All Forum Posts by: Kristen Duggan

Hi Daren, this is all very exciting! 

Since you're on the market for a value-add property, I recommend contacting Anthony Tse's team at Jacob Realty in Boston. 

Hi Yon, can you put the loan in your husband's name? When you say you're "not working" does that mean you don't have any income? 

@Derek Sperzel some specialized lenders can go up to 70% LTV on the appraised value and require just two months of performance record (proof of rent payments)

@Joe Splitrock to be honest, I haven't looked into it much. I just know I've had to turn down deals in these states. I'm assuming it has something to do with the structure of the foreclosure rules, but I could be wrong.

Not sure what you mean. But I do know that there are definitely some states that are harder to get funding in like North Dakota, South Dakota and Maine. 

Hi Aram, a traditional lender will want to review your past three years of bank statements to determine eligibility. If that doesn't fly, another option will be to go through a commercial loan broker or specialized lender who will look at the quality of the collateral to determine whether to make the loan or not, rather than scrutinizing your personal financial history.

Hi Mario, a hard money loan typically balloons in 1 year and will require interest only payments. Rates will vary between lenders as will other stipulations like credit score requirements, collateral, down payment and prepayment penalties.

Hi Rob, in my experience, most lenders will only lend on an asset that is valued above $70k.

@Sharon Powell thanks for sharing those websites. Super helpful. And yes, most lenders (HML too) will run comps before finalizing an offer on financing for a property.

Hi @Ryan Peach what are your interest rates on the 3 rentals? I'm guessing he's selling the 5 duplexes for around $300k, is that right?