All Forum Posts by: James Tasso
James Tasso has started 3 posts and replied 30 times.
Post: 15% down single family investment property loans?
- Posts 32
- Votes 21
Better to come in with the extra 5% to not deal with the PMI
Post: RE investor has just passed the RE exam. Question about the fee
- Posts 32
- Votes 21
@Wai Chan@Bob Okenwa Bob replied greatly! The MLS is required to share their information with the Zillows of the world. MLS gives you the most up-to-date information. I pay around 500 for the year for the NAR, CAR, and Association Dues.
Great post! Thank you for the honesty!
Post: Breaking Lease early
- Posts 32
- Votes 21
I am pretty sure you can charge them for the time it takes you to find new tenants too.
Post: Seller Financing and Private Lending Loan Terms?
- Posts 32
- Votes 21
Hi There!
Can anyone share some experience they have had with seller and private/personal financing of a property? I am interested in learning about how you have structured deals...
Length of Loan
Down Payment
Interest %
I know that it will depend on the property, purchase price, and location... but if you have had success in this area I would love to hear some examples.
Thanks!
James
Post: Home loans under 50k-being creative…thoughts?
- Posts 32
- Votes 21
Quote from @David Ramirez:
Hey James,
Great question. I'm not a loan expert either, so don't quote me on this, but I think it's not worth it for them to allocate small amounts of money considering that they have to meet certain standards and returns for the end lender or pool of lenders. If I were you I would try to network and find someone interested in being a money partner or just a lender. That way you can negotiate the terms of the loan and build a good relationship for future deals. Trust me there are people out there that are more than willing to lend money for a return, you just have to network and have a excecution plan.
Good Luck!
Regards,
David
Thank you for the advice, David! I never even really considered using people as the lenders. It is very interesting... I am very aware of seller financing, but this is similar to that, but with a person who does not have a vested interest in the property already being the lender, right?
Post: Home loans under 50k-being creative…thoughts?
- Posts 32
- Votes 21
Quote from @Ashley Cross:
I'm a conventional lender that lends down to $30k. I work with a team so we have the ability to turn a lot of loans in a month. With smaller loans we are capped at the amount of fees we can charge for conventional financing. My thought is we're building a long term relationship and I'd hope to get you to a place we're you'll be purchasing bigger properties with higher loan amounts.
Thank you for this @Ashley Cross. Do you only lend out of Ohio? If it is okay I would to message you regarding some information! Thanks!
Post: Home loans under 50k-being creative…thoughts?
- Posts 32
- Votes 21
Post: Home loans under 50k-being creative…thoughts?
- Posts 32
- Votes 21
Quote from @Will Barnard:
I have never had the luxury of these loan loan amounts from here in CA. A cardboard box under a freeway bridge will cost you 6 figures here! That said, if you want to really get creative with smaller loan amounts, why not get creative rather than just offering a conventional lender higher fees?
Seller financing, money partner (equity partner), private money loan (money partner debt financing), subject to (buying from seller and leaving existing mortgage in place), or any combination of these!
I am out here in California too, I hear ya there! That's why I am investing out of state.
Post: Home loans under 50k-being creative…thoughts?
- Posts 32
- Votes 21
I know finding lenders to process small mortgages is almost impossible, but I was wondering if anyone has tried offering to pay additional points to the lender to make it worth their time.. if a lender could get 2k on a 200k loan, hypothetically, would there be a way to offer them the same amount on the smaller loan? I am not a loan expert at all and I am not sure if that is allowed on their end… anyone went this route on conventional? Anyone want to share creative solutions that they have used to get past the lender minimums?