Intro

[jimculler]

REI and Family Man ready for long term income.

Hi my name is Jim. I have been investing in real estate for a little over 2 years now, while operating as a mortgage broker as well.

I have a lovely wife, one child, and one on the way in 2 weeks. I currently work from home, but want to make it into my own office in the next two months.

I am interested in building my portfolio of cash flow properties during this "crisis". Up until now we did a lot of rehab to retail, and wholesaling. While I still wholesale now for quick bucks, I want to structure some of these deals into long term income.

That about sums it up for now. Thanks for reading!

 

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[FT1]

Hello Jim. Welcome! :fastlane:

 

[MJ DeMarco]

Welcome and thx for the intro.

 

[andviv]

Welcome aboard Jim. How's the RE market in Tampa? I sold my last property over there last year and now I'm getting calls about distressed home owners that need to sell. I imagine you are doing great as investor, but maybe not so good as mortgage broker.

 

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[Yankees338]

Welcome, Jim! Another RE Expert on here...nice!

 

[jimculler]

Welcome aboard Jim. How's the RE market in Tampa? I sold my last property over there last year and now I'm getting calls about distressed home owners that need to sell. I imagine you are doing great as investor, but maybe not so good as mortgage broker.

The Tampa Market is a victim of the "bubble burst". We have over supply with not enough qualified buyers, and obviously record foreclosures. Appraised values are declining significantly in middle and lower income areas. My plan for this market is to buy at 60-65% ARV, hold and rent until the market re-adjusts to the lack of subprime buyers who no longer qualify. Most of the analysts are predicting the comeback to be somewhere between 18-24 months. So we should have a lot of bargains for a while.

Thanks everyone for responding to my intro. I look forward to participating in discussions, and learning as much as possible.

 

[andviv]

So, what are the current 'numbers' to qualify for a loan? 680 credit score? 5% down payment?

 

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[jimculler]

So, what are the current 'numbers' to qualify for a loan? 680 credit score? 5% down payment?

Well it really depends. I hate to say that, but its true.

If you are talking about investment property, which I would guess that you are; then 10% down would be needed at this time to obtain conventional financing.

Of course, if it were your primary residence, or a second home, there are still 100% programs, or at least 95% LTV programs on second homes available.

Stated income investment loans have become ugly in rate and terms for the most part. They are still being done at 90% LTV and lower, but if you are not able to document income on an investment property, you should be happy with a rate in the high 8's or low 9's.

 

[jimculler]

Oops I take that back. THere are a couple of places doing 95% investment loans, if you have over a 700 score.