All Forum Posts by: Willie James

The strongest driver's of portfolio loan rates are credit score experience and down payment. If you have a lot of experience and an excellent credit score (800+), I have seen rates as low as 3.5 for a 30 year rental loan.

The lowest loan amount I have seen from an asset based lender is 50k.

Aaron, when you say FSBO deal, what do you mean? Owner financing? Sub-to? Lease option? lease purchase? Something else?

Can you cash out refinance or get some other kind of loan on the property to access that equity? If so that's something to consider.

There is a facebook group, why not join the group and ask around? I am sure someone there will be happy to give you their honest opinion： "Creative Financing with Pace Morby"

Don't have any direct experience with his program, but you should ask yourself before joining any program what will you find in any program that you cannot do yourself? What specific problem with being in a program solve? What am I failing at now, that the program will help me succeed at? 

@Wayne Brooks that's a good point. Gary, if you want to stick with this lender, ask them if closing in an LLC makes a difference. I know that even with an LLC some lenders still will not lend to people who don't own their primary residence, but it's worth a try.

I would suggest finding a new lender. Not all lenders assume you are attempting to commit mortgage fraud. Plenty of lenders would take your deal. I would post specifically in the Atlanta forum for a local recommendation.

Hey Hadi. It really depends on what you are looking to do. Are you looking to buy your own home? A rental property? Fix and flip? Wholesale? Something else? Give us more detail and you'll get better responses.

Beyond that I would strongly encourage you to get to the root of your poor credit and starting working on it today. No matter how bad it is, the longer you wait to starting improving it the longer it's going to take to improve.

@Paul Merriwether what companies are those? I am aware of "Hometap" that will pay a percentage of equity today and get cashed out in 10 years (if the property appreciates you pay whatever percentage was agreed on, if it stays the same or decreases you pay the percentage agreed upon on that amount) but I've never heard of 30 years.

Hey Chrissy. For a DSCR loan, expect to have 30% between down payment and reserves as a brand new investor. I've not seen any that will do less than that. Not from Socal but 12k doesn't sound like enough for out there.

If you're niche is STRs perhaps consider the arbitrage model. Not sure how much you are willing to hustle, but managing the unit for a cut of profits might be attractive to the right rental owner. Wouldn't have to bother with furnishing either in the right situation.

With regard to buying a property, partnering with someone with money is the way to go. If you find a good deal, networking, regardless of medium becomes much easier. 

You are on the right track thinking about business credit. Do you already have business cards? 

Do you already own your primary residence? If so, have you considered house hacking?