All Forum Posts by: Paolo Ruggieri

did you ever find an attorney? I am looking for the same thing... If you found a good one, can you forward me the name?

Need attorney specialized on SEC rules applied to real estate private lending and  commercial broker mortgage. 

As I get private investors to buy/fund private mortgage notes, I need to ensure I do it legally with the correct disclosures... Does anyone know a great attorney that has specific experience with this?

5/3rd bank will do a great mortgage cash out for you with any number of properties (they did it for me)..... But you need to have perfect credit 720+ debt to income<20%,  own the properties for more then one year. They did 4th,5thand 6th mortgage for me... But they said no more (I wanted to go to 10) because I hit 20% debt to income with 6th mortgage.

Anothe program I know is if you have stocks for >$1mm managed by wellsfargo, you become in a special class of clientele and they will do as many cash out mortgages

Many small banks will do portfolio loans as well if you meet their qualifications 

Bottom line is you need a very high stable income to get cash out on many properties and perfect credit

what is the X amount you useto get fully approved? 

Is 35 days reasonable?

I am selling a house... in order to ensure buyer actually qualifies for the mortgage, I typically  ask that he qualifies with my mortgage lender as well (mortgage lender is a friend of mine and I have asked him to please check in detail all income documents and bank statement before pre-qualifing my buyers)..

Buyer is a first time buyer and is a bit irrational.... does not want to do it.... he will not sign my counteroffer asking him to make this step. 

I really do not want to hold up the house for a month or 2 to then find out buyer does not qualify

I thought to stop pushing that he qualifies also with my friend, but to include a clause in the contract that within 15 days from the bringing date he needs to provide a document  stating he is conditionally approved by an underwriter. 

did anyone ever do something similar? can you share experiences? how do you ensure a buyer is qualified?

I have a friend that lives out of state and has a beach house . When I asked him if he ever received a letter "we buy houses cash"... he said no.... he never did in many years.

I was surprised and thought... maybe there are good opportunities.... vacation homes are typically the first ones someone wants to sell when is distressed and have lesser sentimental value for the owner and typically have some equity (as traditional financing asks for bigger down payments to get a mortgage for vacation homes then residence)

Can you share your experience buying under priced houses on vacation places (beach or ski resorts)? 

thank you!

do you also invest personally or are you only a Realtor?

"You can hang out outside the landlord tenant hearings and try to make friends with the landlords and/or their attorneys".

has anyone tried it?

you mentioned "List of eviction court attendants"

where do you find it?

Is anyone both a Realtor and a wholesaler?

While trying to get motivated sellers, did anyone get some leads for Realtor business by finding people that wanted to list properties at retail price, but did not want to get rid of them with a quick sale?