Buehler…Buehler…
If you lock a rate today and don’t go for the 3 year ARM…5 year ARM has better price.
Wow!I have been gone for a couple of days and it looks like nothing has changed.
Ben is still spouting off about being the greatest thing since Toilet paper and continues to evade the questions asked of him. Or if he does respond it is a redirect…much like my kid’s do. :
Ben, I used to look forward to your responses as they provide beneficial information. It seems like ever since MDhaas and others questioned you about the 100% financing issue on another post you have been avoiding/evading the question. (You never did answer the question)
If you spoke in error then you spoke in error. My goodness we all make mistakes. But true professionals admit their mistakes and move on.
If you do in fact know of a lender then share the knowledge. After all isn’t that what this forum is for? Helping others instead of just helping yourself? :-\
Some info I do hold to my self. Like I said check with your AEs and do some research. I consider this board assistance for investors, not for mortgage brokers. There’s plenty of loan officer boards you can research to discuss programs.
This original post was someting I thought should be made note of. Jason is an old friend that used to live here and we worked together, so my comments directed to him were in good spirits but we agree to disagree about the things he is not clear on yet.
I never indirectly answered the question on the other post, just never answered. My only reply was to that of the original poster who corresponded with me off the board.
Anyway, I know there are a handful of others here that know that 100% cash out is available and could back me up on this but may choose not to for the same reasons I do.
Now I can safely say that I have heard it all.
:ibs:
:deal:
Ha! Ha! :
Obviously, Ben has difficulty with the whole “pay it forward” concept.
I do not know if the moderator’s will allow this post. I just had to get this off of my chest.
Obviously, Xxx has difficulty with the whole "pay it forward" concept
It would appear that you are right Mark! It is sad to say, but based on the responses, it would appear that he is so uncomfortable with his ability to earn business that he throws bogus information out there just to get the phone to ring.
You have to realize that there is a finite amount of people who read this site and if he told everyone his “secret” then he would lose those potential leads to others who are obviously, based on their posts, more concerned with assisting club members than building their personal lead base.
Although I have been a member for a brief period I like to read the past posts. It is obvious that members such as yourself, 4EEM and ShaunG just to name a few of the many, are more than happy to give information. I have never seen them come off as “catty” or selfish. I thought that the purpose of this site was to freely promote information for the many members. NOT doing it with the What’s In It For Me attitude
It is to bad there are not more people in the world like that.
Sorry to vent. It just makes me ill to see people act like they are better than you.
I love this site and the information source that it provides for us future Trump wannabees
I believe it is very important to find someone that is truthful, reliable, and very knowledgable about mortgages and stay with them. I have been using the same guy for years now.
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REIClub | Real Estate Investing | Financing, Hard Money Lenders, Credit, Qualifying (Moderators: $Cash$, carlittle, ccolelewis, kdhastedt, johnmichael, NancyChadwick, reoconsultants, tedjr, WilsonTaylor) | Topic: new investor looking for lender « previous next »
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Author Topic: new investor looking for lender (Read 275 times)
olie
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Posts: 2
new investor looking for lender
« on: Fri. Jan 20, 2006, 11:01 AM »
I have been researching real estate for a couple of years now. I recently own a golf mgmt. co. and want to evolve into investing. I have taken classes (JG Banks) and read literature and have a reliable RE agent sending me rehab properties. I do comparables and discount analysis on the properties and have a few potential rehabs 30-40% below ARV. I have a few pro.rehab specialist ready to go. What I need is a lending source and some options. Credit in the 730’s.
property listed 92,000
ARV 145,000
loan desired 115,000
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Mdhaas
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Posts: 731
Re:new investor looking for lender
« Reply #1 on: Fri. Jan 20, 2006, 11:01 AM »
Welcome Olie! What area of the country are you in?
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Mark D. Haas
Sr. Loan Officer/Broker
Affordable Home Funding
Toll Free 877-723-4210
Taking Care of Customers…One at a Time.
olie
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Posts: 2
Re:new investor looking for lender
« Reply #2 on: Fri. Jan 20, 2006, 02:01 PM »
Hello Mark.
Thank you for the reply. I currently reside in St. Louis, Missouri.
Please feel free to email if you would like to discuss further options.
