All Forum Posts by: Kent Nielson

I can only help with the first and last question from a conventional lender standpoint, not sure about private lenders. 

We will always require tax returns if you have rental property and are trying to use it for income to qualify for a loan.  There is also a good chance they will want a copy of the current lease.

As far as banks requiring tax returns. If you are a straight up W2 employee, if your credit is good enough you might get by with just supplying your W2s. If you are self employed, bad credit, have other properties, etc...they will probably want tax returns.

I grew up in the Gorge and moved away for a bit. I always just lumped Portland and Vancouver into one metropolitan area. Now that I moved back to Vancouver I am realizing that they may be worlds apart.  I approached a friend who I actually helped flip a house in Milwaukie OR, about a deal I wanted to do here in Vancouver. He said he never crosses the river and really just stays in his little bubble of SE Portland. Is that Typical? Is there any point networking and getting to know people in Portland??

I'm pretty sure I've done a loan at that amount. Some lender might tell you they can't because it's the same amount of work for a much smaller commission. So ask around and maybe try and find a newer lender who is hungry, even for small deals . Good luck!

My name is Kent Nielson and I'm stoked to be here! After some research and listening to a variety of podcasts I found BP. It's got the type of culture I admire and I look forward to being part of it. I've been in the residential housing industry for the past 20 years or so building/remodeling with the last 5 years originating home loans. From here on I wanted to put less focus on the retail side and get more involved on the investment side of the industry. Whether that is flipping, building, providing financing, or even picking up the hammer and helping a fellow investor on one of their projects. 

I'm not sure about other lenders, but the company I was at would allow a "second home" which only required a 10% down payment. You just couldn't use any income off the property to qualify.

Yep I've built many homes. The investor that knows me...that one is going to be tough lol. I don't know any, hopefully I can build a relationship with one before the lot disappears!

I forgot to mention I would be getting the lot for about 35k under market value so there should be some equity in the property . Although I know how difficult it is value raw land.

Here goes. And sorry for not being involved in the forums thus far. I've listened to a lot of the podcasts and they always talk about the new people that join and don't add value but just ask stupid questions and ask for mentors lol. It's a tough spot to be in, I'm getting there :)  

Here is my daydream and I wonder if It's crazy.  As an investor,  would you purchase a vacant lot, and provide material to build a new house on the property. As a partner I would provide the labor to build the house. (As in I would do most of the work myself with no payment) After the home is done I would cash out refi and pay you back plus your fees. If I wasn't able to qualify we would sell the home and each take our predetermined cut of profits. So I guess it comes down to this. Does providing free labor to build a house add enough value to make it worth the risk to an investor? Especially joining a newbie? That ends my question. But if anybody is curious what I had in mind here are some rough numbers of what I am proposing. 

lot size - 4,100 sq ft.

cost of lot and hook to city power, sewer, etc - 85k

size of home - 800 sq ft

cost of material to build 45k

comps sell for 200 - 250k

rents for about 1,500

Cheers