All Forum Posts by: Adam Bartling

@Sabrina Jack The best your your pocket is a some sort of owner financing , subto, foreclosure.  A deal is a deal, more deals you look at the better you get at screening and underwriting.

But in order to be set up for traditional lending success.

680+ FICO, 20% Down Payment, 6Months Reserves (post funding) is the min requirements to get your rental property up to $1M in PP.  We do investor loans.

I agree with @Adam Bartomeo I had a condo and I learned that appreciation really escapes these properties.  Now if it is a DEAL go for it!  

MF can be less profit but also less work than SF.  

SF can also be complete loss, because you have 1 tenant , 1 building

There is so much benefits to each this is something you will have to read on in the library on BP and other posts to understand what is best suited for you.

@Houston Anglin as long as your FICO is 620+ & 20% down payment and 6 months reserves in cash or cash equivalent ( stocks, bonds, etc at 60% Pv) I have some programs that may work for you.  There is much more info we need.  Good thing is you sent this to a traditional only lender so now it is a click of a button to see how we can help.

@Andrew Gomez Your construction interest rate will not be 5%. Look to factor in 8.5% on new construction paid on draws.  When you get ready to close remember we can only charge 3pts total in fees.

When are you ready to build?

The Total price is with land or construction?

What % contingency is built in?  Or did they ask for extra reserves?

Everything is with in normal ranges I see.  If you want a 2nd opinion the Loan Estimate is what we need.

Curious to why you chose to pay down $34,000 in interest rather than paying more equity into the deal??    

@Robert Johnson typically for referral I pay 30% of my commission as points can vary on the type of deal. Are you a lender looking for a lender to broker?  If you are brokering 1% is normal, but the lenders are all 2-3pts origination to start.

Bartlinglending.com is my commercial site 

@Alec Khlebopros  Your new build you are going to generate instant 30-40% equity depending on your build.  You can cash out refi and do it again and maintain cash flow. This is the winner !

We do horizontal and vertical construction lending.

@Welsh Tucker Yes smaller properties you can get 30 year loans all day!  

Big MF can still get 30 year loans.

Commercial shopping/warehouse .. ya 10 years is normal.

If you want to relive the stress of shopping we are well connected , 100+ options.

@Dhiraj Chhabra  I know some lenders will do "sales" but anything non owner occupied 2-3pts origination is the normal and $1500-2500 in underwriting is normal for smaller/ non complex loans.

Ya staying close to the original is always ideal. But OR & UW costs are pretty standard they should not get that part wrong.  All of the third party items or interest rate, I completely understand those will be different from initial Loan Estimate as typically we put in #s that are close but the vendors may vary.

Frustrating, I get it but sounds like you still have a good priced loan.

Investment property HELOCs came out about 2-3 years ago. We do them. Basically they are always PRIME + 1.5-2.5% depending on FICO & LTV

@Tam Nguyen Your operating agreement tells how much equity each member put in to start the company after that it is your gross profit - expenses. 

Get a CPA to assist you, better to pay them and learn and than take on your accounting with no direction.  You can always do your own books after you learn.

FYI I am licensed in CA.