All Forum Posts by: Gordon Cuffe

@Gagandeep Thandiin order to qualify for a conventional loan, you would need the income, credit and collateral. Here is an example, if a person wanted a 200k loan to buy an owner occupied 210k home they would need an income of 42k per year or more depending on how much debt they had. The more student loans, credit cards and car payments then the higher the income. You would need a 640 credit score or higher for this type of loan. 

 If a person wanted to buy a 200k house that need a lot of work. You can find hard money lenders to finance you if you can put 10% down. The hard money lender will not look at your income, they will look to see how much the house is worth after it is remodeled. 

The hard part these days is finding a property that is below value. If you look on mls, the good deals sell in one day. The other deals take longer to sell and they will be purchased by a bay area investor or new person who will pay too much for the property in relation to the repairs it needs. 

If you find an off market deal on your own, you can post it here and you can network with investors here and you will be able to get funding for it. good luck

small house in south city St Louis for only 7k. It does need a lot of work . It would be perfect for someone who is handy or who can sub contract the work. If your in St Louis and want a low priced house then drive by the house to see if you like the street. You can text me at 916-261-2381 if that is easier

@KJ Milleri would also bet that the house not rent for 900 per month in Ruskin heights. You might want to network with a property manager to get their opinions on rental amounts when evaluating properties . I rented a remodeled 3br in Ruskin heights earlier this year for 800 per month and it took some time. If you look on Zillow rentals , you will see how much homes in a particular zip code rent for . 

@Richard Swifti am local to you so if you ever have questions just send me a message. Are you going to live in the property? If so then you can get in with a lower down payment?  If not 20k will not be enough of a down payment with today’s prices. You can also go to the local rei meetings that happen every month to learn and network .

@Ryan McGlassonhe needs to put down 30 to 35% just to get some positive cash flow . It is not a lender requirement . It is the same here in Sacramento . A person would need to put down 30% on a 300k house that rents for 1500 per which is common around sacramento. The only places that you can buy with 20% down are in north highlands or del paso.  A person can get good cash flow in Kansas City plus they are experiencing appreciation . 

@Jordan Coughenourbefore you sell in Denver , you can find a couple realtors in Kansas City to help locate properties. You can also find and meet a few wholesalers for that market also to help you find properties. You can also locate some turnkey providers in the kc market. 

@Andrew JonesThe challenge is finding a non owner heloc at any ltv. Owner occupied heloc's are out there but non owner heloc's went away in the mortgage crash of 2007. We have  a bunch of lenders, and i dont think any of them do non owner heloc's. I will ask a couple of them to see if any do a non owner heloc.  

@Steven Kwan It is nice to see an action taker. I send deals to many people who only want to buy the property for 5k less or some other reason. They let a year or two go by without buying a single property while values increase. Now you get to deal with tenants so hopefully your property manager is good. 

@Lee RipmaA Fannie Mae lender will use the purchase price as the appraised value for the first year after the purchase . You will need a portfolio lender. I think Arvest bank or First American bank will use the new appraised value before a year. I have a portfolio lender that will use the new appraised value before a year but that is for properties in California only. 

@Kristopher Gomezi have been wholesaling properties in the Kansas City market a few years now . Send me a pm if you have questions .