All Forum Posts by: Justin Hammerle

@Kui Kapu - just quickly reviewing the terms they seem fair and reasonable for a hard money lender.

@Thomas Lebens - if this is your first property and you plan to occupy why not consider an FHA? You can refi into a DSCR at the 1-year mark, buy another - rinse and repeat.

@Joe S. - Certainly right - I would just add that not all jobs give you the same level of flexibility to becoming a full time investor; being an agent certainly can propel you to be an investor due the nature of it.

@Brenda E. - handwrite the letter, personalize it to the extent that you can concerning who you are sending it to so it doesn't seem automated, and send it as often as you can until you get a response.  I assume this is to buy and flip?

@Christopher Lynch - I would sit on the equity and consider alternatives.  In theory playing the market could put you in a better position.  But I would be more concerned about inflation and rental expense once my equity is converted to cash.  Maybe consider refi'ing and harvesting some of the equity out?

@Diondra Brown - there are FHA construction loans available but it is fairly challenging to find a lender that offers them. If this is your first investment/house hack, I would strongly consider looking at the existing housing stock in the area prior to trying to go the construction route to see if there is something out there already that will meet your criteria.

@Nick Lottchea - Under the tools tab there are different calculators that you can use to underwrite a property.  If you are house-hacking your likely going to use the rental calculator.  You have 5 free reports; I would start one and go through each line item.  While doing that there are multiple videos created by BP that you can use as a reference guide to understand what you are looking at.  Pick a sample property on the market and try running a report on it.

yes correct. There are cases when you can have multi FHA loans out but I think that may be what your thinking of in terms of restrictions. but in theory you can refi out of an FHA loan and use it again without any restrictions.

Sometimes mortgage brokers or any kind of agent working on a commission basis for themself will prefer to use a personal email to work; in that way, if they were ever to change companies they won't lose all their contacts and business correspondence.  I wouldn't be too concerned about it.

@Alex Molina - I'm not sure why you would need any kind of excuse to use an FHA loan; as long as your income qualifies there would be nothing restricting you from purchasing a SFH or MFH up to 4-units with an FHA. As long as the conventional loan is in place and you refinanced out of the FHA, you are free to use it again to your discretion.