Comments on: No Money for Real Estate Investors? What Are We Doing About it? http://www.biggerpockets.com/renewsblog/2009/01/28/money-investors/ Learn, Network, Invest Sat, 11 Feb 2012 01:23:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tony Alvarezhttp://www.biggerpockets.com/renewsblog/2009/01/28/money-investors/#comment-64748 Tony Alvarez Fri, 27 Mar 2009 22:22:11 +0000 http://www.biggerpockets.com/renewsblog/?p=3797#comment-64748 For what it's worth, if you have downpayment money, a few places that I have found to be a good source for loans are; 1- Smaller local banks that are presently taking advantage of the demand for and void in available loans for investment properties. These guys need DEPOSITS! In my area I found one lender that on the surface will commit to no more than 4 portfolio loans per individual investor,( nothing to do with FNMA 10 property limit) 70 to 75% LTV low interest rate ( 6% or something?)recourse loans. You must prove you know what you're doing and be willing to open account; the more business they anticipate doing with you the better.( The 4 loan max is flexible depending on ????? several factors, all common sense, like how well they get to know you = relationship building etc.) 2-Remember FNMA Home Path is now offering financing on up to 10 REO's, some reserve and other requirements, must use their approved lenders,reasonable rates and will include $ for repairs, similar to FHA-203K. Go to homepath.com DO NOT HESITATE!!! GO GET EM! Please remember all these financing restrictions will sooner (rather than later) ALL fall away. ALL lenders as well as the Federal Agencies are first and foremost SELF SERVING, when they NEED to they will change EVERYTHING. As an investor who has experienced a few ups and downs, while working as a Certified General Apraiser in-house for 2 major lenders; I learned you can always rely on a banks ability and willingness to change ALL their policies ASAP, when their greed kicks in. Personally, I'm moving ahead as if the present ristrictions on lending will in fact dissapear. I guess only time will tell. Best of luck to all and thanks for listening ah...reading? For what it’s worth, if you have downpayment money, a few places that I have found to be a good source for loans are;
1- Smaller local banks that are presently taking advantage of the demand for and void in available loans for investment properties. These guys need DEPOSITS!
In my area I found one lender that on the surface will commit to no more than 4 portfolio loans per individual investor,( nothing to do with FNMA 10 property limit) 70 to 75% LTV low interest rate
( 6% or something?)recourse loans.
You must prove you know what you’re doing and be willing to open account; the more business they anticipate doing with you the better.( The 4 loan max is flexible depending on ????? several factors, all common sense, like how well they get to know you = relationship building etc.)
2-Remember FNMA Home Path is now offering financing on up to 10 REO’s, some reserve and other requirements, must use their approved lenders,reasonable rates and will include $ for repairs, similar to FHA-203K. Go to homepath.com
DO NOT HESITATE!!! GO GET EM!
Please remember all these financing restrictions will sooner (rather than later) ALL fall away. ALL lenders as well as the Federal Agencies are first and foremost SELF SERVING, when they NEED to they will change EVERYTHING.
As an investor who has experienced a few ups and downs, while working as a Certified General Apraiser in-house for 2 major lenders; I learned you can always rely on a banks ability and willingness to change ALL their policies ASAP, when their greed kicks in.
Personally, I’m moving ahead as if the present ristrictions on lending will in fact dissapear.
I guess only time will tell.
Best of luck to all and thanks for listening ah…reading?

]]> By: murihttp://www.biggerpockets.com/renewsblog/2009/01/28/money-investors/#comment-63690 muri Sat, 07 Feb 2009 07:55:19 +0000 http://www.biggerpockets.com/renewsblog/?p=3797#comment-63690 I am not any kind of investor at business real eastate and gain never gain any profit from real eastate industry.however all people no Without money I think we need to wait to look back onto condition in which we have the power with,more over since what make the mortgage crisis has fall so many industry behind,for now,I will stay away from this and follow your next post to find it how to survive with the financial crisis I am not any kind of investor at business real eastate and gain never gain any profit from real eastate industry.however all people no Without money I think we need to wait to look back onto condition in which we have the power with,more over since what make the mortgage crisis has fall so many industry behind,for now,I will stay away from this and follow your next post to find it how to survive with the financial crisis

]]> By: Rehab702http://www.biggerpockets.com/renewsblog/2009/01/28/money-investors/#comment-63511 Rehab702 Fri, 30 Jan 2009 01:24:16 +0000 http://www.biggerpockets.com/renewsblog/?p=3797#comment-63511 Rosie, another great post! I have to say that I really admire your work ethic, so many people are not successful for the simple reason that they won't do the work. Rosie, another great post! I have to say that I really admire your work ethic, so many people are not successful for the simple reason that they won’t do the work.

