All Forum Posts by: Michael Dunn

Good Morning Chris,

No problems really. I have just heard conflicting things, regarding the LTV of the Finance , from ..... 90% , to 95% , an even $100%

Just wasn't sure if they all are " Technically " correct, and that each Lender makes their own decision as to the % they'll Lend ( Refinance ) 

Good Evening,

I am taking my last 2 years Taxes, 2 months of Bank Statements, Drivers License, Social Security card , Copies of work checks for the year ( Self-Employed )  To two seperate Lenders that I have been talking with / trying to get Financed through, for the purpose of buying an Investment Property.

My Question is ...... I am wanting to use my VA Loan to do a Refinance on my Primary ( which is currently financed via an FHA loan ).

What are the Currently Guidelines by Which a Lender " Has to " Loan you via a Refi. using a VA Loan ...... Is it 90% of the ARV of the property ( my Primary ) ? 95% ? 100% ?

Thanks so much for the help 

Ryan, excellent advice.  Thanks so much 

Good Morning,

I am getting ready to super-impose a Picture of the Properties I am interested in on an Envelope , but I am wondering how to best go about Writing my Letter of Interest to the Owner/Absentee Owner If.......  I can NOT do an All-Cash Offer/Deal ? 

I am going to have to use a Portfolio Lender ( which I am in the Process of getting Pre-Approved through 2 of them right now ), but I am having to use financing for the actual purchase of the Property .  I am using my own Cash for the 20% Down Payment, as well as paying for all of the Repair work ( Labor and materials )

In my Letter, should I just state that I am " Pre-Approved _ through an Investment Lender, and I have the Funds/Go Ahead to purchase a Property ?

I want t make sure that I word it correctly to the Owner of the Property , that I can Purchase their Property ( Tomorrow ) , and that my Offer is just as Strong ( Good ) as an All Cash offer 

Thanks so much for the help and advice 

I just got off the phone with 2 Lenders , and they both pretty much told me that ...... If I use my VA loan to refinance ( cash-Out ) on my Primary Residence , that the Loan will then go from being an FHA loan ( which is what it was when I initially purchased my Primary roughly 7 months ago ) , and that it will then become a VA loan .

So my question is ...... I am looking to Purchase another Primary Residence in about 5-6 months ( after my 1 year agreement is fullfilled ).

I was hoping to use my VA loan for the Purchase of my Next Primary, but if I convert my NOW FHA loan into a VA loan via Refinancing it , will I still be able to in 5 - 6 months, be able to purchase my second Primary Residence using a VA Loan ? How about being able to use an FHA loan to purchase it ?

I'm fine with purchasing the next Primary with either type of loan ( although I'd prefer the VA loan, since there's no Down Payment with it ), but 3.5% down using an FHA isn't bad either

Anyways, just wanted to make sure from Members on here that I am understanding CORRECTLY, what my options will be .... If I convert my now FHA into a VA loan , and what type of Loan I'll be able to use in 5 -6 months , when I go to purchase my second Primary Residence ?

Hopefully all the forementioned wasn't to confusing lol

Thanks everyone for the help  

Thank you both for your replies and answers

Chris M.   Are you yourself a Lender ?  And do you lend to Investors via Investment properties ?  Thank you 

Hi,

I need some help in knowing how Long my Pre-Approval will be good for to the Lender(s) that approve me for a Loan , from the day I get Pre-Approved.

Is it good for 30 days ?  60 days ?  90 days ?

Thanks so much 

Can someone please give me an example of what / how to write out on an Index card that I am an Investor , and am interested in a person's ( of what seems to be ) abandoned/Distressed/maybe even foreclosed property, and that I am interested in possibly purchasing their property , I just need to get a hold of via a phone number .... The person(s) who use to live / Have the Deed in their name of the Property.... The Trustee ?

P.S. I  am going to leave this note in the mailbox of the Property.... A driving For Dollars method you could say 

Thank you for the tips and help 

Good Evening,

I have a question please , regarding the use of my VA Loan for FIRST a refinance on my Primary residence ( which was purchased using an FHA loan ) , and then when I can SECONDLY us my VA loan again for the Purchase of my Next Primary ?

A brief rundown on my current situation:

I purchased my Primary residence back in December of 2015 with a FHA loan

I am wanting to use my VA loan for a refinance on my Primary ( since I was told that you can get 100% of the Equity out , when you use the VA loan for a refi.

My main question then is ...... If I go ahead at the end of this month ( July ) and do the refi. using my VA loan , when then would I be able to use my VA loan for the Purchase of my next Primary residence ?

Is there a 1 year waiting period between each time you use your VA loan ? Or would this not matter in this case, since i'll Firstly be using it to refi. and then look to use it for the purchase of my next primary residence ( around Jan. of 2017 .... which will be right around the 1 year mark that is required , before I could sell my current primary and then look to purchase anther )

Thank you for any and all input and help 

I have a question regarding how the .... " Getting ALL of your Money back " from doing the Refi.

Here is an Example given in the BRRRR Strategy PDF that I just got done reading ( grea read/Very informative ) ,

In other words, let's go back to those numbers we used earlier. We found a property that had an ARV of $150,000. We purchased it for $75,000 and put $30,000 into the rehab. At this point, we have $105,000 into the purchase. Most lenders will allow you to refinance a property for 70% of the ARV (in other words, they will do a 70% Loan to Value [LTV] loan on the property). Well, it just so happens that 70% of $150,000 is $105,000… so we could theoretically get back 100% of our invested capital. That's right — we're going to refinance this property with a low­interest, 30­year fixed mortgage for $105,000. This will pay back whatever source of funds we used on the original purchase and rehab. In this example, the only money out of pocket will be the closing costs. After the refi, you should have a completely stabilized rental property that shoots off a little bit of cash flow and has roughly 30% equity just sitting there. Plus, you'll have all your money back

So my question is ...... How am I getting all of my money back , in order to repeat the BRRRR strategy again and again ?

When I do the Refi. , I'm actually NOT getting any EXTRA cash out from doing the Refinance correct ? If this is the case, then How do I get to where I have the Cash on hand, to pay the Down Payment and the Rehab Costs for each of these properties ( I'm assuming that I will need $35,000 in Cash to do each of BRRRR property .

I'm guessing that I will have to have the Money for the Down Payment and the Rehab costs on hand , to do my very first deal , and then after the Refi. from the first Investment ( BRRRR ) property, that I will get that Money " Back " to me in the form of Cash so that I can use that Cash for the down Payment and rehab on the next property, and then the next property, etc. etc.

Sorry if my question sounds confusing ..... I'm trying to word my question in as ledgible way as possible .  Thank you for the help