All Forum Posts by: Nick Belsky

@Prashant Sheth

I have programs that can do loans on SE income, Assets, or DSCR. We also do bank statement loans.

Let me know if you want to look into our options to see if we can meet your needs.

Cheers!

Nick Belsky

@Slade Sizemore

DSCR may be a great option for you. At $85k you may run into minimum financing limit issues.

Nick Belsky

@J. Mitchell Bernier

I am a mortgage broker in Texas. We are still offering 30yr fixed in the mid 2's - 3's. NOO will bump you into the lower 4's. Let me know if I can help in any way.

Nick Belsky

Hi @Sandy Pathak,

I am a mortgage broker in Texas and have access to all kinds of funding options. Reach out and we see if we have what you are looking for.

Nick

@Evelio Martinez I am a mortgage broker in Texas. I work with more than 30 lenders. We never quit doing HELOCs... I am only licensed in Texas (for now) but our network can lend in California, Arizona, or Colorado also. We are in process of extending into Florida, Virginia, New Mexico, Washington, and Oregon by the end of this quarter. We are still doing Refis too.

Investment Info:

Single-family residence other investment.

Purchase price: $205,000
Cash invested: $22,000
Sale price: $275,000

The entire first floor was a gut job on this house. All work completed by me unless noted:

Hand Built Cedar Fencing
400sqft Stamped Concrete Patio - Contractor
Covered Patio
Exhaust Hood over Stove
Over 2000sqft of 14mm Premium Laminate
Floating Vanity and Plumbing to Master Vanity
Granite Counters in Kitchen and Bathrooms - Contractor
Electrical Work Throughout House
Smart Switches and Devices Throughout
Painted Whole House In / Out
Sprinkler System Repairs and Upgrade to Smart Controller

What made you interested in investing in this type of deal?

After the success on deal #1

How did you find this deal and how did you negotiate it?

Standard approach to finding Primary Residence

How did you finance this deal?

FHA Financing

How did you add value to the deal?

All the repairs and upgrades to the home. Lots of work on this one!

What was the outcome?

We had a buyer who was VA and we had a sale fall through due to VA Appraisal coming in nearly $30k under sale price. Both Realtors felt like we were getting a bombed appraisal. Relisted on market and had three more offers in 2 days. Conventional Financing on new buyer, appraisal went off without a hitch.

Lessons learned? Challenges?

Understand the differences in appraisal methods between FHA, VA, Conventional, and Investment properties better. I found gaps in knowledge and expectations of the VA Appraisal processes.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! Same Realtor I worded with on deal #1. Many of the same contractors too.

Investment Info:

Single-family residence other investment.

Purchase price: $205,000
Cash invested: $22,000
Sale price: $275,000

The entire first floor was a gut job on this house. All work completed by me unless noted:

Hand Built Cedar Fencing
400sqft Stamped Concrete Patio - Contractor
Covered Patio
Exhaust Hood over Stove
Over 2000sqft of 14mm Premium Laminate
Floating Vanity and Plumbing to Master Vanity
Granite Counters in Kitchen and Bathrooms - Contractor
Electrical Work Throughout House
Smart Switches and Devices Throughout
Painted Whole House In / Out
Sprinkler System Repairs and Upgrade to Smart Controller

What made you interested in investing in this type of deal?

After the success on deal #1

How did you find this deal and how did you negotiate it?

Standard approach to finding Primary Residence

How did you finance this deal?

FHA Financing

How did you add value to the deal?

All the repairs and upgrades to the home. Lots of work on this one!

What was the outcome?

We had a buyer who was VA and we had a sale fall through due to VA Appraisal coming in nearly $30k under sale price. Both Realtors felt like we were getting a bombed appraisal. Relisted on market and had three more offers in 2 days. Conventional Financing on new buyer, appraisal went off without a hitch.

Lessons learned? Challenges?

Understand the differences in appraisal methods between FHA, VA, Conventional, and Investment properties better. I found gaps in knowledge and expectations of the VA Appraisal processes.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! Same Realtor I worded with on deal #1. Many of the same contractors too.

Investment Info:

Single-family residence other investment.

Purchase price: $205,000
Cash invested: $22,000
Sale price: $275,000

The entire first floor was a gut job on this house. All work completed by me unless noted:

Hand Built Cedar Fencing
400sqft Stamped Concrete Patio - Contractor
Covered Patio with Electrical
Exhaust Hood over Stove Installed
Over 2000sqft of linoleum and tile removed, levelled flooring, installed 14mm Premium Laminate
Modern Barn Door to Master Bath
Floating Vanity and Plumbing to Master Vanity
Granite Counters in Kitchen and Bathrooms - Contractor
Electrical Work Throughout House
Smart Switches and Devices Throughout
Fireplace Insert
Exterior Painting
Interior Painting
Sprinkler System Repairs and Upgrade to Smart Controller

What made you interested in investing in this type of deal?

After the success on deal #1

How did you find this deal and how did you negotiate it?

Standard approach to finding Primary Residence

How did you finance this deal?

FHA Financing

How did you add value to the deal?

All the repairs and upgrades to the home. Lots of work on this one!

What was the outcome?

We had a buyer who was VA and we had a sale fall through due to VA Appraisal coming in nearly $30k under sale price. Both Realtors felt like we were getting a bombed appraisal. Relisted on market and had three more offers in 2 days. Conventional Financing on new buyer, appraisal went off without a hitch.

Lessons learned? Challenges?

Understand the differences in appraisal methods between FHA, VA, Conventional, and Investment properties better. I found gaps in knowledge and expectations of the VA Appraisal processes.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! Same Realtor I worded with on deal #1. Many of the same contractors too.

Investment Info:

Single-family residence other investment.

Purchase price: $210,000
Cash invested: $10,000
Sale price: $285,000

Updates completed in this home all by my wife and I unless noted:

New Roof - Contractor
Cedar Garage Doors - Contractor
Painted Exterior
Painted Interior and Design
Walkway to Pool
Plaster, Prime, Painted Pool
Barn Doors and Accents
Cedar Stairway
Window Treatments
Hand Built Cedar Fencing - Contractor
Theater Room Wiring and Sound

What made you interested in investing in this type of deal?

Originally, it was to be a long term home that we lived in. As we began upgrading and realizing the abnormal appreciation rates in the area, we decided to treat it as an investment.

How did you find this deal and how did you negotiate it?

Normal method of Primary Residence Purchase.

How did you add value to the deal?

All the work we did to it! My wife and I enjoyed spending time together working on these items. We added both intrinsic and cosmetic value to the home.

What was the outcome?

Very good return on an unintended investment.

Lessons learned? Challenges?

Thanks to Youtube for all the videos on how to do various repairs on our own versus using contractors. Each repair didn't end up perfect and had to be completed through trial and error. We were very happy with the end product as were the buyers.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! I worked with two excellent realtors and several contractors who not only did amazing work, but were reasonably priced and willing to teach me how to do the work as well.