All Forum Posts by: Andrew Garcia

Hi @TJ Maxberry, this sounds like a probate situation. Depending on when the owner passed and state laws, you might have to go through a legal representative.

I would contact a local probate attorney to see the proper way to handle this situation.

Hope this helps! Let me know if I can be of any assistance.

Hi @Adam Monell, the "Find an Agent" tool is a great resource for connecting with local investor-friendly agents.

Additionally, I am sure there are some local agents that will comment on this thread.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jill Davis, I can refer you to a lender that can still do some jumbos in the 4s. Granted, that is for people that have perfect credit, putting down a large down payment, lower DTI, etc. Your rate would likely be in the 5s if you do not check all the boxes.

Since you seem so adamant on rate, you might want to get an ARM. They will provide a lower initial rate compared to a fixed-rate mortgage.

Also, a little insider secret here. If you have millions of dollars in assets with a bank and are a private banking client, they will likely take a loss on your jumbo mortgage and give you a killer rate to keep your assets with them. If this applies to you, I urge you to take that route.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jack Yen, all 3 of those are good markets.

The most important thing when investing out of state is making sure that you have the right team in place. A bad market with a good team beats a good market with a bad team every time.

@Steven Foster Wilson is local to Columbus so if you are investing there, he likely has some referrals for you and can help you with rehab costs.

Hope this helps! Let me know if I can be of any assistance.

Hi @Thomas O'Donnell, look at the breakeven point for buying down points.

If it takes you 7 years to breakeven and you plan on selling this in 5 years, then it is not worth it.

If you plan on keeping this loan for 30 years, buying down points is almost always a good idea.

The breakeven point is the main determining factor when buying down points.

Hope this helps! Let me know if I can be of any assistance. 

Hi @Account Closed, you can use the "Find an Agent" tool at the top of the screen to find an experienced and investor-friendly agent near you.

As for the loan, I can refer you to a lender that can help you with the reno loan. Feel free to shoot me a message so that we can exchange information.

Hope this helps! Let me know if I can be of any assistance.

Hi @Kayla Matthews, welcome to the community!

If you go to the "Network" tab at the top of the screen, you can type in "Huntsville, AL".

From there, you can connect with people in your local market.

Just remember, don't spam anyone as that is against community guidelines.

Hope this helps! Let me know if I can be of any assistance.

Hi @David B., the issue with this is scaling. Will you always be able to put down 50% of your own money?

Also, in your scenario, if you were to use the LOC as a 50% down payment and your other loan was at a 7.5% interest rate, you would have a blended rate of 6%.

Financing the other half with a mortgage would only increase your monthly payments by around $875. You would still be cashflowing $15k per year with none of your own money invested.

Then, put that $15k as well as $10k of your own money towards the LOC. That lowers your monthly payments since you will be paying less interest so you do not have to put the full $10k in subsequent years.

In 5 years, you paid off the credit line with $50k of your own money rather than $125k. That brings your cash on cash return to 50% annually. 

You could even put no money in and just use the credit line but then you would be having it open for longer.

Hope this helps! Let me know if I can be of any assistance.

Hi @Christopher Zeller, welcome to the community!

Thank you for sharing a bit about yourself! I have never met anyone that built golf clubs as a hobby so that is really cool!

I look forward to seeing where REI takes you!

Hi @Thomas J., it really depends on what your personal implications were.

If it shows up on your credit report, it is automatically a no-go but if the losses were all contained by the business, you might be able to.

If that was your primary form of employment, it is almost definitely a no-go.

You might have to go non-QM on this property, then refinance later into a conventional product for better rates.

Hope this helps! Let me know if I can be of any assistance.