All Forum Posts by: Sam Mathew

Hello Bigger Pocket Members. Does anyone know of any bank willing to do a $40-$50K SFH Investment Property Mortgage with Delayed Funding/Financing. I already closed on the home, all cash for $50k.

My purchase price was $50k for a home worth approx $65-70k. I would like

to do a delayed financing for a 30 yr mortgage but most banks would like

a $75k minimum mortgage or the credit unions I have called go down to

$40k but don't do delayed financing or they don't understand it.

Sounded like they were not familiar to it until I explained it to them.

If you are able to help, please let me know. Thanks.

S. Mathew

I’m buying a nice 2000 sq ft home that is a 3/2. The family room is quite a large size almost a great room. The living room is small that I am thinking of making it an office so I can market as a 3/2 with office. Any thoughts? Live the small living room there or more attractive with home that has 3 rooms plus an office, for higher price?

by the way, I ended up selling original property for $225k which was great as I listed for $80 flat fee MLS and then paid 2.5% seller fee.

Just an update....my bottom line profit after all ending up being $58k which is awesome (technically $74k but I'm guessing I did about $12-15k in updates)...found another single famly valued at $250-260k that bank approved my $176k offer, which needs $10k in work.  Unbelievable deal, but most likey they wanted year end deals since they approved on 12/24/19 and no one else offering from my understanding.  Glad I found this as I was on my 40 days to identify a property for my 1031 exchange.  Whew.  Thank you all for your advice.  

Andrew!!!!!!! Finally, a great piece of advice.  It is like I'm in one of those escape room adventures and you just gave me my first valuable clue.  Thank you very much.  I've been reading and watching you tube videos but no one goes into detail on this part.  They all say get it financed one way or another and then refinance to a conventional loan.  That was good advice years ago for me, but now I need to move onto the next phase of investing.  Thank you again!!

Private Lender

Hello, I am hearing 100 times how I can use a private lender or hard money to buy rental properties and then later refinance with a bank.  But I already have 10 conventional loans which is the max limit for conventional loans.  So if that's the case, how do investors get long-term mortgages to finance their rental properties.  I'm sure I can finance with hard money or private lenders for a short period but how do you scale to own 50+ rental properties with long term lending?  Please let me know if you can.  Thanks.

Hello Bigger Pockets Followers,

I was looking to buy a house to flip and pay off the mortgage within 3-4 months. My lender does not have a pre-payment penalty fee but they stated they are not a short-term lender nor want people to pay off in less than one year.

What could happen if I do though? Are there any concerns that I should know about that is not stated? Please let me know if any advice. Thanks.

I recently purchased a small 2/1 bedroom bungalow huse in Michigan. Nice little rental house but it has a custom built wooden 20' handicap ramp from the front porch to driveway.  Should I keep it or remove it (essentially trashing it for its wood).  Looks very expensive to have built.  Will it help or hurt me to attempt to rent with it?  

Thanks all for your guidance.  Nice to know people will share helping information on here.  So, I'm not sure which way I'll go yet but at least this was helpful.

Thanks for the feedback. My understanding was that a HELOC would only go to 80% LTV which would give me maybe $30k credit vs twice that if I sold. But I would like to consider that if somehow a good option.