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All Forum Posts by: Dave Skow

Dave Skow has started 1 posts and replied 2559 times.

Post: Do Rehabbers buy expensive houses?

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Mel Park- thanks ...this  isnt too common ...but if this were to  happen - the potential buyer would likely offer you such a low price that you would even  consider it 

Post: Parents battling foreclosure for years

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Matt Morgan- thanks - its very unlikely that the 2nd lender  will acept an offer like this .  they can certianly  request/ inquire if this an  option . You might  suggest they locate and use a real estate attorney to assist  with this  plan .  

Post: Hello BP community

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Tyler Henkel- thanks and  welcome .  Definitely get your financing  plans in place ....get pre approved  for a  hyptothetical  scenario so you be  able to  finance your first deal .  If you dont have any verfiable employment / income -  you might not  be able to obtain  traditional  financing . 

Post: Lending options for 77k off market SFH

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Michael Oliver- thanks for the  post ...if you are purchasing a 1 unit investment property  for 77K - the max loan amt  will likely be $65,450  ( 85% ltv)  ...there  should be  several lenders  able to  help  with this loan amt .  

Post: LF lender for cannabis is farm

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Kevin Kite- try working with the present lender on refinance  / extension  terms 

@Lou Bar- thanks ...all lenders should be in the same ballpark  with pricing options  BUT .....they  will likely also vary ....best thing to do if needing a loan is to contact several lenders on the same day / use the same  criteia /  get  quotes for the scenario and  then make a decsion on using  one for the loan or the  pre approval ...also keep in mind that loan pricing  changes daily 

Post: Potential Lending Options

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Deonte Hill- thanks ....assuming the property will be a  1 unit  investments  proeprty - there are loan programs that allows as low as  15% of price as down payment ...( so  30K  would be needed for the  down  in your  plans)  ...if you plan to  buy and  live in the property - there are many programs  that allow less than  5% of price down payment .   I recommend to get  fully pre approved so you can be prepared / educated  and  aware of your options and the  present numbers 

Post: Looking to buy first rental property

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

@Jake Posner- thanks for the post ...if you plan on needing financing for the rental proeprty - make sure to get  fully pre approved  for the hypotehtical  scenario you are planning ...use a loan officer or lender that is licensed is all the states  you are looking at . thanks 

@Danny Van- thanks 1) if you have some equity in the property - you might consider getting a HELOC in place now in case you want to use any equity in the future ...Its easier to get a heloc in place on a primary home as compared to a rental 2) contact your insurance agent and ask for an estimate for how the insurance coverage and premium will change 3) consider a proeprty management firm if you dont want to self manage 4) get any forms and processes in place ( leases / credit checks / bank accounts/ etc ....)

Post: Engagement Fee for a loan: LENDBASE

Dave SkowPosted
  • Lender
  • Seattle, WA
  • Posts 2,618
  • Votes 899

engagement fee?....