All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Coronavirus Content & Resources Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowPrivate Lending & Conventional Mortgage AdviceArrowRefinancing a home that is free and clear?
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Topic: 1031 Exchanges Topic: Akron Real Estate Forum Topic: Alabama Real Estate Q&A Discussion Forum Topic: Alaska Real Estate Q&A Discussion Forum Topic: Alberta Real Estate Forum Topic: Albuquerque Topic: Allentown Real Estate Forum Topic: Anchorage Real Estate Forum Topic: Ann Arbor Topic: Arizona Real Estate Q&A Discussion Forum Topic: Arkansas Real Estate Q&A Discussion Forum Topic: Arlington Real Estate Forum Topic: Asheville NC Real Estate Forum Topic: Ask About A Real Estate Company Topic: Athens Real Estate Forum Topic: Atlanta Real Estate Forum Topic: Aurora Real Estate Forum Topic: Aurora Real Estate Forum Topic: Austin Real Estate Forum Topic: Bakersfield Real Estate Forum Topic: Baltimore Real Estate Forum Topic: Bankers, Lenders, and Mortgage Brokers Topic: Baton Rouge Real Estate Forum Topic: Beaverton Real Estate Forum Topic: BiggerPockets Business Podcast Topic: BiggerPockets Exclusive PRO Area Topic: BiggerPockets Money Podcast Topic: BiggerPockets Real Estate Investing Summit Topic: BiggerPockets Summer Reading List Topic: BiggerPockets Webinar Discussion Forum Topic: Billings Real Estate Forum Topic: Birmingham Real Estate Forum Topic: Bismarck Real Estate Forum Topic: Boise Real Estate Forum Topic: Boston Real Estate Forum Topic: Bridgeport Real Estate Forum Topic: British Columbia Real Estate Forum Topic: BRRRR - Buy, Rehab, Rent, Refinance, Repeat Topic: Buying & Selling Real Estate Discussion Topic: California Real Estate Q&A Discussion Forum Topic: Cambridge Real Estate Forum Topic: Canadian Real Estate Topic: Cape Cod Real Estate Forum Topic: Cape Coral Real Estate Forum Topic: Casper Real Estate Forum Topic: Cedar Rapids Real Estate Forum Topic: Chandler Real Estate Forum Topic: Charleston Real Estate Forum Topic: Charleston Real Estate Forum Topic: Charlotte Real Estate Forum Topic: Chattanooga Real Estate Forum Topic: Chesapeake Real Estate Forum Topic: Cheyenne Real Estate Forum Topic: Chicago Real Estate Forum Topic: Chittenden County Real Estate Forum Topic: Cincinnati Real Estate Forum Topic: Cleveland Real Estate Forum Topic: Coastal NC Real Estate Forum Topic: Colorado Real Estate Q&A Discussion Forum Topic: Colorado Springs Real Estate Forum Topic: Columbia Real Estate Forum Topic: Columbia Real Estate Forum Topic: Columbus Real Estate Forum Topic: Columbus Real Estate Forum Topic: Commercial Real Estate Investing Forum Topic: Completed Deal Diaries Topic: Connecticut Real Estate Q&A Discussion Forum Topic: Construction & Remodeling Diaries Topic: Contractors Topic: Conway Real Estate Forum Topic: Coronavirus Conversation Topic: Coronavirus Government Assistance Programs Topic: Creative Real Estate Financing Forum Topic: Currently Under Contract Topic: Dallas Real Estate Forum Topic: Davenport Real Estate Forum Topic: Dayton Real Estate Forum Topic: Delaware Real Estate Q&A Discussion Forum Topic: Denver Real Estate Forum Topic: Des Moines Real Estate Forum Topic: Detroit Real Estate Forum Topic: Do it Yourself Topic: El Paso Real Estate