All Forum Posts by: Shmuel Harris

@Tony Cross

Welcome to the BP site.

Lots of resources here. Sounds like you are looking to network. Set up keyword alerts so that whenever there is a conversation here on BP that is based  in your markets of interest, you will see who is adding value to the conversations. Those are the people you should reach out to.

Good Luck!

@Francesca Hoffman

Perfect! I PMed you the contact info for the mortgage broker I work with. I highly recommend him!

@David Bethel

Hey David,

It is good that you shared your expertise here, it can help investors get a sense of what it is you are bringing to the table. But maybe it would be a good idea to explain what you are looking for. Are you just looking for a handyman job or are you looking for a job running a crew?

Are you looking to put in full days for the lucky investor who will take you on or are you only able to offer part time?

Are you only comfortable on the construction side of things or are you willing to do marketing/doorknocking for investors/wholesalers?

Does not sound like you are able to help out on the financing side of things. That is okay, I am sure that you have other things that you are able to bring to the table. Go ahead and try to give a clearer picture of what you are offering, this way the person that is looking for what you can offer will be more inclined to reach out to you .

@Janet Williams

I was gonna say welcome to the BP community but it looks like you have been a member for some time.

Maybe tell us what type of investment you are looking to do.

@Francesca Hoffman

Got it. Sounds like it is time to speak to a mortgage broker. It sounds like you are dealing with a banker from a big box bank who might not be pushing things for you the way he/she should be. I can PM you a great banker I work with here in Brooklyn, but his office might be out of your way.

As far as I understand, this situation should fit into primary residence, but maybe now is when we can get some mortgage brokers to chime in.

Ah. Do you already own another property?

@Francesca Hoffman

Welcome to BP, there are a lot of helpful resources here.

Sounds like you had a good plan, and sorry to hear that you got laid off.

To clarify, you don't intend on living in the property? If you don't intend on living there then you will not be able to get a FHA loan, however there has been a lot of discussion on the forum about Wells-Fargo and other banks starting to do loans with only 3% down not through the FHA loan. Maybe ask your banker to take a look into that. I am not sure if this loan would require you living in the property.

Is the primary reason you are interested in a FHA loan because of the down payment? Once you have 10%-20% for the down payment , you won't need to go for a FHA loan.

From what I have experienced with my buyers, $160k pre-approval seems to be a bit low with an income of $90k annually. It never hurts to hear from a few different bankers to see what each of them can do for you. I would make it a point of talking with a mortgage company as opposed to a regular box bank that also has mortgage guys.

Good Luck!

@Kedian Jimenez

It really depends on the buyers. All I know is that unless you know you can trust them, you should not. I think there are plenty of buyers that don't think long-term. They are all about the here and now deal.

@Russell Brazil

That is a crazy stat!!

@Michael Barrotta

I don't know any title companies out that way. I primarily work in Brooklyn. You will only need your own title company if you intend to perform a double closing. If not, and you have a buyer that you trust, then you should be able to just have the buyer do all the research. Just make sure you trust them, you don't want them going behind your back.

Good Luck!