I’m looking for another good broker that has a program that will allow me to refinance 90% “no seasoning” stated if possible. I know there are programs out there. I have one good source but I’m looking for another good source to get these deals done in 3 to 4 weeks.
What’s your credit score?
How much in liquid assets do you have (including retirement accounts )?
How many properties do you own?
Do you own or rent? How long at current residence?
my credit score is mid 600’s
I have about 5k in liquid assets
4 properties I own-3 rentals and 1 primary
I been at my current address 1 yr and I own
I’m rehabbing homes with HML and need to refinance the projects within 30 days. Can you help?
Sorry, dont know any lenders that can get you to 90% with under a 620.
Possibly 80% but I’d have to revist some of the lenders guidelines. Let me know if you ever need 80%.
i don’t have 620 its a little higher then that I would say 640 !
There are lenders that should be able to get you done then.
Remember though I only asked several of the qualifying questions so far. With these niche investment loans, lenders have different guidelines and they can all have different variables.
Most rehab lender will do 65 to 80 ARV (After Repair Value)
Here is the calculation:
Offer= (ARV x 75%) - (Repairs + Holding + Closing cost)
Note: if you want low closing or no closing cost will require higher rate.
440,000(ARV) X 75%= 340,000 .
Total cost 40,000
340,000 - 40,000 = 300,000 Offer
Some lender max at 80% due to borrower cash. If you had gotten a higher % of ARV, you would not have to put the cash. That is leverage. Keep your money in reserve. I would keep just as emergency to cover my ass if the property will not move. Pad the repair a little. You pull the wall; suddenly you have water damage behind the wall.
440,000 -370,000 = $ 70,000 profit- Ok
- Purchase property .Take loan out to do remodel. Harder to do some lender require seasoning of title.
2.) Rehab loan
3.) Purchase option. Locate your buyer first. Do this before looking for property to flip.
Here is a post I post in a real estate forum:
Sorry for any typo Keith:
Sorry, for the late reply. See how I sold you guys. I throw a value out there and increase that value by saying for free. Same principle. Here is how you find tenant buyers.
Yes magnetic car sticker will work. a few leads.
1-800 -homes- make the numbers so stupid a monkey could remember.
KISS- Keep it stupid simple. Yes on you magnetic sign on the car.
A website that says How to buy your dream home as little as 3%-5% down even with bad credit. Call to find what private investors won’t tell you. Limited offer! You have to have to have time value to make people act. Like a child. You give him one small taste of candy one piece at time.
Place small ads like this on the internet in forums or classified ads. With phone numbers.
Put flyer display with business card in laundry mat.
That says the same thing but you also add more value… save 6 % on your next house. Call today for more info. 6% offers expires soon must act now… keep change the date for you next set.
Think like a renter… where they hanging out at do. Coffee shop etc… Get the idea. Always be selling and closing.
What newspaper they read. Home buying magazine and news papers, and home publication magazine for renters. Do not have to be fancy… 3 small lines will do. Put your code into each marketing piece. If you can’t track it, you can’t measure your progress and growth. Ask the client, which marketing piece they called off of. What made you call me instead of a realator.They probably say the commission part.
The cheapest is referrals. Do you know anyone like your self that would like to seize the opportunity? They at least know 2 o3 people. And those 2 or 3 know other people. Get the idea.
Wedding home show.
People go to find gowns, flowers.jewerly, and caterer. Etc… What is the next step after marriage… a house…a car… then kids… gets the idea…
Now remember most American are reading at an 8th grade education… Do not use BIG words.
Give an e-book about testimonals…Tell the story or joke… get them to come back for the climax or punchline.Always be selling and closing. When you were a kid you work your Mom and Dad. If you didn’t get what you want… you cry…That is closing your parents.
Try this for now, because if I give you to much info, your brain might over load… Post this some where so you can visualize .Put a car or a house next to these items… Hell even put your kids next to get you motivate to take action, but at least take action. Now people with bad credit will be in next class schedule… someone has to remind me… too much business with all loans for hard money, commercial…etc… To may request… Thanking for attending Real Estate 101.Good night boys and girls… Where is my apple?:0)
Is this residential 4 units or less?
yes, 1-4 units it has comps all around it from $50k to $98k, a fair market value of it would be $78k.
zachj- Has some great programs on his website. and Investment Loans has been a great help. I would refer anyone to these guys!
Indymac on a purchase there is a 3mth chain of title requirement.
and on a rate and term no seasoning, based off of the appraised value.
cashout refi, you need 12mths if not they’ll go off of the pp.