All Forum Posts by: Grant Schroeder
Grant Schroeder has started 11 posts and replied 525 times.
Post: Easiest HELOC right now?
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
Quote from @Stephanie Crawford:
I need to pull out about 100K from my personal residence for a project. I just started an application with Bank of America, which is where I do my banking, but damn, they want a complete application with records on all six of my properties, P&L statements, insurance riders, and the whole nine yards. This seems like overkill for a line of credit.
Wondering if there is a simpler way. Any tips? I'm in Tennessee. It must be a "line of credit" where I can make draws, and not a home equity loan.
Thanks!
@Stephanie Crawford at Movement Mortgage, we have a quick and simple low doc 5-10 business day close HELOC that you can use for this to avodi the headaches of the big banks!
Post: Small and Mighty Real Estate Investor Hopeful
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
Welcome @Daniel Lee and @Steven Schafer! Always great to see fellow OR investors here on BP. Definitely connect with @Lawrence Potts if you have not already!
Post: How is PMI determined and best lenders to work with in WA state
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- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
PMI for a conventional loan is % based and affected by credit score, downpayment%/LTV, DTI, and number of borrowers on the loan. Guild is also one of the most expensive lenders out there, they are a big behmoth with private and public shareholders to please, so costs are much higher to drive profit for them.
I am a local house hacker/investor and lender for WA State, and would be glad to help you with this @Chelsae Roach!
Post: Equity Rich Cash Poor! Need HELP~
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
@Ruchit Patel definitely reverse mortgage or an asset/equity based loan! As a direct lender, we have all of this at Movement Mortgage!
Post: A great investment with fulfillment and profit!
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
This is awesome! Thanks for sharing @Peter Bras!
Post: New to real estate investing, highly motivated to learn!
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
Welcome @Chelsae Roach!
Post: First Rental Property - Wait to build cash reserves for positive cash flow?
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
@Mike Jaquith, thank you for posting on the forums! Taking action right now, there are still deals to be had here locally. I am a local investor in Newberg, OR and we have been buying consistently since 2017 in the Portland metro. I would be glad to connect with you on a call next week if that would be helpful? Just let me know what works best for you!
Post: Are there lenders who do a Line of Credit on a multifamily property?
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
Hey @Kimberly T., we can do this at Movement Mortgage and it is a very quick process! We can go up to 75% CLTV and I am licensed in both CO and AZ where I work with a lot of investors.
Post: Quoted over 8% interest rate for owner-occupied fannie mae 5% down 4plex
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
@Johnny McKeon that seems incredible high! Probably a retail lender I am guessing. At Movement Mortgage, we are in the 6s for a house hack like this since we are a direct lender and mortgage broker.
Post: Guidance from Real Estate Experts on Purchasing my First Rental Investment
- Lender
- OR ID AZ CA WA CO NV TN
- Posts 572
- Votes 300
@Shola Sulaimon, definitely connect with @Bradley Buxton about NV if you have not already!