All Forum Posts by: Ashley Pimsner

@Charles Mangum

Hello, you probably need to know if your local bank will finance this deal first as it is categorized as a commercial property, and the property has to qualify for the loan, not you.

Some questions to ask are the minimum DCR and LTV/ARV requirements?

Is 50% occupancy an issue?

Does the bank have minimum net worth or liquidity requirements?

What amortization do they offer as this will effect your numbers and cash flow.

Prepays, points, and origination fees?

Do they require you to fund loan in a business entity like an LLC?

Iif your bank can't do the deal then seek out the commercial departments of local banks and credit unions in the area of the 16 unit.

Hopefully this proves helpful.

Good luck!

@Moshe Eisenberg

For flips you might want to consider how to have LLC taxed as a S-Corp for investments held less than a year.

The benefits are that you can minimize self employment tax, access more tax deductions like car, fuel, marketing, and mileage.

It also eliminates schedule C and lowers audit risk.

I am not an accountant so please consult yours to see if an S-Corp is right for your situation.

@Susan Throop

It appears you are in a bit of a dilemma.

Please review link below for your very limited options.

http://mh-loans.com/Mobile-Home-Knowledge-Base/FAQ...

Sorry to be bearer of bad news.

@Travis Morgenstern

Typically a mortgage company, bank, and/or a mortgage broker helps clients find the best loan program and rate so they would be termed the originator.

After you close on purchase or refi the loan is packaged and sold to either Freddie or Fannie and which ever company purchases the loan is the loan servicer where you send your monthly payment. 

Many times people find that their loan has been sold multiple times so it is crucial that you pay attention to who owns/services your loan so you send payment to proper place.

In many cases people send payment on time to old servicer because they failed to read the notice in the mail that their loan has been sold and wind up with a late payment on their credit report.

@Todd Tinker

I did a brief internet search and here is what I found.

See section #2 and it does appear you can use funds of a mother in law but you should do your own due diligence.

http://sdirahandbook.com/who-is-prohibited-to-my-s...

Maybe you could check IRS website for more info.

Hope this points you in right direction.

@Daniel Moctuzema

Here are two alternative online ideas...

http://www.zillow.com/mortgage-rates/#request=ZR-W...

http://www.ratebid.com

BTW make sure when lenders populate you choose lowest APR.

@Francis A

I have never used Costco before but did have great success with Zillow.

http://www.zillow.com/mortgage-rates/

Beware you will likely have to submit most of your docs online and may never meet the lender, but you will get a very attractive rate and program, so if a do it yourself isn't for you, then find someone local.

Hope this helps!

@Daniel Moctezuma 

I have worked with Mike before and had great results, especially in situations that are less than perfect ( fico >720 and ltv >80%) and he might be able to help raise your score so you qualify for a better rate.

Michael Plating

ThePlatingTeam.com at Inlanta Mortgage

(630) 230-8407 direct

(630) 842-3328 cell

(630) 297-4657 e-fax

Click here to fill out an application

IL license #031.0010744/National license #197120

18 years of experience here to serve you!          

http://besttransactionfunding.com/