]]> By: rosiehttp://www.biggerpockets.com/renewsblog/2009/01/28/money-investors/#comment-63498 rosie Thu, 29 Jan 2009 18:09:15 +0000 http://www.biggerpockets.com/renewsblog/?p=3797#comment-63498 HI Dan - thanks for the great info. I'm telling you - if I can find regional or local banks that will fund investors - I would be a hero. You are reminding me that I heard a commercial on the radio the other day for a bank that was promoting "they are still doing loans". I will have to check them out.I was talking to one of my partners the other day to strategize how we can 1st - get our hands on an REO that we like that is 65% LTV - then how we can sell it. We had to make sure we had at least 3 exit strategies that would work first - then from there we are deciding how we can buy it, how much we can pay, and the terms of our purchase.Boy - it sure does teach us all how to be very cautious investors. Which I think is good learning that we will always have! So I suppose that is a good thing!Thanks for your info!Rosie :) HI Dan – thanks for the great info. I’m telling you – if I can find regional or local banks that will fund investors – I would be a hero. You are reminding me that I heard a commercial on the radio the other day for a bank that was promoting “they are still doing loans”. I will have to check them out.

I was talking to one of my partners the other day to strategize how we can 1st – get our hands on an REO that we like that is 65% LTV – then how we can sell it. We had to make sure we had at least 3 exit strategies that would work first – then from there we are deciding how we can buy it, how much we can pay, and the terms of our purchase.

Boy – it sure does teach us all how to be very cautious investors. Which I think is good learning that we will always have! So I suppose that is a good thing!

Thanks for your info!

Rosie :)

]]> By: Dan Worleyhttp://www.biggerpockets.com/renewsblog/2009/01/28/money-investors/#comment-63497 Dan Worley Thu, 29 Jan 2009 17:57:20 +0000 http://www.biggerpockets.com/renewsblog/?p=3797#comment-63497 Solid post, in particular the need to grind even harder now then ever. One point I might add is that "reasonable" bank financing is out there for for investors owning more than 4 props, but again requires a lot of elbow grease to turn them up. Regional and portfolio lenders are your best bet...they are out there. We have done deals without resorting to high cost private capital (yet) by 1. scouring the planet for aggressive wholesale lenders looking to fill a niche. Terms are 25%-30% down (not a terrible thing) and rates are slightly higher than standard fnma/fhlmc rates. 2. As I mentioned above regional banks can be a realistic solution. Investors should do their homework within the city or region in which they are acquiring properties..these banks are motivated to vitalize their local economies and will better understand the local real estate situation and home value equation, making them better able to understand local risk better than a national lender, etc. 3. Many regional banks have large REO portfolios, especially interesting if they made construction loans to builders. There is more than likely sizable amounts of new home inventory in the markets where investors are researching. These lenders are motivated to sell and in some cases will carry back the financing at attractive rates while also ignoring the 4 prop max rule. All of these solutions requires some serious effort but well worth if it if real estate investing is your game. Solid post, in particular the need to grind even harder now then ever. One point I might add is that “reasonable” bank financing is out there for for investors owning more than 4 props, but again requires a lot of elbow grease to turn them up. Regional and portfolio lenders are your best bet…they are out there. We have done deals without resorting to high cost private capital (yet) by 1. scouring the planet for aggressive wholesale lenders looking to fill a niche. Terms are 25%-30% down (not a terrible thing) and rates are slightly higher than standard fnma/fhlmc rates. 2. As I mentioned above regional banks can be a realistic solution. Investors should do their homework within the city or region in which they are acquiring properties..these banks are motivated to vitalize their local economies and will better understand the local real estate situation and home value equation, making them better able to understand local risk better than a national lender, etc. 3. Many regional banks have large REO portfolios, especially interesting if they made construction loans to builders. There is more than likely sizable amounts of new home inventory in the markets where investors are researching. These lenders are motivated to sell and in some cases will carry back the financing at attractive rates while also ignoring the 4 prop max rule. All of these solutions requires some serious effort but well worth if it if real estate investing is your game.

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