All Forum Posts by: Jose Diaz

@Jerry Padilla In my personal situation, I have come the understanding that pre-approval doesn't mean much. On the surface it apparently shows what you defined, however when you get to it, what matters is Full approval. I have been "pre-approved" 2 times spoken directly to branch managers and still got denied at the underwriters desk. Guess it wasn't my time.

Hello everyone, I just signed my wife and I for our first REIA meeting. We are in Miami, FL so we will be attending Dade Real Estate Investors Association on June 18.

What should we expect? And what approaches should I use to increase my chances at connecting with investors/mentors?

@Brian Gibbons Times have changed a lot. I will take up your advice of calling HML's to know how much skin they want from me.

@Kim Book How did you select an area that gave you the response rate you received?

@Robert D. Which is my thinking exactly. I am looking for accurate, real numbers definitely not perfection. The better my understanding and evaluation the stronger deal I have to entice buyers.

Jon, yes that seems to be the case. It would eat into profits at first, however it can be a way to gain funding to get going.

I had a thought today after reading some on hard money lending. I read that some HML lend up to 65-70% ARV.

Could the scenario exist where 65-70% ARV is the AS-IS value of the property, actually giving you the ability to fully fund the purchase (100%). It probably won't fund the full flip lets say, however we could attach a private lender or my own money to complete the rehab work.

Its this scenario possible? If it is, has anyone tried it? I am new to creative financing, so I am putting things together as I go.

@Mike M. Of course. I wouldn't give anyone that amount of unsecured loan. I definitely be careful, considering I don't even have a business entity. LOL.

@Chris Uhler approach using the MLS. That is one reason my wife is becoming an agent in order to have access.

@Account Closed Its says there is an 8% fee of the total amount they lend. Payable out of the lines you receive. Hopefully, tomorrow I get clarification.