All Forum Posts by: Wyatt Wolff
Wyatt Wolff has started 6 posts and replied 452 times.
Post: DSCR Lender Needed
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Erik Estrada:
Quote from @Anthony Rega:
I have borrower that had a fix and flip loan. The project went over budget and flipper is behind 5 months payment and file lis pendes. He finally got CO, but wants to keep property as Long Term Rental. Borrower added a minority partner to catch up payments and had the lis pendes removed. Any lender would refinance property into Long Term DSCR loan? I know conventional need to wait 12 months? thanks
This MIGHT be possible with exceptions. But there needs to be compensating factors. How much reserves does your borrower have? What is his experience level? and what is his current FICO? How many mortgage lates are shown on his credit report?
Strong LOE, and a very lenient lender might be able to do it. The rate and LTV won't be pretty though..
The rate and LTV won't be pretty though..
You can say that again!
Post: If you assume a loan does it have to be a primary residence?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Bradley Buxton:
Quote from @Account Closed:
Quote from @Bradley Buxton:
If you assume a VA or FHA loan is it required to be a primary residence? Has anyone actually assumed a loan for a SFR rental?
If you "assume" a loan, that is a term used by the industry that says you are going through the qualification process just as though you are the original borrower. So, you need to meet the requirements stated for the original loan and they will ask you if you will comply. Do not lie to them. It is bad form (and lying is illegal.)
However, if you take the property "Subject To", that is a different animal and does not limit you to those requirements at all.
(and it's not illegal)
This is called Subject To, it is what I do. So, if I can provide further clarification, I'd be happy to help.
I called the servicer of the loan and spoke with 6 different people in 3 different departments. No one had a clear answer. Some of the qualifications are the same but not all. For example for a VA assumable loan the assumer does not have to be a veteran. From what I have gathered as long as you are not falsely stating it's your primary residence and the loan servicer does not require it to be a primary you don't have to make it a primary. Basically it seems like the decision comes down to the loan officer.
Not certain an LO has the juice to make that decision... I would at least ask a branch manager, and I would ask for it in writing. I have heard of people doing it, I just do not know the details of how. I would imagine that as long as you are not stating it is your primary, and as long as you are not materially lying on anything, you should be okay.
Post: New Investor Introduction (Boston Based)
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Rachel Gullotti:
Hi All!
So happy to be a part of the bigger pockets community. I work in finance as a capital markets analyst and enjoy the analytical work that goes along with my role. I am really passionate about building personal wealth and financial literacy and this brought me to real estate investing. I enjoy all types of investments from building my portfolio of ETFs and stocks, fixed income securities as well as REITs and now asset accumulation.
I am Boston based but looking in more affordable and high growth areas to buy my first property. I'm currently looking in Ohio (Columbus/Cincinnati) but am open to guidance on areas of high potential if anyone has suggestions! I am particularly interesting in hearing about areas with real estate incentives for first time buyers or investors.
Looking forward to meeting other members and connecting with everyone; please feel free to connect or reach out!
Welcome!! I would suggest south/southeast if you are looking for high growth. I like NC, but I am biased as I live here. Best of luck to you!
Post: Advice for new mortgage broker
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Work really hard, for a long time. Attach yourself to someone or a team that can teach you... this is not something you learn on your own. Learn to prospect, learn to talk on the phone, and learn to present.
Best of luck, Jason!
Post: should I buy and How to buy- mobile home with land
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Definitely don't go broke buying, even if its a good deal. How old is the mobile home? If it's greater than yrs, then you can't pull a cash out on it, you can only cash out on the land. Be careful there.
Post: Remote security on a jobsite?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Grant Zaharis:
Thanks for the feedback, i ended up using a solar powered system with two cameras propped up to watch multiple entrances. Wireless and no wifi required
Dang, love that. Rock on man!
Post: Remote security on a jobsite?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Yeah I would try remote motion sensors... cameras are going to be draining. Are there any neighbors you can pay to use the power and post up camera?
Like "Hey, heres 100$. Can I use an extension cord and mount a camera to your tree?"
Post: House Hacking a duplex (or small multi-family)
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
1000% what Jason said. Straight FHA, you are correct. Very hard if not damn near impossible. But with alternative programs/lending options, you can definitely do it.
Post: New member from the NC area
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Welcome buddy! Let me know if you have any questions, or if you need any introductions!
Post: Interest only business loan advice.
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @MIchael McCUe:
I went to the bank and they said a credit line leasing loan she said she doesn’t know exactly but approximately the interest is 7.7 to 8% with property,what I really want to understand is, can I expect the interest to stay the same other wise how do I adjust expectations for future payments? Thanks for everybody’s time, much appreciated.
I'm not 100% sure what you are asking. It sounds like what you are trying to do is finance equipment, just in general. What I would do is finance through the dealer/seller, or if that is unfavorable, then try a bank for a credit line. This is assuming your business has income. You wouldn't declare bankruptcy at the end of the useful life.... that just seems like letting the tail wag the dog. What you would so is depreciate the equipment over its entire useful life, and get your tax savings that way. Hope that helps