Forum Topic: Eugene Real Estate Forum Topic: Evansville Real Estate Forum Topic: FAQ Forum Topic: Fargo Topic: Fayetteville Real Estate Forum Topic: First Time Home Buyer Topic: Florida Real Estate Q&A Discussion Forum Topic: Foreigners Buying in the USA Topic: Fort Collins Real Estate Forum Topic: Fort Lauderdale Real Estate Forum Topic: Fort Smith Real Estate Forum Topic: Fort Wayne Real Estate Forum Topic: Fort Worth Real Estate Forum Topic: Fresno Real Estate Forum Topic: General Foreclosure & Pre-Foreclosure Forums Topic: General Landlording & Rental Properties Topic: General Real Estate Investing Topic: Georgia Real Estate Q&A Discussion Forum Topic: Germantown Real Estate Forum Topic: Get Foreclosure Help - Stop Foreclosure Forum Topic: Gilbert Real Estate Forum Topic: Glendale Real Estate Forum Topic: Goals, Business Plans & Entities Topic: Grand Rapids Real Estate Forum Topic: Green Bay Topic: Greensboro Real Estate Forum Topic: Hammond Real Estate Forum Topic: Hartford Real Estate Forum Topic: Hawaii Real Estate Q&A Discussion Forum Topic: Henderson Real Estate Forum Topic: Hialeah Real Estate Forum Topic: Hilo Real Estate Forum Topic: Home Owner Association (HOA) Issues & Problems Forum Topic: Honolulu Real Estate Forum Topic: Housing News & Real Estate Market Discussions Topic: Houston Real Estate Forum Topic: HUD, VA, and Tax Sales Topic: Huntington Real Estate Forum Topic: Huntsville Real Estate Forum Topic: Idaho Falls Real Estate Forum Topic: Idaho Real Estate Q&A Discussion Forum Topic: Illinois Real Estate Q&A Discussion Forum Topic: Indianapolis Real Estate Forum Topic: Indiana Real Estate Q&A Discussion Forum Topic: Innovative Strategies Topic: Interest Rate Drops Topic: International Real Estate Topic: Investor Deal Diaries Topic: Investor Psychology Topic: Iowa Real Estate Q&A Discussion Forum Topic: Jackson Real Estate Forum Topic: Jacksonville Real Estate Forum Topic: Jersey City Real Estate Forum Topic: Job Loss/Company Closings Topic: Joliet Real Estate Forum Topic: Jonesboro Real Estate Forum Topic: Kailua Real Estate Forum Topic: Kānèohe Real Estate Forum Topic: Kansas City Real Estate Forum Topic: Kansas City Real Estate Forum Topic: Kansas Real Estate Q&A Discussion Forum Topic: Kentucky Real Estate Q&A Discussion Forum Topic: Knoxville Real Estate Forum Topic: Lakewood Real Estate Forum Topic: Landlord Problem Solving Topic: Las Cruces Real Estate Forum Topic: Las Vegas Real Estate Forum Topic: Lewiston Real Estate Forum Topic: Lexington-Fayette Real Estate Forum Topic: Lincoln Real Estate Forum Topic: Little Rock Real Estate Forum Topic: Local Real Estate Networking Topic: Long Beach Real Estate Forum Topic: Long Island Real Estate Forum Topic: Los Angeles County Real Estate Forum Topic: Louisiana Real Estate Q&A Discussion Forum Topic: Louisville Real Estate Forum Topic: Madison Real Estate Forum Topic: Maine Real Estate Q&A Discussion Forum Topic: Managing Your Property Topic: Manchester Real Estate Forum Topic: Manitoba Topic: Marketing Your Rental Topic: Marketplace Topic: Maryland Real Estate Q&A Discussion Forum Topic: Massachusetts Real Estate Q&A Discussion Forum Topic: Meads Real Estate Forum Topic: Memphis Real Estate Forum Topic: Meridian Real Estate Forum Topic: Mesa Real Estate Forum Topic: Miami Topic: Michigan Real