All Forum Posts by: Ryan Taylor

Quote from @Steven Foster Wilson:

Quote from @Kathy Lowery:

My lender states I need to show rental income on my taxes before I can refinance my investment property. Since I purchased it in December it won't  show until next year. 

How do I get around this? I hear investors say they refinanced in 3 to 6 months using the BRRR strategy all the time. Surely they can't be waiting until they file their taxes to do so.

What mortgage product will allow me to quickly refinance? There are no limitations (pre-payment penalty) on my existing mortgage. So I'm not sure why I have to wait so long. Does the quick refinance only apply if you purchased your investment property in cash? I've heard investors state they have refinanced hard-money loans in a short period of time. Does this not apply to a good old-fashioned investment property mortgage?

Thanks in advance!!!

How many lenders have you called? When I am trying to buy, sell, refinance, or HELOC, I call 10-20 lenders. I find comparing rates/terms always gives me more options. Keep searching and asking.

I find credit unions to be most benificial...they are "in it" to help the share holders...not the big banks...got a HELOC at prime + .5 ...not too bad

Old thread but it worth saying...

Ua Mau Ke Ea Oka Aina Ika Pono

"The Life of the Land Perpetuates in Righteousness"

Aloha 🤙🤙

I would also be knowledgeable on what the owner pays for...ie. water/garbage/sewer...are there any HOA fees...

Quote from @Sergey A. Petrov:

That sounds odd. You can typically draw 100% even at closing with no restrictions thereafter 

 Sounds odd to me as well...

If your able to draw maximum amount...how does an underwriter consider those funds??

Good day BP community...

So I had a initial meeting with a possible lender I may want to do business with...and one of my questions was " if i will be using proceeds from a HELOC on my primary for 20% down on an investment...how will the underwriter look at the funds...will they want them to be seasoned"...

He then told me that the initial draw on the HELOC will be delayed by 90 days...

That might be the case for Lender "X"...but is that the norm these days??

Never heard of such a thing

@David M.

Thank you for that David...perhaps I'm just not convaying my message clearly...I understand what you are saying regarding title and its functionality...I dont feel I'm being "cavalier"...I have nothing but concern for the deal and how to make it win win...after all...this is the "Creative Finance" forum...but again...thank you for your feedback and knowledge...this conversation has been insightful and given me other ideas. 🤙🤙

Quote from @David M.:

@Ryan Taylor

I am not a professional, but that does seem pretty grey in terms of being mortgage fraud...  And how does she go back on Title?  That's not a carryback, and doing so really does invalidate your mortage application as well Title Insurance, etc.  She can always record a Note/lien and take second position, but out of curiousity at this point (after all of this) what's the point?

Thank you for that David...
I dont really see it as mortgage fraud or invalidate title insurance...as insurance is issued prior to closing...she would go on title via the county recorders office...the same as anyone recording a lien on the property...anyone can go on title...that doesn't invalidate the policy on the first...its the same as a LOC...I'm just using it to make a purchase...perhaps I'm wrong...but the point after all of this would be acquiring the funds...am I getting too creative

Quote from @Chris Seveney:

@Ryan Taylor

I am not sure a conventional lender will allow a 20% seller carryback. May have to go non qm route or some other type of loan. If owner occupied even more difficult.

 Thank you for that Chris...

So what I didnt mention is this is an aunt...

What if said aunt "gifts" the 20% as an equity gift...then after close...she goes back on title to secure her interest...as well as a personal note at said terms...what do you think

Evening BP community...question for the Lenders in the room that are smarter than me...

So I have a potential deal...and this is how I would like to structure it...if possible

350K purchase price on a SFR...80 % conventional...20% seller carry back @ 6.5% 30yr interest only with a 5yr call...and perhaps a 2yr prepay to guarantee yield to sweeten the deal for them...is this structure possible in today's financial world...is there a better way to structure the deal...

This would be a fix and hold that would require around 40/50k in rehab...my numbers will work and have a little cash flow...which is damn near impossible in CA these days...

How whould you do this deal...is there a better way to structure it...

Thank you all for you input...and BTW...if your a Lender in CA...or lend in CA...reach out...thanx again 🤙🤙

Quote from @Raul Torres:

My wife started a new job and one of the benefits is a 30 year fixed loan at 1% with 20 percent down up to 1.5 million.  I had her ask if we can purchase a multi-family and we can up to a fourplex and still qualify for the loan. I have about 60 k in capital which would put me at 300 k duplex. Now they’re some fourplex in the area, but are not to common in San Antonio. My question is should I jump into the duplex and bypass saving for the fourplex ? My concern is the bank may decided to do away with the program since rates are on the rise. We own 2 rentals already and think the move is to go ahead and purchase a duplex and not wait. 

 Buy the duplex....cash flow...buy another duplex....however you can utilize the 1% rate on the loan...buy, buy, buy...are you limited to just 1...does it have to be owner occ...that's some cheap money right there....find a way to make it happen...good luck with it