All Forum Posts by: Jesse Rivera

Just finished 2 refinances with private loans. Neither of the lenders (not companies, private individuals) had the original note nor Deed of Trust (CA is a deed of trust state). So we had to jump through extra hoops to get it done. The icing of the cake is one of the lenders lives in Holland and the Embassy was not open (for Notary). More hoops to jump through.

Long story short, refinancing from a private lender is not a big deal, if they have the paperwork needed. You should be fine.

Can you be more specific?

What is your job? How do you get paid? How often do you get paid? How long have you been at this job?

Non traditional income is not a deal breaker. Lender needs to know that the job and income is stable, even if averaged over the year. I did a loan for a woman that owned a Christmas tree lot, she made all her money in Nov and Dec, and didn't work the rest of the year. We averaged out her income over 12 months and we got it done.

They are probably looking for coins in the sofa to help pay for this.

I would run with this, looks like decent pricing.

Welcome! Fantastic idea! Let me know if you have any questions about financing, I do a lot of VA loans.

That's not been my experience.  I've subordinated plenty of 2nds on 30 yr fixed.

What state are you in?

Congrats! That's a great accomplishment. 

I have several lenders that have non conventional investment products. And I'm sure other lenders do as well. Best bet is to find someone you want to work with and get on the phone with them so they can get more info about your situation and find the best loan product for your goals and situation.

Make sure you get your files together:

• Tax returns, business and personal
• mortgage statements for each property
• Property tax statements for each property
• Insurance declaration page for each property
• Business entity formation docs 
• P&L of your income and expenses

Good luck!

Find a mentor. I had 2 mentors when starting out, luckily both were investors too! They showed me the business (agent business and investing) and to be quite honest, I would not have been successful without them. Offer to take a lot of the menial tasks off of their plate, be their assistant, in exchange for showing you the business.

There really aren't any conventional loans for this. I did one a few years ago, but we just had to do it as a rental property. There may be some specialty loans out there, keep us apprised as to what you find.