All Forum Posts by: Scott Miller
Scott Miller has started 16 posts and replied 571 times.
Post: How are mortgages regulated?
- Real Estate Lender
- Posts 642
- Votes 13
Firstly, there are rehab loans for primary residences that allow for the purchase price + rehab costs + up to 6 months of mortgage payments during rehab + closing costs to be rolled into the loan amount (and an allowance of 6% seller concessions too)...
As to your mortgage lady, she might; 1) not know, 2) not care, 3) not offer a rehab loan program that allows for these features (although highly unlikely).
Can you share the terms and conditions of the loan you are about to get from this individual---what type of loan program at what interest rate? Is the interest rate fixed during the life of the loan or is it a two interest rate program (one for rehab and the final lock after its completed)?
What type of rehab do you intend to do---what is the estimated repair costs?
Tell me more about your loan offer...
Regards,
Scott Miller
Originally posted by "midniteir":
Example:
"Can we finance some of the closing costs?"
..."Not on a rehab loan".
"Can we get the seller to pay any of the costs?"
...."Not on a rehab loan"
"I see you offer a no closing costs/no down loan?"
..."not on a rehab loan".
It seems to be this lady's standard answer.
Our loan is for 56k for the house plus repairs, and the appraisal came in (repairs considered) for 70k.
How can we confirm what is and isn't available on this rehab loan so that we dont have to feel like she is feeding us some generic "nope (cuz I'm too lazy to check)? Is it a bank rule? Is it an FDIC thing? Is there any way for us to verify this stuff?
Thanks!
Post: How are mortgages regulated?
- Real Estate Lender
- Posts 642
- Votes 13
Is the conventional rehab loan you applied for on your primary residence---what type of questions do you feel have gone unanswered?
Share some more information & I'll do my best to answer them for you (and the mortgage lady who is being paid).
Regards,
Scott Miller
Post: How to acquire Financing on Commercial Deals with no money..
- Real Estate Lender
- Posts 642
- Votes 13
I would agree with the previous poster that 65 ARV is the peak you are going to find in the marketplace
Regards,
Scott Miller
Post: What would you do with $10m dollars?
- Real Estate Lender
- Posts 642
- Votes 13
I'd put it on the street in the form of private money---at 10% per annum compounded would generate I/O payments of nearly a mil a year...
Regards,
Scott Miller
Post: Pre development the new thing?
- Real Estate Lender
- Posts 642
- Votes 13
I'm curious to understand the differences between pre-development and pre-construction investing---PCI was all the rage during the boom in places like FL---early adapters made money and the late comers took a bath...
Regards,
Scott Miller
Post: Looking for Private Money Lending
- Real Estate Lender
- Posts 642
- Votes 13
It appears that we share both niche and location (I'm right up the street from you---Paxton)...Good luck!
Regards,
Scott Miller
Originally posted by "The_Specialist":
Many factors other than state guidelines go into getting a loan, especially Hard money. I have found it can be more of "who you know, than what you know". I am established in my market niche and celebrating while all the brokers worst nightmares are coming true. I can take whatever this business throws at me.I am trained. I have kids. I am a survivor. BRING IT ON!!
Post: Looking for Private Money Lending
- Real Estate Lender
- Posts 642
- Votes 13
And so did the Commonwealth you reside in (MA) and more to follow suit (MN is drafting something now)...
Regards,
Scott Miller
Originally posted by "The_Specialist":
Post: Looking for Private Money Lending
- Real Estate Lender
- Posts 642
- Votes 13
Read the other post he made before departing...
Originally posted by "RECPATAXMAN":
Post: In Need of Mortgage Broker /Lender
- Real Estate Lender
- Posts 642
- Votes 13
I'm available for a 2nd opinion...
Regards,
Scott Miller
Post: Pay cash, then refi?
- Real Estate Lender
- Posts 642
- Votes 13
You might to investigate the lending landscape before you cement your exit strategy---title seasoning/chain of title guidelines are an expanding feature in today's lending enviroment.
Regards,
Scott Miller