All Forum Posts by: Jonathan Styer

The CDC Moratorium states that evictions cannot happen due to non payment of rent. Look in your lease to see if there are other clauses for which you can evict, maybe like destruction of property? Sounds like they need to go. 

@Remington Lyman is spot on. The beauty of investing in real estate is the leverage that you can obtain. Many folks who buy cash then choose to do a cash out refinance afterwards to achieve that leverage. Good luck!

@Raymond J. Rodrigues hit it right on the head. You are not required to work with a lender you get a preapproval from and you can get multiple to determine who you'd best like to work with. 

Hello and welcome Alex, 

House Hacking is when you buy a multifamily property and live in one unit and rent the other(s) out in an attempt to live cheaply or for free as the rental income pays your mortgage. Hope this helps!

Hi @Aryel Collins, If you're looking to get lending from a conventional lender, they're all going to be looking at the same numbers because those are government back loans and they have the same criteria. Some other options you may be able to explore would be private money or portfolio loans. There are also asset based loans, these loans are determined by the financials of the specific property, not the owner. 

Whichever route you go, it would be wise to pay down that debt best you can. Hope this helps!

@Stoudamire Davy The lender is going to do an appraisal to determine the value and they will look at comps to determine that value. It's all going to come down to what numbers work for you. Do you need that highest possible ARV for the deal to work? This question is pretty deal specific.

This would not be advisable. Consider this, every lender is going to require an appraisal which you will pay for. Also, are you going to be letting all of these lenders know you're doing this? Because the title company will be working with all of these lenders at the same time so is the title company going to be lying for you?

I don't think this is the solution to the awful experience that happened to you. What they did may have even broken some laws, not a lawyer, but that is super shady. Any trustworthy lender should lock in a rate for you for a certain amount of time. 

I would consider putting this lender on blast and also consider if you can get some recompense. 

@Erin Kreiger I will second Remington and say Chris Warton does a great job. 

@Adam Uxley an LLC is going to limit you with your terms when you go to get financing. You will need to get commercial financing which is not ideal with regard to length of loan and interest rates. Protect yourself with an umbrella policy. Your insurance agent can help you with one and they're not expensive. Maybe ~$20 a month and are good even if you don't own rentals.

I have found that Facebook has some great groups. Where are you located? There will probably be folks on BP that can point you in the right direction. Google might help as well.