All Forum Posts by: Michael Barbari

@Sheldon Alex Pro is getting a discounted property. Con is waiting and waiting for approval. I've had clients wait 6 months then get denied. I've personally purchased 1. It took 3 months as it was a pre-approved short sale at the asking price. I put in a full offer. I wouldn't limit yourself to just short sales. Keep an open mind and network with wholesalers to get discounted properties.  Good luck and keep us posted.

@Paul Kochendorfer I would take out a Heloc for sure. Many banks such as mine go up to 90% ltv and most don't charge anything for them. You might have a minimal annual fee of $50 or so. As @Dan Mackin said, be careful how you use it. You don't want to over leverage yourself by using them as downpayments unless you know you are jumping into a great deal with equity. Good luck and keep us posted!

@Soh Tanaka You can always use the heloc to purchase then refi cash out to pay it off. Helocs are at a variable rate of prime plus 1% for 10 years. After the 10 years you can refinance it for free to keep it open or it becomes an automatic 20 year mortgage. Good luck!

@Jean-francois Ndomb I need 6 months of seasoning to use the appraised value. Helocs are free to get with an annual fee of $50. 90% on primary homes and 75% on investment ( I have to be in first lien position on investment and it must be in your name not LLC ).

Thanks @Account Closed What is your ultimate goal? Do you mind if your primary mortgage payments jump with a refi? What are your opinions of having a heloc up to 90% of your home at 4.5-4.75%? There are pros and cons for both but everyones situation differs. I'd personally prefer the heloc because its free and you can go up to 90% ltv. You only pay interest on what you borrow. Call or email me. I'd be glad to go over your options. 

Welcome @Dan Cecchin. I look forward to seeing you at our meetup. You too @Account Closed!

@Sam G. Has it passed the Berwyn inspection? Is the seller or buyer responsible for village required repairs?

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@Account Closed I have not done work up north. Thanks for the tag.

@Brandon Martinez @Brie Schmidt

I do not do first mortgages or deal with FHA. FHA has very different guidelines. I do home equity lines of credit. With my bank, if you can't document income via w2's or tax returns I wont be able to lend you money. We can use 75% of your current leases towards your income. I hope all works out!