All Forum Posts by: Bill Hamilton

@James Williams there are HML's that will do 70% of ARV and that allow the cash to be used to cover purchase, renovation etc. I don't know if any of those lenders fund in your neck of the woods but it might be worth looking into.

@Marston Garceau

Find a lender here in Colorado (lenders and real estate agents have to be licensed in any state they are doing business in) first. You need to know how much you qualify for before a realtor can really guide your search. Also, you probably need to narrow your search geographically. Ft Collins and Denver are pretty far apart and are very different markets. They are also on two different MLS systems and most realtors aren't signed up on both.

@David Gotsill, I appreciate the candid and insightful reply. I am sure others will feel the same.

Just curious...what would be the advantages of investing in Japan over the US or other countries. I mean that question in the nicest, possible way. I am genuinely curious.

80% cash out is the highest I have seen on a rental property in  many, many years. I don't think you will find anything higher than that. Try finding a different route to finance the new property instead.

Well, looks like your wordpress site is down also. I would say that if you want to pursue it, you really need to get a lawyer that will go after the builder. And hopefully one that will do it on a contingency basis. I am assuming that Texas allows you to go after the losing side for legal costs. That could be an advantage in that no lawyer will take that type of case on a contingency fee if they don't think they can win. I wish you good luck (wish I could have read the whole tale as I might have a more helpful opinion in  that case).

Well, it can vary depending on the bank. Also, keep in mind that when an accountant talks about gift money, they are, thinking about it from a tax perspective rather than a lending requirement. But generally, it's a 60 day seasoning period to not have to consider it a gift. In reality, if you can show two consecutive bank statements with the money in that account (not including the actual deposit) then it is considered "seasoned" rather than being gift funds. Many banks would also be fine if for instance, you showed a deposit on March 15th and still showed that money in there on May 17th. But it's simpler if you have two months of statements that don't show the deposit but just show the money in the account. Otherwise it can prompt underwriting to ask the source of funds. Hope that helps.

Don't pay him anything. He blatantly violated one of the most sacred laws in real estate, and should not be in the industry. Anyone who does this type of thing and then threatens you needs to be removed from doing real estate. He is a predator and letting him remain in the industry puts other people at risk for being abused. And those others might not have the resources you do or know to look for help in making this joker back down.

 @Account Closed  Depends on a number of things but I might know of a few programs that could help you. I recently did this for myself so I might be able to give a few hints. Connect with me and I will chat with you if you want. Full disclosure, I am not a mortgage broker and would not make any money on this. Just trying to help out a fellow BP'r.

I agree with others here. You need to get all your money back. In Colorado, mishandling a clients money like this will not only get your license revoked, it will also get you a felony charge.