All Forum Posts by: Logan Drew

I would start by speaking to a mortgage banker who services AZ to verify that you need to go the hard money route first. Then, you must be very thorough in planning your exit of the hard money loan. Make sure you have an exit from the HML into a conventional/ conforming loan option 3-6 mos prior to your hard money term ending. The reasoning behind this is because those who enter hard money loans without clearly planning their exit can often find themselves in a cycle of extending and refinancing hard money loans while trying and failing to qualify for that last step, the conventional loan... if you don't qualify now or in the near future and your end goal is not the resale of the property, you may find yourself spending a ton of money on hard money fees and interest only to be forced to sell and start over in a worse position than you started.

You may also find that hard money lenders local to the market that you operate in may have more amiable terms due to their closeness to the asset and their understanding and comfort with the specific market you operate in.  I would line up at least a few local lenders and 1-3 larger, regional/ national lenders so that you have a wide array of terms at your disposal.

I agree with Charlie. Your degree counts towards your 2 year employment history and with a letter of explanation that you were only off for 4 months after graduation (which I would cite as a 'job search period') you should be good to go for a VA purchase.

It is not a given that you need a certain 'middle' credit score for every lender, but I would just ask the lender directly what their minimum active credit score is asap.  Some lenders use higher minimum scores than the GSE's do (Fannie/ Freddie) which appear as tighter guidelines, aka 'overlays'.  If you find your middle score is below what their guidelines allow, you could try paying down your balances to 50% or even 30% of your credit limits (A 30% or lower 'revolving debt ratio' allows for the best ratings... next to paying your cards off in full, which is the best recommendation altogether).  First, I would ask what the lender's lowest mid score allowed is.  All that said, I would just ask myself... is the savings on the 0% interest card(s) worth forgoing the opportunity to assume this loan?  Worth forgoing the purchase?  Probably not... Another assumption is that the loan you are trying to assume has better terms than you can obtain on a new loan for the same purpose... is the difference in those terms greater than the savings on your 0% interest cards?  That question assumes that you can purchase the property regardless (ceteris paribus).

Are you the agent?  Is the $75,000 price negotiated already?  Please let me know if the $75,000 is approved and the seller is ready to close.  Private message me as needed.

I'm looking for potential flip properties from wholesalers/ insiders in Southern California.  Please message me on BP or email/ call if you have access to inventory that I can connect my buyers/ investors to.

Get connected with a title rep in the area.  Usually you can utilize their online tools for free if you try to send them business.

You can approach the NOD homeowners to see if they are interested in selling their homes/ listing their homes through you. Sometimes a mailer and actually going to the home to follow up can work as a multi-pronged approach.

Hi BP! I have some investors looking for good SFR projects in Southern California (OC and LA Counties preferred). If any of you wholesalers/ deal finders out there have anything in Southern California, please send it over and I'll analyze the deal for my prospective investors. I'm just looking to add value for my investors that I lend to and can connect you direct to the buyer(s) upon pre-approval of the deal.

Thanks!

If you can qualify with regards to DTI, you should have no problem utilizing a HELOC to close another property. Since the HELOC is actually 'your equity', it is not treated the same as other borrowed funds (like an unsecured personal loan or credit card). Consult with your loan officer though as some lenders may apply an 'overlay' and might have rules against allowing this. That said, generally speaking about guidelines, you should have no problem using your HELOC to help you close the purchase of another property.