All Forum Posts by: Wesley Pittman

Here's the link to the meetup page with more info:

https://www.meetup.com/real-es...

Hosted by Wesley Pittman of The Pittman Ficco Group and Reno Area Home Buyers, this Meetup is for Licensed Real Estate Agents interested in real estate investment. We get together monthly to discuss different topics and strategies to help licensees provide more value to their investor clients and how to invest for themselves.

@Sean Sullivan

Finally got a response. Yeah, you do need to be an owner occupant.

@Sean Sullivan

Sorry about the delayed response - I'm not always the best about checking my BP notifications!

No, I'm not certain but I'll reach out to the loan underwriter that did the last assumption I was working on. In that case, they were owner-occupied, but I'll see what she says about not owner occs.

@Sean Sullivan

Hey Sean,

Would you mind showing me where you're finding that? I could be curious to see. I don't believe you have to owner occupy. I'm pretty sure the new buyers are just underwritten for creditworthiness and debt to income.

You could try Blueprint Title though. They're investor friendly and will permit a number of creative strategies.

Hey Sean, why are you looking at doing subject to? VA loans are assumable so you can just formerly take over the loan. There entitlement stays on the property all the same but it's cleaner because you don't have to worry about due on sale or managing the sellers insurance, power of attorney, etc. You don't have to owner occupy or anything like that either. Just need to meet the loan guidelines for credit, debt to income, etc. to assume. They don't do an appraisal so condition can be rough.

We recently helped a seller in Fallon that had an unfinanceable property, but she had a VA loan with a good rate. It wasn't a good enough deal for us to take down so we listed it for her and found her a buyer willing to assume the loan which allowed her to get way more for the property than if it was being sold in as-is condition.

Hi @Betty Klein,

What part of town are you looking to fill a vacancy in and how are you marketing it? I usually push mine through facebook marketplace which generates a lot of low quality leads - but occasionally a good one - and Zillow rental manager (which you can syndicate through Cozy/Apartments.com) which also generates a ton of leads so you have to sift.

It takes a lot of time but I always do a prequalification call. If they can't even respond to set-up a time to do a call, they don't get an appointment to see it. Similarly, I advertise maximum occupancy for the building and that we are not Section 8 approved so that if someone does inquire with more people than I am willing to rent to or section 8, there are no complaints of fair housing violation based on "family status" because I'm marketing to everybody that the 3 bed house has a 3 person max and me saying no to them has nothing to do with them having a bunch of kids, etc.

We bought a quadplex for our near downtown Reno and will start our remodel on it soon before we release it so I'll be back in your shoes soon enough! Please reach out if I can help out in anyway.

Hi Melinda, did you end up applying with them? We are considering doing so also. I was curious what your experience was.

Howdy BP,

I have a duplex in a 1st Lien HELOC that I'm looking to refinance into a regular 30-year mortgage. The HELOC product is a really powerful tool and I'm super psyched on it in the right scenarios, but for my personal circumstance right now I think it would make more sense to lock a fixed rate and get off variable. My HELOC is with US Bank and they offered me the option to go fixed at 6.5% for the next 20 years which is clearly not enticing so I'm hunting for good, cheap investment loans.

The property is titled in my wife and I's family trust, but we would like to move it into an LLC for asset protection. I'm fine with full recourse if necessary to get a decent rate. The property is in Nevada which is technically a brick/mortar lending state, but that's not a huge concern to me. I've had loans in the past with companies that didn't have a physical presence here.

Who have you guys recently closed loans with that you were super happy with, and what were the terms - points/fees and rate - most notably?

Thanks! 

Hey @Todd Smith, are you familiar with Replace Your Mortgage? You can look them up. I did their course and found the materials to be pretty useful, but on the whole overpriced. They do supply a list of 1st lien HELOC providers for every state if you buy their materials.

I have an investment property in a 1st lien HELOC (was a house hack when I got the financing so I was owner occupying), but now I'm trying to get out of it. Rates are awesome right now- better than mortgages- but I see minimal upside going forward and a lot of potential downside. If the fed/treasury are successful with turning around the US economy with stimulus they might then have to deal with an inflation problem which could make PRIME rate pretty scary.