All Forum Posts by: Micah Mcarthur

I am looking for personal loans, but Republic wanted it through an LLC. While an LLC is probably a good way to go, I was thinking I would not set one up yet.

Ok, so I got a major kick in the gut today.  I went to get pre-approved for loans, and find out its a little more difficult to get a 30yr conventional on an investment, and nowhere near prime.  All my analyzed deals getting $200 per month, and 1.2 suddenly vanished.   So where are you getting your conventional loans on investment properties for a 30yr?  

I went to River City today, and while they look promising on rehab loans, they told me they only do 15yr mortgages, so no conventional long term loans there.     They wouldnt even consider another loan program I was asking about to purchase a house for my aging father.  

Then I called with Republic, and the VP I was talking with was also a new investor, so that was cool, but the best he could do is a 20yr amoritization, with a 10yr ARM and then a balloon payment. mid 5% depeding on 15-20% down. Their rehab loans were a laundry list of hurdles, so I will finance rehabs out of my HELOC if I go that way.

I cant get Robbie Brown from Park on the phone, been trying to connect with him for almost 2 weeks. 

There is still a list of credit unions and banks I can call, but was wondering if someone could give me a few more options to move to the top of the list.  

Thank you, that is the way I understood it. However, someone was telling me about the "Family Opportunity Mortgage Program" and understood it could be used to in conjunction with a HUD house purchase.

https://mymortgageinsider.com/buy-home-for-elderly...

However, even without a straight HUD purchase, if I am reading this correctly, I could still purchase a house for much less than 20% down.

I am looking to purchase a property for my father to live in/ rent from me.     He turned 65 recently, and is currently living in an apartment.  Although he has a part time job, he doesnt have much cash, and he cannot qualify for a home loan on his own. 

I offered to purchase a small house 2bd/1bath that needs some work, if he paid the monthly note it.  He was a carpenter for a number of years, and is more than capable of doing just about anything that a house needs.     

I understand that HUD homes are typically sold to owner/occupants, at least in the initial offering period. However, I have also been told there are some allowances for purchasing for family members if they are going to be the primary resident...

So, can I use my cash as a down payment on a HUD house, in its initial offering period to purchase a house that my father will live in? I do plan for the house to be in my name.

Thanks Rob,    

I have attended several of these when I am in town, although I dont think I have the specifics on Hamptons lunch on Wed?

I live in Louisville, but Etown and Radcliff are my hometowns.  I still have family in both, and would be interested in hearing what is happening in the local markets and talking with local investors. 

I was just down in Etown this weekend, and drove around the area just north of the tracks and east of the courthouse and saw some rehabing going on that peaked my interest.

I am just starting out myself, although I currently live in Louisville, my stomping ground is Etown and the surrounding areas.   I can say over the last 6 months I have learned a tremendous amount of information from both BP and the local KREIA association.   It seems every week I find a new topic I need to research and understand , and then move on to the next.    My only advice at this point, is be sure you look before you leap!

Good luck!

Thanks Brett, Let me see what I can make happen.  Right now my calendar shows me in Sacramento, and Jacksonville that week.    I think I can do some juggling and shuffling.

I assume I would need to purchase Quickbooks Pro and have it installed before the event?

Thanks for your input Tim,  multi family is something I am looking at as well.