All Forum Posts by: Erik Estrada

Questions,  Has anyone used Investors Edge program formally Known as Do Hard Money, are they legit and easy  to work with? Or are they just a company that takes these memberships and never distribute funds?

Hello Sirs and Madams,

I'm new to property ownership. I am trying to purchase a Condo in Houston on Conventional loan but midway the lender pulled out because the HOAs master insurance policy does not meet their lending requirements. I got an option for a NQ Mortgage with 15% down, which I am willing to go with but my concern is since there is a conventional lending limitation on the property.. would I be able to refinance this property assuming interest rates go down to 4% next year? The NQM lender itself allows refinancing but my concern is the same HOA insurance issue will probably make the property ineligible for refinancing. In which case am I tied to this lender at a high 7% rate for the term (30 yrs) of the loan? Also, I'm not sure how Heloc's work.. but is it possible to get a HELOC or home equity loan on a property that cannot qualify for conventional lending? I just don't want to tie money up and unable to pull out any equity in 2/3 years.

Otherwise, I like the Condo. I plan to live in it for around 5 years and then rent it out thereafter. So I am not so much worried about selling.

Had a horrible experience with Conventus. Day of closing they did not wire money to closing attorney. The day after they dreamt up additional underwriting criteria 

anyone else have this type of experience with a hard money lender?

I know I’m resurrecting a thread older than some fix-and-flip projects, but has anyone had any experience with New Silver?

When researching real estate financing and how to get your first property, I have always heard that it is a good idea to build a relationship with the lender before getting financing from them. However, what specifically can I do to build a relationship with a lender? I plan on investing a lot in the Orlando area, and I have heard that it can be a little easier to work with a smaller local bank, so I was considering opening a checking account. Is this enough, or is there more I can/should be doing?

Morning, my name's Will and I'm a new potential investor. Like many it seems, I'm attracted to the idea of the brrrr method. Have a good amount of equity in our home so was thinking about buying cash w our heloc and then using it to rehab but it seems that between interest rates and our local banks not having good cash out refi options, the numbers won't work. One told me I could pull 65% out but that they weren't offering fixed rate mortgages, just variable (but there was a chance they would be doing fixed by the time I refinanced?) Another commercial loan officer said they would do 75% of the purchase price + actual rehab costs and then it would be a 5 year ARM. Reached out to a loan officer through BP but haven't heard back yet. I have good credit and work in healthcare and have never had trouble getting loans but is this a case of having to make relationships and prove myself or is this just the state of financing right now? I'm in the Berkshires, not Springfield if that matter. At this point I'm leaning more towards just saving up as much as I can for a 20% downpayment and not brrrr'ing. There are a ton of moving parts to pull off a brrrr and seems like it might not be the best move for a rookie, even if I can find financing that works. Appreciate any feedback or thoughts on my situation or recent experience w cash out refi's in western ma. Thanks!

My closings are double escrows. Im looking for a lender that will lend on a double escrow closing. It’s essentially an assignment to the end buyer, like a wholesale scenario but all internal.