deal making no one rich but the loan servicing company.
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28 March 2020 | 6 replies
I've been talking to commercial and conventional lenders and my questions are as follows: Is borrowing in the LLC better, and does this really gain a better write-off potential?