All Forum Posts by: Mike Burkett

@Matt Walz  Go on Facebook.  Look up San Antonio real estate groups.  Join those groups.  Post that you are a wholesaler and need investors for your buyer's list.  You will get email addresses.  Also, network, network, network.  Good luck.

@Account Closed  I agree with Albert.  Non QM or commercial loans only look at the property income, not yours.  You do need good credit score to get better rates.  Up to 80% of the purchase price is available as long as the property income supports it. 

@Corey Kenney  Corey, I'm primarily interested in the amount of cash you have, your credit, and your experience.  You can get pre-approved before you find a property.  I recommend it.  Once you have a property, we determine how much we will lend based on the purchase price of the home, the rehab cost, and the final sale value.

@Kris Marmol  Are these going to be rental properties?  If you are going to keep them and they need repairs and you have the cash to put 25% down and pay for the repairs, then you can get a 30 year rental loan up front and not have all the costs of the hard money loan if you were going to refinance into a 30 year loan.  

If you want to borrow the most money you can, then get the HML w/the rehab funds and then refinance into a 30 year loan. That loan amount will be limited to 75% LTV so you may or may not need to bring cash to close. And you may walk away with some cash in your pocket.

It comes down to how much cash you have and how much you ultimately want in the house.  If you minimize the amount of cash out of pocket and cash invested in the house, you will increase your financing costs.  Increase the amount of cash and you can forego the refinancing costs.  

@Amauri Martinez  It is amazing how many times I see people asking about this company.  And I always see mixed reviews.  

@Matt Gregory  It is going to be hard to argue the property is worth less and $425,000 since that how much you paid for it in the past several months. 

@Paul P.  What type of commercial real estate are you interested in?

@Jason W. @Matthew Ries  @Ethan G.  You can check out all the requirements at the NMLS Resource Center here: https://nationwidelicensingsystem.org/Pages/default.aspx   Your realtor probably deals mainly with homeowners.  Homeowners take possession of a house and move into it.  If that is the case, "residential mortgage" rules are highly regulated by the Feds.  Generally, if you are lending to homeowners, you will need to be licensed and follow their rules.   If a house is purchased for investment, that is a grey area in terms of the NMLS.

https://www.sfiloans.com/blogs/post/lower-rates-on-hard-money-loans

@Lamont Johnson  Where are you buying?  Do you have the funds to close with cash?  If you do, a bank statement should be sufficient.  If you don't have the funds and need to close with borrowed money, a lender can pre qualify you and provide the proof of funds letter.  We do it all the time.