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Investment Loans
Online
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Posts: 216
Re:new investor looking for lender - NEW
« Reply #3 on: Sat. Jan 21, 2006, 05:01 PM »
Hi Olie,
I live in St. Louis. actually Wentzville.
Nice to see so many people from St. Louis are here on the board. Our market is hot right now.
You have several choices. There are conventional rebab loans and hard money rehab loans.
I am sending you an email with different programs available.
Have you been able to find an agent,appraiser, and insurance agent to work with yet. If not please let me know and I can make several introductions.
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To Our Success! Ben Carmona
Mortgage Planning Consultant, Specializing in Planning, Developing, and Managing Investment Portfolios * Rehabs * Multi Units * No Seasoning Refis * Hard Money, Lending in Most States
www.BenCarmona.com
314-914-6052
smokeybare
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Posts: 3
Re:new investor looking for lender - NEW
« Reply #4 on: Wed. Jan 25, 2006, 08:01 PM »
Ben,
Can you send that info Tennessee folk?
Much Success,
Mike
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the_rei_lender
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Posts: 2
Re:new investor looking for lender - NEW
« Reply #5 on: Wed. Jan 25, 2006, 09:01 PM »
I know a man in South Carolina (Licensed in all 50 states) that works for a direct lender who deals exclusively with investors. I personally have done a lot of business with him and when it comes to financing investment properties he is the man. He will do CASH OUT INVESTMENT PROPERTY, TRUE NO SEASONING, NO DOC
Not to deviate from the theme of thrashing each other, but I heard that Aurora Alt-A will still go to 95% NOO. Have any of you heard differently?
I spoke with my AE yesterday and he was not aware of changes
too late, i just had one a few weeeks ago at Lehman (Aurora) and they turned it down even though it fit every single guideline. something like, yes it fits all the guidelines but we just don’t feel good about the loan and we have the right to not originate it. i asked specifically why and they said investor had bbought one other property withn 12 months.
if you are at Lehman, Aurora or anyone who asells to Lehman start looking now for another home as soon as you can, even if the rep says “don’t worry it’s locked”.
Was the name of this(these) “holy grail” lenders ever revealed? I am looking for someone who can do 100% LTV N/O/O, 620 mid. I would appreciate any and all responses.
;D
Can’t reveal the name of the “Holy Grail” lenders lest the “Holy crusaders” call my office and chastise me about posting such valuable information. 
If your a broker you can find them on the grapevine. If your looking for this financing for one of your own deals there are many keepers of the secrect on this board.
Sir Lancelot: We were in the nick of time. You were in great peril. Sir Galahad: I don't think I was. Sir Lancelot: Yes, you were. You were in terrible peril. Sir Galahad: Look, let me go back in there and face the peril. Sir Lancelot: No, it's too perilous. Sir Galahad: Look, it's my duty as a knight to sample as much peril as I can. Sir Lancelot: No, we've got to find the [b]Holy Grail[/b]. Come on. Sir Galahad: Oh, let me have just a little bit of peril? Sir Lancelot: No. It's unhealthy. Sir Galahad: I bet you're gay. Sir Lancelot: Am not.
Monty Python and the Holy Grail (1975)
Thought this was a great spot for a little “Holy Grail” humor.
Brokers…you needed help…here ya go!
Investors…make sure your dealing with mortgage consultants that know their products and guidelines. That’s why many deals fail.
For all those who had access to The Holy Grail, be aware this product has been restructured as of 1/30/2006, effective 2/6/06.
Look under product announcements.
Anybody using Lancaster should also be aware that they have reduced all their NOO loans to 90% for reduced doc and have changed their seasoning requirements.
One other thing, anyone using ABC should be aware that they had major pricing adjustments awhile back to their Choice Expanded program. Completey took themselves out of the market. You won’t want to quote your investor clients the wrong rates.
I recommend for all brokers to take at least 1 day a week reviewing over guidelines for new lenders and current lenders. You guys would be amazed at what you can find.
For all those who had access to The Holy Grail, be aware this product has been restructured as of 1/30/2006, effective 2/6/06.
Soooo you are saying that the once Holy Grail is no more? That 100% financing is going the way of the 8 track tape?
By the way nice quote, Mark! LOL