Estate Q&A Discussion Forum Topic: Military Investing Topic: Milwaukee Real Estate Forum Topic: Minneapolis Real Estate Forum Topic: Minnesota Real Estate Q&A Discussion Forum Topic: Mississippi Real Estate Q&A Discussion Forum Topic: Missoula Real Estate Forum Topic: Missouri Real Estate Q&A Discussion Forum Topic: Mobile (Alabama) Real Estate Forum Topic: Mobile Homes & Mobile Home Park Investing Topic: Modesto/Merced Real Estate Forum Topic: Montana Real Estate Q&A Discussion Forum Topic: Montgomery Real Estate Forum Topic: Mortgage Payment Suspension Topic: Mt. Pleasant Real Estate Forum Topic: Multi-Family and Apartment Investing Forums Topic: Nampa Real Estate Forum Topic: Naperville Real Estate Forum Topic: Nashville Real Estate Forum Topic: Nebraska Real Estate Q&A Discussion Forum Topic: Nevada Real Estate Q&A Discussion Forum Topic: Newark Real Estate Forum Topic: New Brunswick Real Estate Forum Topic: Newfoundland and Labrador Real Estate Forum Topic: New Hampshire Real Estate Q&A Discussion Forum Topic: New Haven Real Estate Forum Topic: New Jersey Real Estate Q&A Discussion Forum Topic: New Member Introductions Topic: New Mexico Real Estate Q&A Discussion Forum Topic: New Orleans Real Estate Forum Topic: New York City Real Estate Forum Topic: New York Real Estate Q&A Discussion Forum Topic: Norfolk Real Estate Forum Topic: North Carolina Real Estate Q&A Discussion Forum Topic: North Dakota Real Estate Q&A Discussion Forum Topic: Northwest Territories Real Estate Forum Topic: Norwalk Real Estate Forum Topic: Nova Scotia Real Estate Forum Topic: Nunavut Real Estate Forum Topic: Oakland Real Estate Forum Topic: Off-Topic Topic: Ogden Topic: Ohio Real Estate Q&A Discussion Forum Topic: Oklahoma City Real Estate Forum Topic: Oklahoma Real Estate Q&A Discussion Forum Topic: Omaha Real Estate Forum Topic: Ontario Real Estate Forum Topic: Orange County Real Estate Forum Topic: Oregon Real Estate Q&A Discussion Forum Topic: Orlando Real Estate Forum Topic: Overland Park Real Estate Forum Topic: Pearl City Real Estate Forum Topic: Pennsylvania Real Estate Q&A Discussion Forum Topic: Peoria Real Estate Forum Topic: Personal Finance Forum Topic: Philadelphia Real Estate Forum Topic: Phoenix Real Estate Forum Topic: Pittsburgh Real Estate Forum Topic: Pocatello Real Estate Forum Topic: Portland Real Estate Forum Topic: Portland Real Estate Forum Topic: Prince Edward Island Real Estate Forum Topic: Private Lending & Conventional Mortgage Advice Topic: Property Insurance Questions & Discussions Topic: Providence Real Estate Forum Topic: Provo Real Estate Forum Topic: Quad Cities Real Estate Forum Topic: Quebec Real Estate Forum Topic: Questions About BiggerPockets and Official Site Announcements Topic: Raleigh Real Estate Forum Topic: Rapid City Real Estate Forum Topic: Real Estate Agent Forums Topic: Real Estate Crowdfunding Forums Topic: Real Estate Deal Analysis and Advice Topic: Real Estate Development & New Home Construction Topic: Real Estate Events and Happenings Topic: Real Estate Guru, Book & Course Reviews and Discussions Topic: Real Estate Investor Marketing Help & Advice Topic: Real Estate News & Current Events Topic: Real Estate Not-So-Successful Stories Topic: Real Estate Quizzes Topic: Real Estate Rookie Podcast Topic: Real Estate Success Stories