All Forum Posts by: Joseph Lalia

Quote from @Nick C.:

Who would you assign it to? An investor? You're basically buying at 90% ARV. Not a very good deal. I see wholesalers selling at that kind of ARV but they're well established and have massive buyers lists full of wannabe house flippers.

Luckily for you it's 2022 and you can probably close on it, turn around and resell it right away. 6 months PPP is a bummer, can you shop around for a better loan. This one is pretty bad. Even a hard money lender with a higher interest rate and no PPP would save you money. 

I'm admittedly unfamiliar with wholesaling and wasn't sure this was even the correct category, but a realtor friend suggested "selling the contract."

I am actively shopping for a better loan and agree that PPP is likely a deal breaker, as the intention was always get the deal done and refi later. 

Kind of scrambling now to find a lender to close quickly with better terms.

Hi all,

Long story short, I went under contract more than a year ago on a condo (new construction) in Denver at just under 400k, and just finally got my appraisal today at 445k. 

Unfortunately, I was not able to lock any rates prior and was using a non-qm loan due to DTI issues. Terms were also unfavorable, going from 10% down to 15% down at 7.35% with 2 points at closing and a 5yr prepayment penalty of 6 months interest.

Rental estimate is app. 2250/month which would leave me covering and additional 600/month out of pocket.

Am I right to consider selling this contract, if even possible, and if so, can anyone point me in the right direction? Based in Florida, at present, so that doesn't make it easier.

Thanks in advance!

Yes

Hi all,

Virgin poster here seeking some assistance/advice. I'm a physician, currently under contract on a property for 1.2 million in FL. My financing just fell through because of my DTI. This is skewed because I'm an independent contractor and my accountant has done a phenomenal job with write-offs over the years. Knowing this has been an issue before, I had a parent co-sign with assets >5 million. I was using a lender that locked me in at 3.5% with 0% down on a 30 yr fixed physician loan.

Seeing as how I was referred to this lender by another who doesn't service FL and was fully aware of my tax history (6 figure deductions, etc.) AND pre-qualified me for California up to 1.5 million, I'm quite frustrated at the moment and spinning my wheels with one banking day left before the long weekend and a closing date of July 31st. 

Really want to avoid anything more than 10% down at worst, but would gladly take 5% with comparable terms. Credit score is 740-750.

Appreciate any help anyone can offer.