All Forum Posts by: David Hooper

Following. 

We just started doing them and I'm excited to do a couple deals. 

The FNMA HomeStyle especially seems to have pretty favorable terms. Up to 85% LTV ARV on an investment property (single unit only) is possible, on a single closing followed by a draw period for construction/renovations to be completed. You can go to 97 LTV on single-unit primary residence. You do need to have an "Approved" general contractor, who if they're not already on an approved list would essentially have to go through having their prior work reviewed to make sure they deliver on time and on budget. You could theoretically acquire a place for $200,000 and do $140,000 of work to the place,... if the ARV specs/plans appraisal came back at $400,000 you wouldn't need to do have any money out of pocket (except closing costs). Also, you're VERY flexible on improvements made, to include adding pools and built-in outdoor BBQs (not that you would, just saying...).

The 203K variation only lets you do up to $35,000 of renovations, there's not really a rigorous process of coming up with a budget to do the deal, and it has more limitations (e.g. no pool or built-in BBQs out back). Easier for places that just need a bit of cosmetic touching up. 

I'll keep an eye on the forum post but DM or text me if I can answer anything more specifically for you. :) 

Hi Jim,

I'm in Colorado but my company is based in Chicago-land. It's The Federal Savings Bank and we have a variety of investor-friendly loan programs. If you'd like, I can reach out to individuals out of the Chicago or Oak Brook offices on your behalf. :) 

-David

Hey Brett! Nice to see you and congrats on your move to CO. :) 

Hey Andrew. I'm a vet myself and work at a veteran owned company. Haven't done VA multi-family in CO but we lend nationwide and a good chunk of our loans are VA.

You can see more about me at www.thefederalsavingsbank.com/davidhooper 

I recommend Brian Jacobson. He’s in Loveland. ‭I’ll direct message you his number. 

Hey BP,

Hosting my first real estate related event! Check it out and I hope you'll RSVP if you're in Northern Colorado.

Date & Time: Tuesday, July 24, 3-5pm

Location: William Oliver's Publick House (a Ft. Collins company)

Who: RE investors, homebuyers, and industry professionals (agents, lenders, etc.)

What: Tasting of Feisty Pig, by Feisty Spirits (also a Ft. Collins company)

Cost: Tasting is Free! Limited to 10 RSVPs. Please cancel if you change your mind or something comes up. Additional food and beverage at own cost.

Link: https://www.meetup.com/Whisky-Real-Estate-NoCO/events/252213502/ 

Yes, I've got $200K to play with. 

Hi John and all,

I love this model and I appreciate everyone's discussions. Question: Where do you find the deals that are 20-30% below market value? MLS doesn't seem to have them, at least not in Fort Collins, CO. Are you "driving for dollars" or using direct mail marketing? Etc.

And if I can't do the renovations myself and I need to hire someone, would the percentage below market value need to be greater? 

Cheers,

David

Hi Chris, Thanks for the response! I'm working with a realtor I get along with and sort of teaching her my needs as an investor. I don't think she has a lot of experience with other investors. I briefly spoke with Pine Financial, but I didn't have a deal lined up so I felt like that conversation fell flat. I'll reach out to Justin Cooper, and thanks for the tip! Cheers, David

Hi all, New to Fort Collins after serving 8 years in the Air Force, mostly overseas. Moving to the city in November. Going to become a mortgage banker in December. In the meantime, I need to get investing in real estate! I need to buy a place, add value to it, rent it out and see if I need to update my financing to account for the added value. I also need a place to live. So, I need a hard money lender. Reason: I can't get approval for a conforming loan based on taking a commission based position without at least two years of income history. Here's the rub: I can't get a hard money loan without having a good property lined up. I can't get a good property lined up without having an approved funding source (at least it seems that way here in FoCo). How would you guys proceed? I appreciate any and all thoughts and comments.