Topic: Real Estate Technology, Social Media & Blogging Topic: Real Estate Wholesaling Questions & Answers Topic: Rehabbing and House Flipping Topic: Reno Real Estate Forum Topic: Renters Discussion Topic: Rent to Own a.k.a. Lease Purchase, Lease Options Topic: REOs Topic: Rhode Island Real Estate Q&A Discussion Forum Topic: Richmond Real Estate Forum Topic: Rio Grande Valley Real Estate Forum Topic: Riverside Real Estate Forum Topic: Rochester Real Estate Forum Topic: Rockford Real Estate Forum Topic: Sacramento Real Estate Forum Topic: Saint Paul Real Estate Forum Topic: Salem Real Estate Forum Topic: Salt Lake City Real Estate Forum Topic: San Antonio Real Estate Forum Topic: San Diego Real Estate Forum Topic: Sandy Springs Real Estate Forum Topic: San Francisco Real Estate Forum Topic: San Jose Real Estate Forum Topic: San Luis Obispo Real Estate Forum Topic: Santa Fe Real Estate Forum Topic: Saskatchewan Real Estate Forum Topic: Savannah Real Estate Forum Topic: Scottsdale Real Estate Forum Topic: Seattle Real Estate Forum Topic: Short Sales Questions Topic: Short-Term and Vacation Rental Discussion Topic: Shreveport Real Estate Forum Topic: Sioux City Real Estate Forum Topic: Sioux Falls Real Estate Forum Topic: South Bend Real Estate Forum Topic: South Carolina Real Estate Q&A Discussion Forum Topic: South Dakota Real Estate Q&A Discussion Forum Topic: Southeast NC Real Estate Forum Topic: Spokane Real Estate Forum Topic: Springdale Real Estate Forum Topic: Springfield Real Estate Forum Topic: Stamford Real Estate Forum Topic: Starting Out Topic: St. Louis Real Estate Forum Topic: Stockton Real Estate Forum Topic: St. Petersburg Real Estate Forum Topic: STR Strategies Under Travel Restrictions Topic: Surprise Real Estate Forum Topic: Tacoma Real Estate Forum Topic: Tallahassee Real Estate Forum Topic: Tampa Real Estate Forum Topic: Tax, Legal Issues, Contracts, Self-Directed IRA Topic: Tax Liens, Notes, Paper, & Cash Flows Discussion Topic: Tempe Real Estate Forum Topic: Tenant Screening Topic: Tennessee Real Estate Q&A Discussion Forum Topic: Texas Real Estate Q&A Discussion Forum Topic: Thornton Real Estate Forum Topic: Toledo Real Estate Forum Topic: Topeka Real Estate Forum Topic: Tucson Real Estate Forum Topic: Tulsa Real Estate Forum Topic: Tuscaloosa Real Estate Forum Topic: Upstate New York Real Estate Forum Topic: Utah Real Estate Q&A Discussion Forum Topic: Vancouver Real Estate Forum Topic: Vermont Real Estate Q&A Discussion Forum Topic: Virginia Beach Real Estate Forum Topic: Virginia Real Estate Q&A Discussion Forum Topic: Waipahu Real Estate Forum Topic: Waipahu Real Estate Forum Topic: Warren Real Estate Forum Topic: Warwick Real Estate Forum Topic: Washington D.C. Real Estate Q&A Discussion Forum Topic: Washington Real Estate Q&A Discussion Forum Topic: Waterbury Real Estate Forum Topic: Westchester County Real Estate Forum Topic: Western NC Real Estate Forum Topic: West Gulfport Real Estate Forum Topic: West Virginia Real Estate Q&A Discussion Forum Topic: Wichita Real Estate Forum Topic: Wilkes Barre Scranton Real Estate Forum Topic: Wilmington Real Estate Forum Topic: Wisconsin Real Estate Q&A Discussion Forum Topic: Worcester Real Estate Forum Topic: Wyoming Real Estate Q&A Discussion Forum Topic: Yukon Real Estate Forum
Create post

