All Forum Posts by: Sohrab Khosravi

@Christopher Antrup

Welcome to BP this is a aswome site to learn and grow.

Please let us know your questions.

Good luck.

Hi BP Nation,

As an experienced lender, we realize that securing permanent financing on an investment property can sometimes be confusing. Understanding the difference between hard money and conventional money is vitally important. That is why at AMP Lending, we pride ourselves on educating our clients on the lending process. This helps our clients feel comfortable about the plan they have set in place to insure financial security for themselves and their families.

Hard money loans are a necessary part of the investor portfolio. If the property you're buying has deferred maintenance that requires rehab and you don't have the cash to buy the home outright, hard money is the way to go. Most hard money lenders will lend up to 75% ARV (after repair value) to cover repairs and acquisition, but you will need an exit strategy. Hard money loans are bridge loans and are temporary.

Getting pre-approved for a traditional loan first to ensure your exit out of the hard money loan, is the first step. To get you started and on the right path, here are a few titbits on what to do and expect during the process:

1. Before you start looking for a home to purchase make sure you're pre-approved with a lender.

2. Not all lenders are created equal when it comes to investment financing. Make sure you are using a lender like AMP lending, which specializes in investment financing.

3. Income: Make sure your lender is asking you for income documentation and assets, before a pre-approval letter is issued. If they don't ask you for these items, they are not looking at the full picture, and you might run into problems.

4. Assets: Having clean bank statements are critical part of closing quickly. Make sure any deposits in your bank account in the past 60 days are provable with copies of checks or detailed transactions. Cash deposits are not provable, and will be required to be backed out of your total balance. Retirement accounts can be used as reserves. We will use 60% of the balance of the 401k (or equivalent), without the funds being removed from the retirement account.

5. AMP lending can use future rents on a vacant property that you are purchasing to offset your mortgage payments.

6. Once a lender has determined you are qualified for permanent financing, its as good as cash!

Sohrab (Rob) Khosravi

Loan Officer

AMP Lending

NMLS # 1270826

Direct 281-574-6332

Cell 281-840-2717

Fax 281-391-5360

Office 281-391-5363

[email protected]

www.askmortgagepros.com

Complete a free Pre-Approval Application at www.askmortgagepros.com/rob

@Juan Perez

Smallbiz.com will be a good place to start.

hop this help.good luck

@Alexander Plott

Welcome to BP this a great site to learn and grow.I love to buy and hold and I think is the way to go.I do the same thing. please let us know how we can help you.

Good luck

@Lynn Currie

I install Elk Products in my own home and I really like it (http://www.elkproducts.com/)

one of the good site you can get more information is http://www.smarthome.com/

Hop this help.

@Angie B.

Thank you so much for the information on this page if you don't mind, can you share with me how are you using youcanbook.me for the showing and share with me the link.I love to get more information.I was thinking about Rently.com or ShowMojo .

Thank you so much

@Niki Jacobs

Welcome to PB you are in the right place.setup some alerts about HOUSTON so you can get notification when something come up.

Good luck.

@Sayo Owoseni

Welcome to BP this is a very good web site to learn and grow your investment.

Good luck.

@Jordan Johnson

Welcome to BP this is a great site to learn and grow.

@Paul Holub

Welcome to BP this is a great site to learn please let us know how we can help you grow your bussiness.