All Forum Posts by: Greg Downey

what states are you lending in?

@Jay Hinrichs, I'm not saying that those costs are fixed. I am just giving costs based on loans that I have closed for my personal investments in that price range. 

I don't think that it makes a difference in this conversation, but I am not a lender, I work closely with them. For this conversation, I am more talking from my personal investment perspective. Just trying to  pass on my experiences to help the BP crew

that is about a 10 page answer.

1. Some are only for owner occupied ( FHA)

2. 15vs 30 is a matter of investment philosophy and your understanding of leverage and tolerance for debt. 

I am a fan of long term financing because it maximizes leverage which is one of the more appealing reasons why people like real estate investing

@Robert Spencer. Frustration understood. To add another frustration, on those small loans, typical closing costs are about $4000 whether the loan is $25k or $55k. 

I didn't have any problem finding funding for my loan in that price range, but it is just helpful to understand how the banks are thinking.

@Jia Liu at least 20% in most cases.

In search of lenders in Texas (and region) that can be below 6% on large long term loans with 70% LTV. The deals and clients are ready to go. Message me and I can get you in the deal flow ASAP. Large regional lenders are preferred. References are appreciated as well.

@Tommy Barone. Yeah, FHA and VA are designed for people to get homes to live in. As you know, they are fine with up to a 4-plex, but they aren't going to be willing to make it something that it isn't.

No lender is going to do a "no money down" loan. Have you thought of taking on a HM lender/partner for the down payment and a standard 80-85% LTV for the rest?

@Federico Portalupi, visit my website and we will shop the market of over 50 investor friends lenders for you and in most cases get you 3 proposals within 24 hours

Memphis Cashflow sounds really good.  What are the price points that they are working in? MSHB (whom I am more acquainted with) is in the $55k-$110k range just FYI.  That can be worth considering when looking to balance out a portfolio ie lower end, middle and higher end properties.  

Other considerations in the "everything else" category would be: high FICO (with a high DTI, over 700 and preferably over 740 would be great), 25% down, high net worth, 4%ish (depending on how many assets you have) cash in bank per asset and a great deal.

Just wanted to provide the "everything else" for the BP crew to provide the best/most information for the community.

BP, any other "everything elses"?