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31 March 2016 | 7 replies
Any CapEx that popped up could be considered a wash in lieu of your lack of a down payment.
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19 June 2018 | 3 replies
Some have various media and back wash.
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18 April 2016 | 30 replies
Window AC is a cheaper option and would probably go if that pushes rent 725 or more.
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9 September 2016 | 4 replies
You would rather loose a deal in honesty and not waste each others time than try to push it and end up loosing it anyways or worse off create a very bad relationship and reputation for yourself.Hope this helps.Cheers!
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29 April 2016 | 10 replies
Lima does compete with Black Rock and 3 others that do similar business but they are not the most cost effective.As for the numbers...You buy a house for 100K with hardmoney in Tacoma .....maybe you put 20K down so you owe 80K to a ((SHORT TERM 12 month)) hard money lender as all the windows are busted and it is a mess and at that point only worth the 100K you paid.....but in a great neighborhood of 200K homes.You spend 30K on the Repairs......If you hold it 90 days....and you are now in title ....After you fix it ...It is then re-appraised........once it all pretty and has a tenant in ....for a new fixed 30 year loan based on it FINISHED A.R.V. value...Your new REFINANCE loan is based on 75=80% of the ARV finished value.....which I hope is about now worth 160,000 - 170,000.ooSo 75% of the new160,000 = $120,000 new loan amount.....which pays off your hard money loan of 80K and the 30,ooo repairs your put in ,....and almost all your down payment.You have now recovered all your costs in place....and have a fixed loan covered by the rents...Wash Spin Rinse Repeat.....As for the Rates..we are both a FNMA lender and commercial lender....so these are accurate..1) FNMA owns 80% of all residential mortgage paper in this country and 30 year fixed - Full Doc loans at 3.75% to 4.25% => Credit Union and Residential A paper lenders VA -FHA -USDA etc2) Commercial loans - 30 year am 5,7, or 10 year term = full doc loans price with good credit price at 4.375% - 5.5% ==> Think community banks and big 5 - WFC - BOA - Chase etc and local Portfolio S+L's and some Commercial Credit Unions....3) Stated Income Hedge funds....30 year fixed - No Doc or Low Doc with Great Scores ===> loans price at 5.75% - 7.5% ...think Black Rock, Velocity, Lima, RNC and others4) Hard Money = short term to 3 years....prices at 8% - 10% There are no hedge funds or finance companies like Velocity or Lima or RNC or Blackrock that will make you a loan < under 6% as they need the 300 basis point spread over the 10 year commercial swap rate to cover their cost of funds...regardless of L.T.V.I get wholesale rate sheets from some 30 lenders a day/week....and that is the risk/reward spread.Hope that helps explain the process and the tiers of lenders...
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30 May 2016 | 11 replies
I normally purchase the highest quality behr paint because after a rental is empty you can go in and wash down the walls and it looks brand new again.
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4 June 2016 | 15 replies
While the demand is not quite as hot in this price range I expect it to increase as the lower priced SFRs push up values.
2 November 2016 | 5 replies
You don't want to find out towards the end of the process that using the HELOC to fund the down payment is going to push your DTI ratio over their limit.Secondly, most lenders that do HELOCs have certain criteria that they do NOT allow the HELOC funds to be used for.
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28 July 2021 | 18 replies
I was doing my best to be patient but also push for the deal to close, since it seemed like time was just passing by with no action being done.
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2 January 2017 | 6 replies
Keep pushing forward with your goals, most likely the actual path you take will look different than you imagined in your head.