All Forum Posts by: David Hooper

PM sent. Also attaching image here for others to view. 

@Joshua Mayo -- sounds super interesting. I'm very interested in the idea, broadly speaking. Paying $4k up front seems a bit steep, but so does paying 9% on the back end if I just use the $1 sign up fee. Can use the funds to cover the down payment and rehab costs on a flip deal, for example. 

Hey I just tried your app out. Seems cool but the forum is pretty dead... 

Investment Info:

Single-family residence other investment.

Purchase price: $209,000
Sale price: $370,000

Bought the place on a VA loan while stationed at Beale AFB. Lived in it until I relocated. Rented it out, fantastic property management company (hit me up if you're looking for a referral in NorCal!) and planning to sell in 2019.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, would definitely recommend my agent: Brandon Leon. Also, my property management has been fantastic! Look up Debbie Loffman.

I haven't used her, but the president of my HOA is Charlie Koons. She's part of the team that runs Mountain-n-Plains. She's been doing it a while and seems on point.

https://www.mountain-n-plains.com/

Hey @Diana Muresan! Nice to see you on here. I'm also with The Federal Savings Bank, and located here in CO. :) 

Generally speaking, what @Russell Brazil said is correct. Lenders can take your owner occupied and second home properties up to 95% LTV nationwide. Even in Tampa. :)

You may be able to switch it up to a FNMA HomeStyle Renovation loan -- can't be a "flip" deal. You have to buy and hold it. Your GC will have to be vetted. But if you've got a foundation, four posts, and a roof, it might work. 

DM or text me if I can answer any questions specifically for you. :) 

Sprout is one of my company's non-QM mortgage investors and while not every experience has been smooth as silk, they offer a variety of lending options (especially for investors) that would not be even considered by other companies.

https://sproutmortgage.com/our-loan-programs/

Unless we're talking about a different Sprout?

If you make more than what's indicated by W-2's and tax returns, you could look at a bank statement loan. These are non-QM / portfolio style loans and you basically turn in 24 months of bank statements to have your cash flow analyzed. A team of special underwriters reviews and gives you an income number to fit the debt-to-income ratio requirements of the loan. A big challenge with this type of deal is that you have to put probably 20% down and interest rates are almost as high as hard money. 

If you're looking at an investment property, another option is to take a look the debt-service coverage ratio loans. You take your assessed rental income (via either in-place lease or rental addendum to an appraisal), knock off 5% for vacancy. Then if the remaining income covers your PITI+A (principal, interest, taxes, insurance, and any recurring items like HOA), then the loan is approved without reviewing your personal income situation (tax returns or W-2s). Still need at least 20% down and interest rates are better than bank statement, but we're not talking about an FHA deal at 4.5%.

DM or text me if I can answer questions about those in greater detail for you. :)