All Forum Posts by: Lorenzo Prieto

Hey Thatcher, that's awesome! I just purchased a property in Greeley and plan to purchase many more in the years to come. As I'm sure you are aware the market has shifted so homes are being priced more appropriately and I've also noticed more price reductions in Weld County. I'd be happy to refer you to some investment minded agents that work in the Greeley area. 

Although you have down payment and reserves conventional lenders will need to see the ability to repay the loan. Most times we can move forward with a preapproval letter if you have at least a job offer letter and will have one set of paystubs before closing date. Will you be finding a job in the same line of work? Feel free to reach out directly if you have specific questions.

Hey Clayton! 

So for a HELOC most lenders will go either 80-90% max LTV so if the property is worth 500K and you owe 275k that would leave 175k (@90%LTV) open for a HELOC. Lenders will take into consideration your DTI but as long as that reno project is not tied (with a lien) to your property it should not count towards your LTV.

I get it now. I'll shoot you a quick DM. 

Not sure I completely understand your question. Are you looking to purchase a property and rent it out to students near a university? Can you please explain a little more of what exactly you are trying to do? 

Hello JayCinta! I have quite a bit of experience with HELOC's. I'll shoot you a DM for further questions.

Congrats on your equity position on your primary residence! If you are looking to purchase a new primary residence you will not need the full 20% down you can most likely do this with only 3.5-5% down. If I misunderstood and you are looking to purchase another investment property yes, you will need 20% down for most lenders. 

Yes, like Mike said once you compare the lenders and decide which one is best for you let all other lenders know that would like to cancel. The earlier the better. Be sure to ask them if there is an application fee, I've heard of some lenders having an application fee just for going through the review process. 

Often times the realtor would do this but in this case it's a off market deal so you are wearing multiple hats. I think there are many little things you can do to make your offer stronger including: no appraisal contingency, offer post occupancy time (if they are needing more time to move out), waive inspections, have your lender give them a call and tell how quickly they can get things closed and ensure the loan will go through, etc etc.  With this being said these are just a few ways to strengthen a offer and not by any means saying this is what should be done as each of my suggestions come with their own risks.

Great info and very well said!