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puls1234

Buying In Other States!

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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

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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.

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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

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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.

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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

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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

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Greenpointe

Just 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.

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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.

 

Gambino

info@webuyorsell.net

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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

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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

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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.

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