Refinancing a home that is free and clear?

8 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Maintenance, Finding & Screening Tenants, and Traditional Financing
  • Posts 196
  • Votes 103

Quentin Mitchell
Investor from Chicago, IL

posted about 1 year ago

I have 2 properties that I own free and clear and would like to do a cash out refi, I would prefer they stay in my company name, but the only problem I have heard from lenders like that is my properties do not meet the minimum requirements for the cash out refi. Are there any lenders who would refi properties whose values are below 75,000 but they cash flow very well.

I know the question is going to be if they cash flow so well why do you want to refi because I would like to pay some things off and then repeat the cycle to grow my business.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Flipping and Taxes & Accounting
  • Posts 15K
  • Votes 11K

Ned Carey (Moderator) -
Investor from Baltimore, MD

replied about 1 year ago
Lima One will do a refi for that amount I believe.  Many commercial lenders will also combine the two to make a $150K loan which would meet most lenders minimum.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Maintenance, Finding & Screening Tenants, and Traditional Financing
  • Posts 196
  • Votes 103

Quentin Mitchell
Investor from Chicago, IL

replied about 1 year ago
Originally posted by @Ned Carey :
Lima One will do a refi for that amount I believe.  Many commercial lenders will also combine the two to make a $150K loan which would meet most lenders minimum.

In my name or business? and just go to their website?

 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Residential and Flipping
  • Posts 231
  • Votes 139

Joseph A.
from New Rochelle, NY

replied about 1 year ago

@Ned Carey I recently spoke to someone at Lima one and they said the property has to appraise for at least 75k that's their cutoff.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Residential, Traditional Financing, and Taxes & Accounting
  • Posts 417
  • Votes 149

Dan Gamache
Lender from Boston, MA

replied about 1 year ago

Good afternoon. For single property rental loan minimum property value is 75K. For portfolio loan of 2+ properties, minimum property value of 60K.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Flipping and Taxes & Accounting
  • Posts 15K
  • Votes 11K

Ned Carey (Moderator) -
Investor from Baltimore, MD

replied about 1 year ago
Originally posted by @Quentin Mitchell :
In my name or business? and just go to their website

They will do loans in your company name. We close on 2 loans tomorrow in two LLCs. The may actually require the properties to be in an LLC.

 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Rentals, Team, and Traditional Financing
  • Posts 4.4K
  • Votes 3.4K

Andrew Postell
Lender from Fort Worth, TX

replied about 1 year ago

@Quentin Mitchell this is always a challenge for people who invest at these price points.  These property types do cash flow better (although the maintenance % is higher) but always the challenge is the lender aspect since so many lenders will have "loan minimums".  As if you notice above, most lenders will comment "you can't borrow less than X"....but what they really mean is "you can't borrow less than X....FROM US".  It sounds suprising but Fannie Mae and Freddie Mac don't have loan minimums.  But most lenders will place a minimum.  Likewise with other rules too.  In the lending industry we call these "overlays".  Rules that are put OVER the Fannie/Freddie rules to help a company be more conservative with certain areas.  Now, do not take this personally....investment properties foreclose at a higher rate than primary homes.  Likewise, lenders don't make as much money on lower loan amounts....and sometimes will even lose money at lower loan amounts.  So these "overlays" are business decisions.  Kind of like how we won't invest in "this" or "that" or "that area" or "above this price point because they don't cash flow as well".  Those are all of OUR business decisions too.  So what we need to do is get you in front of lenders that have NO OVERLAYS.  So here's my suggestions:

  1. if you know the product you need but just need it in a specific state try posting in that state forum. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some post here on Bigger Pockets too.
  2. Calling all the smaller lenders in your area.  If they have one location, and you've never heard of them.  That's a great start!  But be prepared to call a lot. Now, most of these smaller banks may only have 12 employees or so. So don't get frustrated if they don't return your call or aren't in the office. Just call back and be friendly. Maybe play dumb a little "I don't know if I'm in the right place..." "I'm sorry to disturb you, you may not be the right person for this....", etc. Maybe someone can get you to the right person.  Keep a spreadsheet of lenders who you've called and who you spoke with.  Dial for Dollars!

