All Forum Posts by: Jason Wray

Give us a shot.

Dustin,

As I advise all of my buyers/borrowers I would do the same here and tell you take advantage of this "Up" in real estate values and take out the cash.  Mortgage rates are still at an all time low and after the FEDs meeting may drop a bit this month.  Nothing wrong with having the cash now to add more cash flowing properties to you protfolio!  Would love to help!

Arron,

On some programs they require (2) years W2's as long as the jobs have been same line of work.  So you could essentially change jobs so long as it is the same/similiar line of work.  But there are aslo new loan programs that allow you to use just one year of recent 1099 or W2 income.  You can also use bank statements where the lender uses your gross deposits as income.  Just keep in mind you cannot use part time income unless you have been doing it for two full years.

Jeromy,

Reach and send me an email I can help you look at some options.

If you are thinking about getting a loan why not just opt for an actual mortgage to cover the the bulk of the loan?

Marianne,

The one thing you want to make sure before starting your journey into REI is that you have a great go to lender/bank. Your banker is extremely important in this process because our job is to be proactive and use preventive maintenance. There are certain steps in the BRRR or house hacking that you need to know before hand. Having a banker or loan officer who knows your goals and can create a road map is crucial. making one mistake in the process can be costly and waste a lot of time like when and how to make the first purchase, which program to use and when to refinance.

You want to make sure the bank/lender has all of the programs and finance options as well with little to (No overlays). I can tell you that offering traditional and Non-QM is also very important for the bank to offer. This will help when income gets tight but you still want to purchase after a multiple properties. being able to close in an LLC and offer cash out with no limits and at higher LTVS. I could go on for hours but finding the right bank/lender is super important for both the short term and long term REI goals.

Sara,

All you need is 10% down and rates are great right now on seconds which are basically a mirror image of primary home rates.  Best thing to do is get pre-qualified and compare rates and total costs.  Avoid paying broker fee's or points especially if you have good to excellent credit.  Reach out via email would love to chat!

SELL...Before this market takes a dip.  

You could go with a 30YR Fixed Mtg with no prepay.  The loan size can dictate rate meaning typically under $100K rates are not great but still reasonable.

Will,

While mortgage rates are so low and home values are so high use the equity in one of your homes to borrower the cash and stay cash fluid.  The idea is to be growing your cash reserves in order to be at a lower risk and increasing your leverage.