All Forum Posts by: Greg Downey

Yea, just making sure, as wholesaling is a whole different ballgame

@Kyle Poirier it almost sounds like you are trying to wholesale them. Are the sellers motivated? If so, just find your buyers and wholesale them for whatever you can and don't worry about the financing. @Michael Cohen is right, packaging these together would be a bad move if you are looking to efflorescence them individually.

If you end up buying them idividually, and plan to sell them, remember that unless you are adding massive value (i.e. rehabbing them) then you had better plan to hold them for 2 years to avoid massive capital gains tax.

@Marty Johnston, sorry for the delayed response, I must have missed the notification that you had responded.  

Your $0.02 is spot on.  We have run into a handful of people who: "want $800K with no assets, no cash and a credit score of 580." 

We just do some simple education and ask them to keep us in mind when they get a little bit more tuned up or have a partner that may qualify.

We DO have some qualified investors and deals that are coming through regularly.  We have just found our lender network to be a little bit soft in TX.  If you lend in that area, or anywhere else for that matter, I would love to connect and see if we can get you into the dealflow.  

@Daniel S., I don't know of any that will lend 100% LTV on a non owner occupied property. USAA and VA loans are only for owner occupied.

@Nathan R. message sent.

Cool Cool.  You know what they say about good investing.... "Don't follow that money, Make money follow you"  Looks like you are getting there!

@Corey Pope, If you are in the Springfield area, you will most definitely want to attend the local REA.  It meets every 3rd Thursday at the Hilton Garden on Republic and Glenstone.  https://www.reinvestorgroup.com/

That is the website for the REA.  It is a good crew and they should get you plugged into the deal flow.  I look forward to meeting you next month!

@Chris Mason is exactly correct. Nuff said.

within the FHA loan, a bank will definantly finance the rehab up to a certain dollar amount ($30k rings a bell). The 203 is challenging as the work has to be done by a contractor and it all has to be approved before closing. Before all of this, the FHA is only for owner occupied.

Long story short, your HML is giving you a great deal for a HML. Conventional will probably be able to get you 100% of the rehab and 80% LTV on the purchase.

@Jennifer Brown, I tend to agree with @Michael Le.  There is a bit of a catch 22 here.  If it is your first deal, you need to know how much money you have access to to even begin shopping but it does help to have a specific deal or specific deal type identified to get a good quote.  This is one of the many reasons that people like to get some "street cred" by partnering on their first couple of deals.  

A bank won't hang around for 12 months while you look for a deal.  But if you show that you are in-it-to-win-it, then they will stick around.