All Forum Posts by: Shaun Weekes

Hi BPrs, does anyone have recommendations on where to find non-qualifying mortgage lenders? I found this list of Non-Prime Lenders from BankRate.com, but have otherwise not seen a lot of catalogs of reviews of these companies out there, possibly due to the poor reputation the industry had from a few years back. 

Appreciate any tips/recommendations/leads the community is willing to share in this space. 

PS: started with the list of lenders here on BP itself, but it's a short one and many of the companies listed appear to have closed up due to website/links that don't work or low participation in the community. 

So I currently live in New York and have just started investing in Florida. I am looking to get into the mortgage industry. Would it be possible to work for a Florida firm while living in New York? Thanks!

Here is my question: My name is Nick Boring, I wanted to name my company/website TheBoringRealtor, or something like that. But I have been getting some negative feedback because you know... the name might have a negative connotation to it. My whole life my last time has been an icebreaker in all sorts of conversations, and it honestly makes a lot of people laugh. I really think having a unique and memorable business name is valuable, but I would also hate to have it hurt me in the long run. What do you guys think? Some more random info below.

I'm a new agent/investor (5 months) and I want to start creating my personal brand. I have been cold calling and sending out mailers, lots of people are asking for business cards and that they wanted to see reviews on my website and general things like that. I am listed under one of my mentor's friend's brokerage, mostly because I am only doing this part-time for now (I am an engineer 10 hours a day), and he said I could put my license under him. He charges me have a point for buyers and sellers. 

I appreciate your feedback and I am grateful to be able to ask experts for some much-needed advice!

Thanks,

NotsoBoringNick

I'm purchasing a short term rental that is closing on August 3rd. I was pre-approved for 625K, placed an offer for that amount and it was accepted. I talked to my lender and they told me I can put 10% down as a vacation home. After my offer was accepted, they came back to me stating that because I had a BK 8 years ago that I would need to put 20% down. I initially told them I didn't have 20% to put down. They sent me to another department who would give me an unsecured loan for the other 10% downpayment with good terms. The property cashflow nicely even with the added debt. Now it seems like US Bank is backing out. So I told US Bank that I would put 20% down, but it seems like they still will now go through with it. Can anyone help finance me in such short period? 

@Shaun Weekes Thanks.  We looked into this and they only have a few days they are open and all of those days they are fully booked.  I'll have her call to see if they just don't show available dates online.

My sister-in-law is currently in China for work until the end of the year. She got under contract on a multifamily in OH and the lender is not allowing a POA on an investment property despite telling her she could do so. Are there any lenders who will either allow full e-closings (my company has the platform for this, but some lenders don't allow it) or allow POAs for investment properties?

@Shaun Weekes appreciate the reply. Unfortunately I can’t flip it to fha because I have an fha already open. I worked long and hard finding this portfolio lender willing to do the loan I think that’s why I’m so anxious about it making it through 

Hey Everyone!

I have a 2 unit I'm currently under contract on. The loan is now in the underwriting stage and my nerves are all over the place. I'm hoping to get some reassurance or input regarding the likelihood of my deal getting approved by an underwriter. The property should produce north of $1,000 cash flow after I move out of it.

Purchase price is $299,100 with 3% seller assistance. I'm using a local portfolio lender who is offering 5% down and 3.5% interest but I have to use a 7/1 ARM loan. The loan originator seems to think everything will be okay but, I'm still extremely stressed out. In your experience what percentage of deals get through under writing?

This is my 3rd property and I'll be owner occupying it. My DTI ratio for my pre approval was 43% and I believe they want it to be under 45%. Our credit scores are in the mid 700's so I don't see that being an issue.

Any input is greatly appreciated!!

With all the underwriting guidelines changing due to COVID, where are you folks finding "decent" deals on cash out refinancing that's worth looking at?  I'm finding that either the rate is not attractive enough or the fees are insanely high.  What are you finding and willing to share?