All Forum Posts by: Michael Cornell

I'm n exteriors contractor. I know what I can pay my guy to do the work I know of. But some of my guys can do work that I don't know pricing on. So wouldn't it be beneficial to use xactimate  to know what the rate is even though it is higher? So I get the best deal when negotiating, knowing I may be able to get a lower price via my guys or subs? Or am I off base with my thinking.

Thank you for the responses. I will see what I can find on BP. Is there any other way to find local asset lenders? I found small banks to check them out for portfolio lending. So any advice on the asset lender finding would be great. Thanks.

I have a bankruptcy that is discharged for 3 years now. I called a bunch of portfolio lenders and they say its a deal killer even though they don't look at credit score they evaluate the deal. My intentions are to buy multi-unit forclosures or short sales, fix and rent them. What other options do I have for financing or how can I get around this bankruptcy? 

They also say they don't use a DTI the use a dent to service ratio. What in the heck is that? what is a good ratio to get financed on multiple properties.

Any plans for an android app?

So in theory since I own my home free and clear, I could get an FHA loan on the equity? then I can use that to start investing. Or won't they give a loan on the equity?

Probably a silly question. But what is a POA?

 Thank you. I spoke to my bank and another they where both telling me 3 years. Just wasn't sure if there was another type of "investor friendly" bank.

I filed chapter 7 bankruptcy 2 years ago. Since that time I reestablished credit with a score about 650. I also purchased my home cash. So I have full equity. My question is how long after bankruptcy will lenders start to lend to me for investing? I do understand there are some other ways. I just don't know them all yet as I'm just starting.

 Hey Jon, Thanks for the welcome. I would appreciate the info on your rei club. I only found 1 so far on meet up. But am beginning my research. Any knowledge you have is greatly appreciated

Hi everyone. I'm from Allentown, PA. I have been interested in real estate for a number of years. I am looking to learning boat loads form BP. Hopefully 1 day I can help others as well. I have flipped 1 property before. I took a loss. I didn't know what I was doing and did no research.

So here I am back at it again. My goal is to have rental units. That is my retirement goal. I currently have a home improvement business. So that knowledge with hopefully help this time around. Any advice from anyone is greatly appreciated.

Talk to you all soon.

Mike Cornell