All Forum Posts by: Jamie Rudder

Unfortunately my Fiance has bad credit ;( Im not on this mortgage -- according to his mortgage company he cannot be late paying for 2 years before he can do anything -- he is paying a high interest percentage and would love to refinance.. we would save like 400 a month if it came down to todays interest....thanks though!

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Originally posted by @Brian Larson:

hi @Jamie Rudder

first, I love that you are looking to keep your existing home and rent it out. smart play.

unfortunately I personally would not lend on this and you might run into some snags along the way. I may have missed a detail or two but hear me out.

1. many investors/lenders shy away from personal residence and also do not like being in second position. I am definitely not saying all, just many that I know. 2. the rate if return is low for a 2nd position 3. the way this reads, it sounds like this is essentially a loan to get you the down payment money you don't have. that will be a problem for your lender (they want you to have skin in the game) and it is likely an issue for this private lender (again, in this situation you don't have skin in the game) 4. you may find someone that would cross collateralize your first property (essentially take a second on it homes) so that might be something to think about. 5. and last thing, I promise:) have you thought about borrowing from a family member? that could get you over the hurdle of 'proving out the deal' but again your lender still won't like this.

sorry to be a downer but that's how I interpret the deal and problems you may face

good luck!

Thanks for all the information! Can you explain a little more about why not personal residence or owner occupied? But yes we would rather have the lien on the house we are moving out of and renting if that is possible. Is that what you were saying in number 4? It is 3/4ths of the down payment so we would have a little skin in the game 😀... i know it's a little low for the experienced pml... It's what we can afford but also wasn't sure on if the length of the loan being longer then the average for fix and flips. Appreciate your taking time to let me know your thoughts!

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Originally posted by @Casey Mericle:

So why not buy the property yourself if it's a good deal? Then lease-option it to this person and work out the terms. Then at the end of three years they could become the owner instead of you. You have to like the deal and like the house just in case something went wrong, but in the right circumstances it might work. Just because the transaction can't work one way doesn't mean that there aren't several other doors to check behind.

I'm not sure I'm understanding? Maybe we are not on the same page? We own our current home but want to keep it and rent it out. But in order to buy the property we are looking to move into we need the 60k we would have gotten from selling our current home for the down payment on the new home. Thanks for the reply. Lmk if it's my misunderstanding. ;)

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also could the lien be put on the house we are keeping to rent out does it have to go on the new home?

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I could see if they are accredited maybe? But i don't think all lenders need to be accredited? Thanks!

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Hello BP I'm wondering whether this is something that lenders might be interested in? Is it too long term?

where might you suggest to look for private lenders for something of this nature?

Thanks ahead of time! 😇

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is This on The meetup app? Would Love To go...

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All Forum Posts by: Jamie Rudder

Jamie Rudder has started 1 posts and replied 7 times.

Post: Is this something that would appeal to private lenders

Post: Is this something that would appeal to private lenders

Post: Is this something that would appeal to private lenders

Post: Is this something that would appeal to private lenders

Post: Is this something that would appeal to private lenders

Post: Is this something that would appeal to private lenders

Post: Downers Gove RE Meet up @ Emmett's Brewing Company