All Forum Posts by: Ricardo Murph II

My focus is the westside because I live and work on the westside.  I am actively marketing for the properties on the westside.  Shoot me a message on what you are looking for an I will keep an eye out for something to match. 

Check out the link posted by James Wise above on grading Cleveland properties. There are a few more more westside cities/ zip codes that are worth considering. 

Welcome Kyle, Bigger Pockets is a great place to learn and connect with people. At the top of the page is a search bar where you can find other post where people have asked questions. There are definitely Cleveland Attorney questions answered. 

Head over to the introductions section and introduce yourself. Happy investing!

@Adam Moore The lender I talked to said delayed financing is 70% LTV of purchase price for them Once your cross the seasoning period the LTV is based on appraised value. Waiting seems like the best way to recoup cost and possible get cash out.

I am curious as you are to see if someone has pulled it off and what lender/ broker they used. 

@Forrest Holden Don't see how that is possible when you read the rules.  https://www.fanniemae.com/content/guide/selling/b2...

"The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value)."

Maybe the "initial investment" statement is a grey area an attorney can manipulate. Only a few lenders do delayed financing (some don't even know it exist) and the couple I have talked that do it, basically quoted the above statement. 

If you can hold out for 6 months there are more lenders that will do a 6 month seasoning then do Delayed financing.... based on my googleing and a half of dozen convos. 

@Jay Hinrichs the credit score comment is valid and honestly not something I have thought about. My only debt is my personal home and my score is high.  I think I could handle the hit score hit. This is only one of the options I have been looking at. From what I read, the approval is restricted to a small pool of people. So that may be how they at are hedging their risk of the large unsecured debt. 

My primary funding target is private money. I have a couple friends with high household incomes that I will seek for a private loan for the seasoning period prior to the Refi. 

There are also 401K loans. Many plans allow you to loan yourself 50K as long as you have a 100K vested balance. You just have to be comfortable pulling your funds out of the market for 7+ months. 

@Lesley Ray There are personal loan options like Sofi. If you have a excellent credit score and a 6 figure income then you can get 80K at 8%. 2 weeks or less to get funds. If you or someone you know has equity in a home they can do a HELOC so you can have cash up front.

Hard Money with double digit interest and points is not the only option for cash if you dont have it. 

The BP book of Low and No Money Down Investing gives many more options. 

@Richard Delbeau you should think about your goals first. Are looking for cash flow, capital, appreciation or a combination. For me cash flow is king at this stage in my life. So I would look at the return on equity. meaning how much return would I get if your brrrr vs if you sold and bought something else. The numbers and your goals will give you an answer. I might be wise to talk to a tax pro. They could help you minimize taxes paid on different scenarios of ownership transfer.

You can go to your local Real estate investors meetings or meetups and there will be realtors there that work with investors.  At the same meeting there should be wholesalers that market for distressed properties, get them under contract then sell that contract to investors for a fee. 

Depending on your market it can take some work to find a good property on the MLS for a good price. You can also look through for sale by owner on zillow and other sites.

Check out the biggerpocket podcast and you will see there are many ways to find properties outside of the ones I listed. How you find them is based on your goals and your target market. 

Thank you all for your replies. I just looked the sister up and it shows she is 42. Pulled up the county records and both names are on the deed. The transfer just happened a week ago. I will need to get the sister to agree to sell. The brother made it sound like the sister didn't have ownership. Until I get the sister on board this is a dead deal, correct?

I am wholesaler/ investor in the Cleveland area. I was contacted by a gentleman that wants to sell his house.  The problem is his sister lives in it and she has a life estate on the property.  During my google search this means she can live in it till she dies. 

He says this home is well kept in a nice area of a city called Brooklyn. 3/1.5 finished basement. His parents took out a 50K HELOC about 4 years ago, which is only debt on the property that is 140k on Zillow.

He didnt give me a number but he he just wants to cash out his ownership and let the investor deal with his sister. Is there anything I can do?  What questions should I be asking?