All Forum Posts by: C L.

VA program guidelines allow for the same primary residence exemption stated by Financeexaminer. Otherwise, you're not gonna get by the investment property requirements with just you on the loan. Getting a mortgage is no joke these days. No "i" is left undotted.

Don't know if you can use a VA loan in this situation, but if you can't, then look for another good property that you can buy with a VA loan.

Remember, $0 down. Find a good VA loan officer and have your brother work with him/her.

Good luck and we appreciate your bravery.

Agreed. That is great. I have always used different variations of a name, but this idea is much better.

I too am an info sucker, Dionte. And if it's free, my mind keeps wondering what info I might be missing by not getting it. Many times, the initial info that is sent ain't too bad. But the follow up emails rarely have anything more to offer. In the end, they are just pitching the mega-dollar courses.

Like you said, then they try to sell us with email blasts for a 1 hour webinar where we then pay (with our time) to hear their pitch. Almost have to tune out webinars now also.

I like that Stan.

Very observant Mr_Investor.

That is weird.

Pitching a product is fine, but to relentlessly send email with constant, repetitive marketing (typically about the same product) on a daily basis is abusive.

This process used to work fine. I give up my email address in return for a product pitch, but not for email abuse. Lately, marketers' greed is overwhelming their sense of reason and rationality.

Poor credit will stop you from getting a loan.

It does not necessarily stop you from getting into real estate.

Poor credit might stop you from getting an auto loan, but it won't stop you from getting a car.

There is a difference.

With poor credit, just pursue other options UNTIL the credit is repaired. Depending on how bad the credit is, it could take a long time to repair. Make money wholesaling or assigning or getting a partner until the score is higher.

95% of the time, when I give up my email address in exchange for "information" or something free", it is a BIG red flag for me to expect my address to be spammed forever by the advertiser & whomever he shares my address with. I don't want that crap in my inbox that might make me miss seeing something important.

So, I ALWAYS use a throw-away email address for that stuff and if I never check that email address again for life, so be it.

Of course, I used to give my "primary" email address as they commonly ask for, but when it started to get crazy, I put a halt to it. It amazes me how marketers believe that's the smartest way to market. Because it is impossible for any stranger to have anything HELPFUL to say to me every freakin day.

I just checked one of my throw-away addresses set up just for real estate and it looks like about 10-15/day come in. Larry Goins sent 4 emails on April 19. Unbelievable.

When someone sends too many emails, whatever little trust I once had is considerably diminished - and that's putting it mildly.

I agree Curtis. They're selling big pies in the sky with tons of missing critical details about legal, contracts, title, local regs, etc. I read all the time where the gurus advise people to almost jump out of bed and start being a real estate investor. Just "take action." they claim.

Many will take quick action and end up with nothing, if not a heap of trouble. Fooling around with people's homes can be dangerous for all sides when you don't know what the heck you're doing. It's not monopoly.

I know many owners of investment properties that have lines of credit or home eq loans. And you're right, do not lie about whether it's owner-occupied. Mortgage fraud ain't worth it.

The loan officers you're talking to can't do the loan & therefore they are suggesting craziness. It's not far-fetched at all for a lender to check if a prop is owner-occupied. 99.99% of the time, it's obvious where you live just from your paperwork in the application. They won't really have to check. The underwriter can see it right away.

As J Scott said, you have to find a small local bank that holds their loans (portfolio - kept in their portfolio). They will/can do "almost" whatever they want (that's legal) and will consider using the appraised value from day one.

Yes, using an LLC could be a problem. Depends on the bank.

Best to you.