Then when you do have a lender that seems like they will lend, ask these questions to make sure they are friendly in the OTHER areas that some places put overlays on:

Questions for Lenders

  1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
  2. When do you start using “After Repair Value” on my property?
  3. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
  4. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
  5. How many loans can I have with you?
  6. Can I change title to my LLC?
  7. Do you sell your mortgages?
  8. What is your loan minimum?
  9. Can you explain to me what your reserve requirements are?

*WHEW*  I know that's a lot of information so feel free to ask anything additional if you need to.  Thanks!

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Maintenance, Finding & Screening Tenants, and Traditional Financing
  • Posts 196
  • Votes 103

Quentin Mitchell
Investor from Chicago, IL

replied about 1 year ago
Originally posted by @Andrew Postell :

@Quentin Mitchell this is always a challenge for people who invest at these price points.  These property types do cash flow better (although the maintenance % is higher) but always the challenge is the lender aspect since so many lenders will have "loan minimums".  As if you notice above, most lenders will comment "you can't borrow less than X"....but what they really mean is "you can't borrow less than X....FROM US".  It sounds suprising but Fannie Mae and Freddie Mac don't have loan minimums.  But most lenders will place a minimum.  Likewise with other rules too.  In the lending industry we call these "overlays".  Rules that are put OVER the Fannie/Freddie rules to help a company be more conservative with certain areas.  Now, do not take this personally....investment properties foreclose at a higher rate than primary homes.  Likewise, lenders don't make as much money on lower loan amounts....and sometimes will even lose money at lower loan amounts.  So these "overlays" are business decisions.  Kind of like how we won't invest in "this" or "that" or "that area" or "above this price point because they don't cash flow as well".  Those are all of OUR business decisions too.  So what we need to do is get you in front of lenders that have NO OVERLAYS.  So here's my suggestions:

  1. if you know the product you need but just need it in a specific state try posting in that state forum. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some post here on Bigger Pockets too.
  2. Calling all the smaller lenders in your area.  If they have one location, and you've never heard of them.  That's a great start!  But be prepared to call a lot. Now, most of these smaller banks may only have 12 employees or so. So don't get frustrated if they don't return your call or aren't in the office. Just call back and be friendly. Maybe play dumb a little "I don't know if I'm in the right place..." "I'm sorry to disturb you, you may not be the right person for this....", etc. Maybe someone can get you to the right person.  Keep a spreadsheet of lenders who you've called and who you spoke with.  Dial for Dollars!

Then when you do have a lender that seems like they will lend, ask these questions to make sure they are friendly in the OTHER areas that some places put overlays on:

Questions for Lenders

  1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
  2. When do you start using “After Repair Value” on my property?
  3. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
  4. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
  5. How many loans can I have with you?
  6. Can I change title to my LLC?
  7. Do you sell your mortgages?
  8. What is your loan minimum?
  9. Can you explain to me what your reserve requirements are?

*WHEW*  I know that's a lot of information so feel free to ask anything additional if you need to.  Thanks!

Thanks alot

 

Rotate Log in or sign up to reply
  • 1
Related Resources Private Lending & Conventional Mortgage Advice
4 Golden Rules of Real Estate Investing
Syndication 101: How to Present a Deal To Investors
How Much Debt Is Too Much When It Comes To Real Estate?
A Well-Kept Secret for Buying Property With No Money Down (& Growing Your Portfolio Quickly!)
How To Find Money for Your Next Real Estate Deal
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Stephanie P.
Stephanie P.
Washington, DC Mortgage Lender/Broker
5.95
Score
Chris Mason
Chris Mason
Oakland, CA
4.89
Score
Timothy Hero
Timothy Hero
United States
4.62
Score
Remington Lyman
Remington Lyman
Columbus, OH
2.95
Score
Hossam Elaskalani
Hossam Elaskalani
2.54
Score

Private Lending & Conventional Mortgage Advice Trending Discussions

  • Putting cash offer (funds available) but using financing?
    10 Replies
  • How do I spot scam lenders?
    7 Replies
  • Feedback on Potential Cash Out Refi
    8 Replies
  • Refinancing primary residence
    3 Replies
  • Financing after cash out refinance Advice
    2 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.