All Forum Posts by: Logan Drew

Redlands, CA SFR wholesale deal. High-end project almost complete. Acquire for $990,000, $200,000 rehab, $1,500,000 ARV.

Inquire for address and full details.  Direct contact with seller.

Hi Cesar:

Yes, you would run through your scenario (and possibly go as far as running credit or submitting bank statements to the HML) and they will usually generate a letter of intent for you very quickly.

Please PM me if you need anything.

Logan

I'm offering fix & flip, purchase, and refinance loans (hard money and portfolio options availalbe).  Now lending in 44 states.

Fix & Flip Loans: Rates start at 8.99%; 80% LTV and 100% of rehab costs available (85% LTC max). 3 month to 24 month terms available. Refinance into a rent and hold as needed with our buy and hold programs.

Purchase loans: Rates start at 4.75% for portfolio and non-prime options and 7.875% for hard money (no doc or limited doc). Up to 90% LTV. Up to 8 year term available. Buy and hold programs available.

Refinance: Rate and term and cash-out refinances okay. 80% LTV max. Rates start at 4.75% for portfolio and non-prime options and 7.875% for hard money (no doc or limited doc). Up to 8 year term available. Rent/ hold programs available.

For all programs: $100,000 minimum loan amount requested; non-owner occupied/ investment property/ business-use loans only; SFR 1-4 unit or 5+ unit okay; office building and retail space loans also available.

Please email inquiries to [email protected] or submit via http://logandrew.myhomehq.biz/consultation

 Hi Tyson:

Great question.  It is best to refer to the title company/ attorney/ settlement agent involved in your transaction and your loan officer at the bank/ lender, but in most cases you would simply wire the funds required to close 1-2 days prior to your target closing date taking into consideration wire cutoff times and any processing time your bank requires.

I'm looking for a broker friendly construction lender who will lend on ground up construction in Lake Tahoe, CA. $500k phase 1 loan request. Real exit ARV is $3.5 mil. PM me for details. Plans done, permits just need repulled.

 Hi Pete:

Yes, Conventional 97 is the conforming loan with 3% down.  Sorry for the delayed response.  Have a great weekend!

Hi RD:

Homeready requires 15% down for duplexes... haven't forgotten about your spread, I promise.

Congrats on making real steps towards your real estate investment future, Pete. The first thing that I'll mention is that FHA guidelines 'require' that you remain in the residence for 12 months (you certify it as your primary residence when you sign loan docs and any violation of this could be a problem). If you certify that you will live in the dwelling for 12 mos knowing you will not/ do not plan to, that is a form of mortgage fraud. Also, if you attempt to buy the 2nd home under your then wife's name, you may run into a few stickler underwriters that look at the fact that you are both going to be on the same tax return, California is a community property state, you have less than 20% equity in the duplex that you just purchased under your own name having just used an FHA loan as a primary residence, and that underwriter (or several underwriters) could deny your wife's FHA loan request. Don't get stuck in the duplex... make sure your plan works first. The good news is that there are 3% conforming/ conventional loans available for you on a primary residence purchase and that should be an option after your duplex acquisition. No sense using the FHA loan if you are buying a primary residence and have decent to excellent credit. You can do 3% down on a conforming 30 year fixed with no monthly mortgage insurance (paid by the lender with a slightly higher note rate to you... much cheaper than monthly MI).

All that said, you have made quite a bit of ground on your very first meeting with an agent.  That is to be commended.  My suggestion is that you meet with a few experienced investors and a few good mortgage professionals first as they may be a little more apt to tell you what you should hear and not just what you want to hear.

Hi Peggy!  Welcome to BP.  What area are you looking to flip homes in?  Tehachapi or in OH?

Welcome to BP, Ricardo!  Joining the forum is a great first step to real estate investment success.