All Forum Posts by: Darren Eady

I can help you with a loan at 50% of the value of the property.  Please connect with me directly through BP.  Thanks!

A lender can ask for almost anything if they feel the file warrants it.  The request for a tenants tax return is odd, but not unreasonable, depending on the situation.  The lender wants to make sure you get paid, so they will get paid.  It sounds like this will be a pain, but they are also looking out for YOU.

I've been answering questions for months and being as helpful as possible to other members of BP and am starting to work with more and more BP participants. The other day I loaned money to a BP borrower buying an investment property, and a couple days later, I sold that mortgage note to another participant looking to hold mortgages and make a great ROI.

I've been a part of other forums like BP that never really amounted to working with people on deals and wanted to publicly promote BiggerPockets for their unique and successful online forum!

They really should borrow against their IRA for a small loan amount like this without additional collateral.

There are conventional loan products where you can qualify to purchase a home with owner-occupied rates IF you are buying the home for your parents.  Find a trusted loan officer near you and make sure they know about this Fannie Mae or Freddie Mac program first.  If you can't find it, hit me up again and I'll go look for the name of it.  Good luck!

All HMLs are great, if they do what they say they are going to do and they get your deal funded.  All borrowers are great if they do what they say they are going to do and fulfill the terms of the loan.

I think you should pre-qualify your situation to find the RIGHT lender for you rather than asking who is good and not good.

If you are lucky enough to not put any money down on a rehab  . . .  then you're lucky enough!

If a lender is placing a lien on another collateral property to secure their 100% loan, that is very reasonable.  After all, they are taking all the risk!

Title costs seem excessive, ask for a breakdown and compare with another title company before closing.

Your question is not making much sense.  Adding someone to the mortgage doesn't give them cash (or equity) to make a payment on their home.  I think you should have your son meet with a qualified loan officer and they'll let him know what may or may not be helpful for his new loan.  Good luck!

Look around in your area for "lot loans" and you'll find a bank that will help you pull out some equity.  HMLs don't love to lend on lend.  Your best bet is with a bank local to you or the property.