All Forum Posts by: Jack Bobeck

@Brian Ploszay It is loosening, but there are certain ones that will still offer this on investment properties, while most will say no. 

So far I have the following, with regard to Investment properties (Look the phone numbers up at the site under HELOC):

Bank America - No

Citibank - No

BBVA Compass - No

Ameris Bank - No

Chase - Maybe, depends on circumstances, primary HELOCs start at 80% LTV.$50 fee, Local Tax (mine is 0.055 x loan amount), $50 cost per year, 10 year, APR dependent on underwriting. 680 credit score necessary. Min is 15k, max 500k

TD Bank - Yes, 75% LTV, origination of $99, annual fee $50, 4.49%, if value is over 200k, they have an appraisal by licensed professional, if under, they use a "desktop appraisal" (Tax collector value). 685 credit score required.

CenterState Bank - Yes, but its a commercial loan, they lend out 50-60% of the ARV and want:

•  Last 3-years of your personal tax returns (and K1s)
• Current personal financial statement (form attached)
• Information on the 3 residential properties (addresses, rental rates, etc..)

Still working on more. I think I may have a portfolio lender (can have more than 4 properties in our name). Trustline Mortgage here in Jacksonville. Hope it helps. 

@Isiee Koch I know a few and most are really really busy. You can ask Speir Bryant at WS Builders, 

 or another friend of mine Jason Brown, Summit Construction Group.

If they are too busy, ask them for someone they might know. Both good guys, both dependable and reliable. 

@Alec Anderson Good question. You could send a letter to the home, see if it gets returned to you. This only costs 46 cents and your time. Or you could use a service like "Find the seller dot com", they used to charge 20 bucks for a full search. They have bulk rates if you plan to do a lot of this. 

You can always go to the neighbors next door and ask them. Make sure you have some cards, showing you are an investor, not something else. Best of luck to you! 

@Fredie Robinson I do not know any good "Investor" CPAs in Louisville, but if I was moving to a new town I would do one of the following: 1) Attend the next REIA meeting, and ask other investors who they use as a CPA. 2) Ask Realtors who they use. People associated with Real Estate will be able to point you to a CPA who has worked with investors. This is how I found our life saver here in NE FLorida. Best of luck to you.

@Chris Hines If the deal is good enough, i would not worry about the LBP issue. You can get a professional painter to cover it up inside and outside and make it a non-issue. Ask the seller to give you some time to get quotes and remove it from the issue. Maybe you can get a reduction in the PP to handle the issue. 

Whatever you do, do not do the work yourself. Only used a licensed painter who works on older properties (assuming this was built prior to the mid 70s). Don't go cheap and get EPA after you or your contractor. 

Evaluate the deal, if its still a good one, move forward, if the costs to repaint inside and out are too much, move on. 

@Debbie Camara Before you decide, go and speak with a good CPA. Find someone who has investment properties and interview them. Our CPA saved us 15,000 in taxes for my wife, a Realtor, here in Florida. So he has more than paid for himself. 

What are your goals? Define the goals for short term and long term and you will figure out the answer to your question. The local REIAs would be a good place for networking, as well as on Facebook for groups in your area. BRRRR is a great tool in a hot market. Best of luck to you.

@Account Closed But Jack, you were saying that the costs of non-conventional underwriting is much less and that you have fewer hoops to jump through. What did you mean by that? My understanding is that these types of loans usually cost MORE than conventional/conforming.

Much less PAIN, It took me 6 months to do a conventional with my history and my wife being a self-employed Realtor, it was one thing after another. Sure a non-recourse has a higher int rate, but its not 6 months.....usually. 

I'm done with conventional/conforming Freddie/Fannie products. I don't care if I save 2-3 points on the loan, its not worth the PITA! Hope that helps. 

@Rick McGeeney Yes, it happens all the time to people all the time between a buyer's agent and seller's agent. Big difference, in our experience, with a pre-qual letter and a pre-approved letter. Sometimes another mortgage company can resurrect the deal. See if you have another you can recommend. Best of luck to you! 

@Kenneth Jackson As a PRO member of BP, have you searched the BP fellow PRO members near you? I'd start there, and then next head over to a local REIA, there are LOTS of Realtors there. You can research them on Realtor dot com and look up the number of properties they have listed and have sold, to get an idea of their qualifications. Best of luck to you!