All Forum Posts by: John K.

Hi Lauri, have a look at this site: https://www.redfin.com/news/data-center/

Hi Cleiton, 

Welcome! You're likely not as much of a beginner as you think, as learning how to take care of your own home is half of the battle. Here's my answers: 

1. For getting equity out of your current primary residence without affecting your current mortgage, you can use a HELOC or HELOAN that will go up to 90% LTV. If you don't have a low rate locked in, you could do a cash-out refinance as well that goes up to 80% LTV.

2. I am personally strongly against any type of mentorship program or course. Stay away from the gurus! All the resources you need are 100% free between the internet, agents and lenders that will all be more than happy to help and answer any questions for you.

3. For investment properties, there is no way to put zero money down--20% down is the bare minimum. It may have been possible years ago, but not anymore--lenders want to make sure that you have skin in the game and that you won't just walk away from the property if things get tough. It's a different story for a primary residence however--there are indeed programs for 0% down that are not exclusive to VA/USDA. I have a 100% LTV FHA program that is open to almost anyone and can be used with a duplex. You can also put 5% down with conventional on a 1-4 unit property.

Feel free to reach out anytime if you want to discuss more!

John 

Hi Craig, 

Good luck with your search. Let me know if you need any lending help as well, as I offer DSCR loans designed for short term rentals that will use Airdna for income.

John

Looks great!

Hi Jonathan, 

Welcome! Feel free to use me as a resource for any loan related questions that you might have.

John

Hi Nico, 

Yes, lazy listing agents are a surprisingly common problem--if only the sellers knew they were ignoring calls from interested buyers! You can always call their broker directly and complain if you are not receiving a response--that is essentially a way of reporting it to their boss and is usually very effective. 

John

Hi Micah, 

HELOCs will only go up to 70% LTV on investment properties, while for primary residences they go up to 90% LTV. I generally close them in around 15 days and often don't need an appraisal as many lenders will accept an online valuation tool. Feel free to reach out with any questions!

John

Hi Shai, 

Welcome! It's possible to qualify for a conventional loan with 1 year of work experience if you just graduated from college--we would just need to provide your school transcripts. This would allow you to house hack a 2-4 unit property with only 5% down. Otherwise, FHA allows college graduates to apply immediately upon employment, though there are some more fees associated with FHA and the mortgage insurance is for life. DSCR is also an option but would only be for an investment property and would require 20-25% down. Feel free to reach out with any questions!

John

Hi Dillon, 

Yes, your broker will have agreements with a certain number of wholesale lenders, and you will be able to offer the products that any of those wholesale lenders offer. Any broker will have agreements with enough lenders for conforming loans, but not all have a ton of Non-QM lenders. 

John

Absolutely, if the numbers don't work then don't force the deal. These days, there's a lot less deals that work as flips than before. 

John