All Forum Posts by: Jason Wray

Symone,

Spring hill is a great place to to buy real estate and it was a hotter market back in 07/08 before the market went upside down. It's a little rural but since the expressway has been revamped into Tampa it opens up a lot more traffic and options. There are some area effected by sinkholes but you can pay for a report to have the ground checked. I am in Clearwater/St.pete but have done a lot of business for REI in that area.

Doug,

That is one the best ways to increase your real estate portfolio quickly!  Use the equity now while rates are still historically low and and buy more investment properties to increase your long term income.

Marshall,

In some cases you can use a traditional loan as long as the repairs are mostly cosmetic in nature and do not pose a safety or health risk.  There are some cases where the repairs are noted but they do not pose an issue to where it is listed as "Subject to" and the bank can close.  You can even get away with some smaller repairs if the lender approves and the title company holds the smaller repairs in escrow until completed.

If you do not own a primary you can also use the 203K and Fannie/Freddie rehab loans but they are for primary.  In some cases you can buy bigger using that loan to get into a bigger home rehab laon.

Grace,

You got bad advice if it is in an LLC or in your name you can still do a cash out refinance and keep it in the LLC. The property being a SFR (1-unit) helps with the lower of the rates.

Pierce,

You can do delayed financing meaning no wait/no seasoning but they will use purchase price and costs. If not if you have (6) months then we use the appraisal for ARV or current value.

Scott,

That's a tough one at 85%LTV because its a 4 unit. There are programs for 80% LTV on a 4 Unit DSCR which can do every day. Any chance you can do a cash out refinance on another property for the 5% needed? If so check out my profile and send me an email.

Michelle,

If your going to purchase the condo as a primary or second home you do not have to put 20% down.  Do you know if it's a Warrantable/Non-warrantable condo or a Co-op?

Damarea,

Check out my profile and send me an email let's talk about your REI goals!

Josh,

First off when you purchased your second/third home your broker/banker should have told you to stop putting your spouse on the mortgage if she is on all (7) that really hurts your options.  Typically if you do not have a job as a spouse there is no benefit of being on the mortgages.  That being said you have (3) more before you hit 10 Fannie/Freddie rule.  So at that point you can still buy more using a portfolio loan we go 6 more above that.

I would look into getting a commercial loan and blanket 5-6 of those loans under one commercial which would pull them off credit as commercial loans do not report to credit.

Daniel,

Why do you need a hard money lender?