All Forum Posts by: Marc Oister

Mainly once a realtor hears investor it seems like they feel you are going to waste their time.  Then on the other hand when the lender hears prequal the begin to act the same way since you do not have a property already under contract.  

  With all of the run around i am contemplating on just purchasing cash. Then see how the whole refi process will go.

How do investors get a prequalification letter from a hard money lender without actually finding a property.  For some time I have spoken with realtors that refuse to show properties to investors without a prequal letter.  But then also lenders who will only issue a prequal upon reviewing the deal.  

  Its hard to estimate the value of the property without actually walking inside.

  I have the 30+% down and a credit score of 760+ with minimal debt (few hundred dollars).    Having to go the stated income loan route is proving to be difficult. 

Any insight  on how to bypass this road block would be greatly appreciated.

Can anybody please help me find a Philadelphia realtor that willl work from an investor and be able to actually show a few properties.

I am currently seeking a stated income lender.

Properties of interest appraise at 120k.

Sfh

Purchase prices 70-100k.

I do have 25% to put down, and have a recent credit report with 780 score.

No other debt.

I have been speaking to a few stated income lenders and am searching for a better interest rate.

Hey everyone.  After much consideration and research into my local market and other markets I have decided to invest outside of my local area.  The numbers in Overbrook Park seem to look good for an investor, and finally after all of the research, and lining up financing I am ready to pull the trigger.

  Any Philadelphia wholesalers working the Overbrook Park section who has a deal or would like to add me to their buyers list feel free to contact me.  I am currently looking to purchase within the next month if the right deal comes along.

Im currently seeking anything duplex+ but preferably in the 4-6 unit.  My max is 210k.  If yoi run across anything shoot me an email.

Im an investor from the suburbs of philadelphia.  After attending many local reia meeting I am still having trouble networking with investors that are working in my local area.  Yes pottstown is a hard area to invest in, but with the right knowledge of the area it can be profitable.  I am currently searching for my next deal in pottstown.  

  I am looking for multi unit properties located in and surrounding the pottstown borough.  Any wholesalers also covering pottstown feel free to shoot me an email,  or add me to your buyers list.  [email protected] 

Where in pennsylvania is the property. Email me to diacuss further. [email protected]

I have actually just spoken with someone from velocity if fort washington, pa.  I to am interested in there stated income loans.  I am also wondering about their services, and if there is anyone who has used them.  I have found only 5 reviews. 2 bad, and 3 good. Also there is a bloomberg article. http://www.google.com/url?sa=t&source=web&cd=1&ved...

This has me wondering if they are a reputable business or if my info.  Will be jeopardized, and i will be a victim of some type of identity theft. 

Any insight on velocity, along with any other stated loan brokers that members have had previous experience would be greatly appreciated.

Property Overview

Appraised value: $181,800

Purchase Price: $149,000

Annual Net Income less financing:  $15,482

100% occupancy

Long term tenants

Potential for value add 

Annual Net Income less financing, after value add: $21,982

Terms:

75% ($111,750)

Preferably 30yr. but will consider shorter term with reasonable rate

Preferably below 7%

No pre payment penalty

Also have a business plan and spread sheets to provide to any interested lenders.

Thank You

75% ($111,750), preferably 30yr.,  will consider shorter loan with reasonable rate, below