All Forum Posts by: Andy Collins

as someone stated earlier, what you are describing is using hard money to purchase, then refinancing the hard money loan. The hard money lender will simply make sure you are qualified for the refinance, and make sure you have "skin in the game"",,they know the more money you have tied up in the project, the slower you will be to walk away.

If your going to hold a property for any length of time, you don't want transitional funding, you want a hard money/private money lender,,but yes, you have to be qualified to refinance to a traditional mortgage because they want to get their money out

if you don't pay your bills, no company can help you, if you do pay your bills on time, but have one problem account from long ago, there are things that POSSIBLE can help you.

I was curious and it became a hobby to learn about credit reporting, getting rid of credit inquiries, etc,,,and yes, anyone can do it them self, but most people don't want to take the time to learn all that is involved.

Don't pay a company big upfront fees, have them work for you on a "pay for results" type basis.

The average age of accounts takes a big hit when you have that many new credit lines (including mortgages) start reporting.

This is also true of re-finances. I recently did a simple refinance (I'm over the 4 mortgage limit, but for some reason it didn't matter on this streamlined refinance of a rental),,went off without a hitch, the new and old mortgage were both with Citi,,but its a new account number, and a new loan,,so my average age of accounts went down.

I was in the process of a "real" refinance from hard money to a conventional, which got screwed up because my mid score went below 720,,,(paid down some cc's and got it back up)

It is all a big game,,but there are ways to get hard inquiries off of TU, and Equifax (mortgage inquiries on equifax you can't get off however)

Jeff,

Find a broker that deals with investors, they will know who offers 5-10 and what the overlays are required for the different banks.

When you hit number 5, things get harder!

andy

IF you buy the properties at the right price, leverage yourself out,,,don't go pay full retail, work and find a deals that fit your model.

I have houses I have purchased (not today but in the last 2 years) that I have 25%+ equity in and very little cash in them

for conforming mortgages they will give you 75% of the leaes toward PITI before you get to 2 years, but each property is looked at separately. I have some properties I have held over two years, and they use the actual information on the return for those, 75% of the lease in the others

It sounds like they required things they can't require in a contractor basis,,,I would let them know you are going to file a complaint and see if the check shows up.

For you, and everyone else they have paid as a contactor that isn't really a contractor, they will have to pay BOTH SIDES of the tax,,,,that hurt them in the pocket book,,,they would rather pay you than deal with that

how much would your payment drop if you went to a 20 year loan, and you should save a little on interest.

Your not "saving" $230 a month if your extending your loan out 10 years.

I'm with the others, those closing cost are way out of line unless this is a $400k house.

I buy and hold and always change the doors out to new 6 panel doors, and normally change out the door hinges and door hardware.

You can do all that for under $50 a door, and it is amazing how much better the house looks. I also use two tone paint (same colors in every house.

The house doesn't look like every other rental they are looking at, and looks like a 'home'. I don't have vacancy problems.

andy

if you put in an offer in your name, you realize the rehabber will tell everyone he knows how you "burned" him,,,why not call him and explain you were approached about the property,, and wanted to see if he was moving forward with it, because if he wasn't, you were