All Forum Posts by: Josh Bowser

Lance - who is the PM?

They likely missed their deadlines or the tenant is an expert at gaming the system.

Jabneel - note sure on the statistics, but demand for housing voucher tenants outstrips supply of voucher accepting landlords. It is likely worth building a presence in ATL with the local housing authorities and tenants. 

Clint, I'd make sure you understand the implications of quit claim deed at closing with a loan in place under a different name. Could trigger the loan to be called and you'd have to refi with a DSCR at a much higher rate. Getting a new build 4 unit at 4.5% now is insane!!!

When it comes to obtaining a primary - I'd have a conversation with a mortgage broker that is TRULY investor focused when it comes to originating conventional loans. There are some circumstances that will allow them to account for long or mid term rental rates when it comes to your pre-approval amount if your debt to income ratio is a concern. They will likely need to see a signed lease reflecting that rental rate before your first mortgage payment is due before you can get your loan approved. 

Lease purchase agreement should work in your case - however, it's all about the willingness of the seller to your point. If you're serious & confident you can lease your properties up in time, you may want to consider putting significant rent money and EMD up front.

Feel free to shoot me a pm or give me a buzz at contact info in bio - always down for a chat!

Nick - one option would be to raise funds from a private investor that would be willing to take a second position Lien on the 3 unit. Not sure what the laws are in ME, but in Georgia a first position foreclosure will wipe out the 2nd position lien making them riskier which commands a higher interest rate percentage. I'd reach out to someone in a local REIA where the property is located- those folks will know of some private individuals that are looking to lend.

if the SFH is your primary residence, you should be able to get a HELOC at a decent rate from a regional or credit union. HELOC rates are typically best from the smaller banks that you have a relationship with.

Lending reqs are a little difficult right now to get a line of credit on non-owner occupied property.

Give me a buzz if you have any questions. I'm always down to chat - contact info in bio!

As opposed to writing Seller Financed deals where there is a loan in place, I've been writing them with the lease with option to purchase route.

Tax benefits stay with the seller until title is transferred, but it still get's the point across.

Safer for both parties as 2nd position liens will get wiped out if the first calls the loan / forecloses here in Georgia.

Hi Savelle - I'll shoot you a PM!

Jeremy - congratulations! Those are awesome numbers in this market!!

Did you go direct to seller for this one?

Steffan shoot me a DM or give me a buzz at the contact info in my bio

Ike - I'm with Doug on this one.

Credit Unions / Local / Regionals are great if you have a pre-existing relationships. However, lots of CUs and Locals are requiring you to keep deposits with them if you want a loan - typically around the 10% mark. Thus, your 20% down + fees just became 30% down + fees in a sense.

Mortgage brokers job is to find you the best rate / terms.

If you're interested to get in contact with investor focused mortgage brokers I'd be happy to make some intros

Ike, I'd reach out to Rand and Associates or Katz and Durrell for creative deals.

Shoot me a PM if you have any questions