Financing and Credit

What options are there (besides hitting up your family) for borrowing funds for the down and close, when it has to be off the books, and the real estate is not yet in your name to be used for collateral?

Are there any known strategies, or is this something I will just need to scrounge up any way I can, LOL?

We thought we had this covered, but now it's looking iffy.

Tracey R.

Has anyone done a rehab loan, especially a FHA 203k?

My current broker and agent (who I realize now aren't good for investing - they're nice, but not investors) are telling me that it's a nightmare, don't ever do it, and other stuff that sounds a little extreme. Of course, they've never done them. Well, the agent had a client do one about 16 yrs ago, and it was a pain back then.

I contacted another broker, who has done one recently, and he's telling me pretty much a whole different story.

Talking with bankers, and I don't think I'm using the terminology right.

if we already have a first mortgage (the FHA 5% one) in place, we get through the close, and we're looking for $30k for renovations, are we asking for a 2nd mortgage construction loan?

I know we'd need another appraisal, like an ARV appraisal, but I don;t know how to word what I want to the lenders.

Thanks!

Tracey

Trying to make the plans to get our cash out of the apartment deal once the renovations are done. It will be owner-occupied, 4-unit multi-family.

We're thinking a HELOC would be the best way to go.

What are the current guidelines for HELOCs in regards to seasoning, LTV (combined LTV?), and credit score?

Any suggestions for particular loan programs?

Thanks! I'm calling the banks and brokers, but wanted to check here, too!

Tracey R.

OK, I'm new here and this my first ever post in this Forum. I was not going to post anything until I buy a house, but the circumstances have changed and I need help now. Anyhow, I got Dean's book Be a Real Estate Millionaire for Christmas from my wife. I finished reading it on January 9th. I have been trying to put things together. Now I'm excited. I will let you guys know about my background on another post later on (after I buy a house).

Guy's, I'm sorry this is my first deal. I posted it here because I need your help before I send it to my landlord who is willing to sell the house to me at the price stated below. He now resides in UK. Please comment if any of my points below doesn't make sense to you. # 3 especially I dont know 50% is okay or I go for 100% credit.

Thanks,
Viliame

Mr X its one year next week. I have something below for you to consider as far as purchasing your property;
My credit is not so good that I may not be able to get a conventional loan (mortgage). This may be the best option.

OK if anybody has any ideas for this obstacle it would be great . So i have a rental single family residence ,Had it for 10 yrs as a rental , so i thought today i would call to get it refinance with some cash out . Have 70,000 left on morgage , was going to take out 80,000 more to have for some forclosures for starting out . But agent said since not a primary residence going to be difficult to do .So shouting out for some help . Thanks GD

Ok..
getting frustrated. I have a deal in Western NY for 3 properties that have amazing cash flow potential. All three properties are fully rented and I can buy all three for 117,900.

The issue now is funding. Most banks because of the current crunch are not doing loans below 100k...so I am having ridiculous difficulty trying to finance an individual property (55K or less)

This seems like a no brainer for hard money lenders and even bad credit mortgage. I will try and get creative with the seller but I have the sneaking suspicion he is an investor too.

Someone told me it is hard to own more then one house because banks don't want you to have 2 mortgage's that your salary can't cover. They consider you over extended financially. I know many people in the dg family have more than 1 property. Is there any secret to it?

Hi everyone. I am learning SO MUCH from the posts here - so thank you all!

This question is about appraisals - they seem to be deal-makers or breakers! I have a *rough* idea of how to figure my own comps from recent sales data stuff that I can get from the courthouse, but I have no way of knowing with those whether the places are beautiful inside, dumps, etc. I also don't know whether or not they appraised higher than the sales price.

So, how can I better estimate what my potential deals will appraise for, and especially how can I estimate the increase in value from renovations?