All Forum Posts by: Kass Farran

Got mine on my primary from comerica. They went up to 89.9% LTV.

Just an idea, not sure how feasible it is but I'm always open to any creative financing. If you can afford to purchase the home, you can enter an agreement with the current owner where you can seller finance it back to them. Put a spread on the rate from what you secured (if you get a loan) or collect interest if you cashed it out. Depending on how much they have left that they owe, you would essentially be acting as if they refinanced their home through you, and that in theory would provide them a lower payment than the one they defaulted on. This comes with a good deal of risk but i'd like to hear other's thoughts on this.

@Kevin Cullen

Welcome!

I'm new to BP myself and am local to Michigan myself. I'm open to connect and bounce ideas off each other if you need a second set of eyes.

This is pretty basic but it's what I believe is the foundation of becoming a good investor. Learn how to properly analyze deals and properties. Let the numbers do work and leave any emotion out of the deal. Find an investor friendly agent in your area. I found mine through this forum actually. Practice analyzing deals on properties you wouldn't even buy just to get the hang of it.

Just my 2 cents.

Will you be living in this home? You can go as low as 5% down on conventional if its your primary. I know a lender than could prob get you a better rate too.

I'm also very excited in a local meetup. Would love to connect in person with anyone that is also interested.

I met with Darius after reading this thread as I'm fairly new to RE investing. 

He had a lot of great knowledge that you'll only find with experience. Would highly recommend connecting with him if you are able to. 

What forms of financing are you using to secure the property? I agree with William about the loan amount and interest rate. Note that i currently have a loan approved for 75k at a similar rate but once you are under 50k its almost impossible. Maybe FHA 203k might be a good route. I know govt loans tend to get approved at those lower amounts.

@Jim Wellington 

Yes conventional 30 YR product. My lender is Chris Kollar on the Imperium Lending team. He is open to most loan amounts and said he could do 75k no problem for most folks.

@Jeff Lamothe

I asked about lower loan amounts and it would be on a case by case basis.

For anyone in need of financing.

He can be reached at (248) 621-5326 and he had asked to be texted and mention I sent you.

Update here. Found a lender willing to finance 75k loan amount on multiunit investment. Rate in the 5%s, which I consider good in this market. They're out there don't settle for high 6% and 7%s.