All Forum Posts by: Joe Kim

There are definitely direct lenders and private lenders that don't require you to own a primary to get a secondary.  I know from first hand experience.  Just have to find one you're comfortable working with.

@Russell Brazil and @Dylan B.  I agree with Dylan.  What you are saying is not mutually exclusive.  You can protect a lenders interest BY determining market value of the property.  Most lender's value is protected anyways because we lend on the lower of sales price or appraisal value.   It is the appraisers job to determine what can easily be obtained in the event of foreclosure.  For growing marketplaces this is difficult because appraisals might come in 15-20k lower than sales price, but they usually try to be fair when using the cost approach because they are highly scrutinized.   

Appraisers use 1 of 2 approaches generally.  Comps (Sales Comparison) which is by far the most popular, and the cost approach which is generally for new builds and there is a lot of variance in appraisals and appraisers.  If you feel like an appraiser COMPLETELY messed up, you can actually for lending purposes fill out a form to have the appraisal redone.  If there's reason to believe in negligence of duty your lender should be able to order a new appraisal be done.  In the refi world appraisals are the reason a deal gets killed 4 out of 5 times.  

I can help you make your goals come true.  I have amazing non-QM loan products that can help you achieve your financial goals.  Not only will I just tell you about the products I offer, I will also listen to your plans, goals, approaches and help you integrate my loan packages into your plan to help you achieve the best results.  Give me a call, send me an email.  [email protected].  I am here to help build your empire.  Lets make your dreams come true and create a truly symbiotic relationship.  Within the first 10 minutes of us speaking together, you'll already know if we're a good fit.  Let's make some forward progress!

@George Skidis 24 seems like a lot of seller financed properties lol. 2 a month? That's like 2.2-5 mil in financing you have out there pending property values in the Midwest. California, you're allowed 3. If you had 24 seller financed homes out here though you're looking at 12M minimum in orange county at least. I hope you get some concessions though. As an investor selling my property? I would 9 times out of 10 want the buyer to get full financing so I could get my lump of change for my next project. That's just me though. There's a lot of good financing available and if the Financial Choice Act gets through I midrange financing will exist all over. (Midrange being the area between conventional and HML)

Hi Richard,

I know that South Riverside county has some decent pricing with good DSC if you're looking for buy and holds.  This goes for Richard and anyone else on this thread.  I'm in Orange County and have quite a bit of information about the financing side of the business.  If you'd like more knowledge just colleague request.  You can never have enough information and contacts.  There are a LOT of creative private money that exists out there with little requirements.  It'll blow your mind how quickly you can become your own empire and I'd love to grab a lunch, coffee, or a beer and talk about it with any of you guys in person or on the phone.

I just got back from that area, my cousin got married in Woodcliff and by that area I mean northern NJ.  I don't know the county lines.  Its been a while since I've been back to NY/NJ.  I don't know the real estate game to well over there living here in CA, but I am familiar with the finance game.  Oh but if you're interested I found a really good pizza place over there :) Right in woodcliff.  Grandma's special nearly knocked my socks off. (And I was wearing only sandals!)

@Larry Turowski It proposes to prohibit bailouts by explicitly stating its bankruptcy and no bailouts and gives criteria and steps.  You can read the summary here.  https://financialservices.house.gov/uploadedfiles/2017-04-24_financial_choice_act_of_2017_comprehensive_summary_final.pdf  (page 20).  

@Andrew Holmes I'm not 100% certain.  Seller financing isn't regulated by Dodd Frank if you do 3 or less of them annually.  At least that's what I remember reading.  Its under the definition of mortgage activities in Reg Z.  Anyways, most of investment and commercial is governed by SEC law as far as I understand it.  CFPB and Dodd-Frank have little governing rules other than defining whether you need a license to broker your own loan in that state with seller financing for investment props.