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Old 10-25-2008, 05:47 PM
 
199 posts, read 898,374 times
Reputation: 94

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Quote:
Originally Posted by brokerdave View Post
i should mention that he also purchased 4.995 in discount points also. something that is very beneficial for him to keep his cashflow and minimize his obligations.

he is the kind of investor who makes extra payments on his properties.
That makes sense to me now. I'm pursuing financing on an investment property and I'm looking at 6.875 with almost 3 discount points. I thought that was out of whack until I started calling around to compare. They say the rate is because of the low loan amount and the fact that it's an investment property. And I guess rates went up the last few weeks.
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Old 10-27-2008, 06:33 PM
 
28,105 posts, read 63,291,435 times
Reputation: 23206
Yes... it's true and I've run into it.

I had several low balance first mortgages that I paid off just to eliminate this SNAFU.

The only concern was a head count of the number of "Bank" mortgages in my name.

I've had to correct mortgage officers on this in the past....
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Old 10-28-2008, 09:28 AM
 
3 posts, read 22,752 times
Reputation: 10
Can anyone answer this for me, I know if I purchase a house now at a price that is considerably less than the home's appraised value, I have to wait (I beleive) a 6 month seasoning period to be able to refinance the home at it's appraised value. Before that I haveto use the purchase price of the home. I know this applies if I finance the property, however I am unclear if this rule still applies if I buy the property cash. If I buy it cash can I then turn around and refinance it for it's appraised value right away?
Pat
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Old 10-28-2008, 09:45 AM
 
Location: Tampa,FL
54 posts, read 263,052 times
Reputation: 18
6 month seasoning still applies under this situation. The seasoning is on the title that they want to cash out to current appraised value. Doesnt matter how you purchase the property, you need 6 months.
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Old 10-28-2008, 11:02 AM
 
3 posts, read 22,752 times
Reputation: 10
Thanks dave h
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Old 11-12-2008, 02:04 PM
 
1 posts, read 3,322 times
Reputation: 10
Default ?

I would be interested in speaking with anyone who can finance over 4 investor properties.
I have a few investors that would be interested.
You can reach me at [EMAIL="Nike03319@aol.com"]Nike03319@aol.com[/EMAIL].
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Old 12-03-2008, 06:09 PM
 
1 posts, read 3,262 times
Reputation: 10
Follow-up question to this conversation -

What about a program/product similar to a 203K loan OR Fannie Mae Homestyle loan that will allow the purchase AND rehab monies to be rolled into the loan?

Again this would be for the investor/individual that already has 4 loans...

all comments would be greatly appreciated.

Regards,
GL
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Old 12-16-2008, 11:01 AM
 
Location: St. Louis, MO
6 posts, read 54,679 times
Reputation: 16
Default Rehab Loans

There are a few like this. Hard Money and maybe 1 conventional style product.
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Old 12-23-2008, 07:26 AM
 
1 posts, read 3,163 times
Reputation: 10
Smart Money can you contact me on 713-702-0467 concerning getting a loan when you have more than 4 investment properties
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Old 12-24-2008, 02:12 PM
 
1 posts, read 3,145 times
Reputation: 10
Hi brokerdave-Question, what lender did you place this investment property purchase transaction with that allows a borrower to have over 17 existing properties on their credit report? Reason why I ask isI have a few investment clients that are looking to buy additional investment properties right now but they already own over 6 in one case and 14 in another of investment rental properties.I look for your reply.Thank you,BrokerRohnrohnj9@hotmail.com
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