All Forum Posts by: Kevin Trumbull

Welcome aboard @Mark Patterson, you'll find BP to be a great place to network.  I invest in KCMO as well.

Welcome aboard @Matt Henshaw, impressive on your podcast count, I'm still on like 90 something. :)

No, I'm taking a different approach to my investing.

I'm a little confused too. Why would Situation 1 not require seasoning but Situation 2 might?

My understanding is a conventional lender will require seasoning to loan on ARV.

I'm trying to understand the Fannie Mae (FNMA) cash out refinance limitations.  Is it that you can only do it 4 times, or you can only have a total of 4 FNMA loans before they won't do it?

So for example, let's say I have 4 FNMA loans (maybe a mix of purchase and refinance, although I don't think it matters), and I pay those off with a blanket loan, so I'm back to 0 FNMA loans.  Can I then do another FNMA cash out refinance?

And bonus question, if I use a HML to fund a project, how long do I have to wait under FNMA guidelines before I can utilize their cash out refinance program against the ARV?  I can never remember if it's 6 months or 12 months.

Welcome aboard @Aaron Dean!

Has anybody worked with any Hard Money Lenders (HML) lending in the Kansas City, MO (KCMO) area? I'm looking for recommendations from investors who have gone all the way through the process.

HMLs are welcome to contact me via PM.  I'm looking to potentially utilize HM on fix and holds.

@Chad Zaback, interesting, so the traditional mortgage lender did not care that you were using a HELOC for down? I assumed you seasoned the funds for 2 months, but did you tell them the down was coming from a HELOC, or was it a 'they didn't ask, I didn't tell' scenario? :)

Some of the traditional lenders I've spoken with will not allow you to leverage 100%, even with seasoned funds... am I talking to the wrong lenders?

What type of lender did you find that allowed you to use a HELOC for the down payment? Based on the rate and term it feels like a traditional lender?

Looks like a great setup, congrats @Chad Zaback

I'm looking to build a relationship with a private money lender to fund my next few deals in the Kansas City, MO (KCMO) area.  I am looking to acquire distressed properties, fix them up and hold them for the long haul.

I'm pretty new, I currently have my first investment property under contract, will close in a few weeks.  I'm using a FNMA rehab loan to fund the purchase + rehab.  For my next deal I'd like to use private money short-term to fund the purchase + rehab, then refinance out when complete.

Example deals I need financing for:

Purchase: $40K-$60K

Rehab: $20K-$30K

ARV: $100K+

Rents: $1000+

Cash Out Refi: 75% LTV when done

I'm looking for a lender who won't mind me using a HELOC to cover down payment + closing + holding. Basically I'm looking to leverage my equity spread on the back end to cover most/all of my down payment.