puls1234 0 Report post Posted November 23, 2004 I will be buying foreclosures all over the country and was wondering if anyone here had rates that will probably beat my local guy I go to? Anyone on here feel that I would get the best rate with them and I would pay the least points with them also? Look forward to hearing from you. Please email me. Pete Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 24, 2004 Pete,What I have found is that you should get in with a good broker, because most lenders only let you buy 4 investment properties. Then you move to the next lender, a broker can make those transitions for you. Share this post Link to post Share on other sites
Kimberly 0 Report post Posted November 24, 2004 Pete, Have you thought about lining up private investors? Not hard money, just private individuals who don't like the stock market and aren't getting anything on CDs? No points to pay. Kim Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 24, 2004 Pete, you might also try contacting a local real estate group in the area a property is located. There should be any number of folks who would be willing to either partner with you, or who can point you to a good lender. Share this post Link to post Share on other sites
puls1234 0 Report post Posted November 28, 2004 Tony, Thanks for your feedback. Well currently I own 10 homes. I live in 1 and rent to own the other 9!! I have used the same lender for all 10. But these 10 are all in 1 state. So I need to know if there are special qualifications need by a lender to lend in different states? Pete Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 29, 2004 Pete,I believe Washington Mutual will lend for as many homes as you want. They have their OWN money and don't have to rely on any restrictions from other holders. You need to talk to a broker that is licensed in all of the states you want to invest in. It usually takes a physical building and a hefty fee to get a license. I would search the Internet or do what MC says and talk to someone at a local investment club. You'll find people that can do it for you.My experience in other states has been fairly negative. It's been too hard to control deals when you're not there. But that DOES NOT mean it can't be done! I DO plan on expanding my investments out of MI real soon too. Just took me a little longer to do it. Most rates I'm seeing now on investment properties are about 5.5% to 7%. These are INTEREST ONLY!!! (DO NOT pay principle on your investment properties!!) Most require 10 to 30% down, but if you're creative enough you can bypass this obstacle if they don't require seasoning. I know Greenpointe doesn't, so they're another one to look into.Hope that helps,Adam Share this post Link to post Share on other sites
-Tony- 0 Report post Posted December 1, 2004 GreenpointeJust did one in june with them, 5% down 6% interest only. You might look into codi (cost of deposet index) and cofi, they are more stable if andrew or mpine are lurking they could tell you. I was going to use one of them on my personel res and get it payed off in like 12-15yrs till my broker told me there is a prepay / over pay penalty. Share this post Link to post Share on other sites
Gambino 0 Report post Posted December 20, 2004 Pete I use a lender who owns his own mortgage company he does some investing so he understand what we do. He is located in Arizona and does business in all states but the Northeast. Pete you can do 10 deals at a time and as many deals per year as you want. Let me know if you are interested. Gambinoinfo@webuyorsell.net Share this post Link to post Share on other sites
mpine 0 Report post Posted December 20, 2004 The question isn't always an obvious one. The real issue is what is important, amount of time til close with competitive rates Vs Best rates and longer close times. I generally give people 2 sets of numbers, my first is usually a little higher, but has a close time of 7-10 business days, and my best rates are generally 30-45 days. So when looking for a loan keep your goal in sight first and foremost. Best wishes, Michael Pine Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted December 21, 2004 Hello Pete, You could try World Savings. They are an S&L with the CODI and COFI products that Tony mentioned. For investment properties they do require a 20% downpayment for NOO. Another place you could go to is Oakmont Mortgage. They do a lot of investor properties and do not have a limit on the number of properties in an investors portfolio. As you probably already know, investment properties will carry a higher interest rate (around 7-9% on a first and 11+ on seconds). Mike Pine can most likely steer you in the right direction in regards to financing. Best of luck and hope this helps. Andrew Share this post Link to post Share on other sites
lacashman 0 Report post Posted January 1, 2005 The question isn't always an obvious one. The real issue is what is important, amount of time til close with competitive rates Vs Best rates and longer close times. That is dead on Mike. The lenders with the lowest rates always have the worst service. But people keep on submitting loans to them. Share this post Link to post Share on other sites