All Forum Posts by: Tarik Turner

You do not have to wait 2 years to apply for another loan for an investment property.  That sounds like the criteria for a specific loan product offered by your bank. 

also every time you apply for a loan your credit will be pulled..  Most Lenders can use the same report if you reapply within 45 days or so but no real way around a credit pull... 

If the property isn't move in ready that would be an issue.

You can get a loan based on the as is value if it is not move in ready but it would be a bridge loan and not a long term mortgage 

It all depends on the lender and their refi criteria ..some are 6 months some 12 months some are 30 days. but the answer is yes you can refi based on appraised value immediately after you rehab a property into a 30 year loan 

There is always a hint of brilliance in those who ask questions in areas that they are not familiar with. 

Keep exploring and ask away this is the perfect place to learn and grow as an investor. 

There are stated income options that might be a good solution for you

The answer is it depends on the financial institution..  Some lenders require 12 months some 6 months some quicker than that.. 

Two different types of institutions

I agree take a trip to the market after you identified a few deals you are interested in. 

Also find a good local realtor to get you some feed back on the local market. I tend to advise against long distance flips but rental properties can still be great for out of state investors. 

Depending on the lender and loan product you're going to get different answers here. 

To keep it simple yes you can find commercial loan products at 80% ltv based on the asset.  

There are also non conventional loan products that you can qualify for.  Those options are more asset based and do not require the borrower to show income 

A question only you can really answer, but I will say this...... wholesaling would be a way to learn a bit more with less at stake. Get your numbers down, meet buyers, investor friendly title companies, find out which lenders your end buyers use, analyze deals.... It's like going to school for RE investing and if you do well the school cuts you a check.