Financing in Berkeley>Question Details

Chris, Home Buyer in Sunnyside, Denver

We currently own 3 properties in Berkeley. Looking for another. Maybe in a new neighborhood? is another loan?

Asked by Chris, Sunnyside, Denver Thu Mar 27, 2008

going to be difficult? We have $25,000 dp. We're interested in REO properties and foreclosures. We want help!

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I would have you call a Lender who can help you with all your questions and get you any information you need to get going. Please go to my site and I have several you can speak with that can get you in the right direction. I do a ton of REO, Short Sale and Foreclosed Property and there are Lenders who can help.
0 votes Thank Flag Link Wed Jan 9, 2013
Chris,

Most conforming lenders have a problem with lending to someone that owns 4 or more properties. There are non-conforming lenders you might want to consider who do portfolio loans depending on your financial stability and not the strict Fannie Mae type guidelines limiting properties owned and other requirements. Compass bank, 1st Bank and some other local lenders may There down payments can sometimes be more flexible, whereas the traditional lenders will normally want about 25% down. That would put you outside of the Berkeley area price range even with $25,000 down. Also, I wouldn't limit myself to foreclosures. They are not always the best deals out there in every situation. Congratulation on making these positive moves with your real estate and financing. Let me know if I can help.


Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Sep 15, 2012
Berkeley remains a strong mareket to invest in while vacancy rates are 3% or less and rental rates are trending upward. We like the new development along Tennyson Street and the efforts along 38th Avenue. Many renters are sliding west and north after seeing the sticker price in Lower Highland. I am big fan of Sunny Side at the moment where we are seeing strong appreciation and a big transition from the rental properties converting to owner occupied homes. I have found little to no luck pursuing just REO or Short Sale properties / as mentioned by another professional - seek expert advice from a local Realtor who can get you into all active listings. I wouldn't rule out the Regis neighborhood while the university is spending money, expanding and attracting more and more students to campus. Best of luck - you should consult with a qualified lender for an advanced loan approval.
0 votes Thank Flag Link Mon Sep 10, 2012
Looks like you have gotten some good information on financing. The next issue would be where you want to purchase. I've just been showing several homes in the Highlands area - there is a good bit on the market, all over the board price-wise and condition-wise. Are you looking for another property to rent, or are you looking for one to occupy? Are you looking for a fix-up to sell later? Once I've determined your needs and wants, I can start e-mailing you listings - currently on the market, as well as when they just hit. I'll be glad to help you. You can contact me at jamie@kimbroughproperties.com or jamiekimbrough@remax.net.
0 votes Thank Flag Link Fri Mar 28, 2008
Hi Chris,

There will be three main factors a lender will look for:

1) What is your history of managing rental properties, or how long have you been a landlord?
2) Are all your loans currently held by the same lender?
3) What is your Debt-to-Income ratio?

Lenders will be able to determine your eligibility with these facts. A two year history of being a landlord will allow for Conforming products, which come at better rates, and more lenders are willing to offer this product. Most lenders have a limit of how many loans they will hold for an individual, but are not concerned with how many total rental properties the borrower has -- so long as they are within Fannie Mae guidelines (currently 10 investment properties) and you've made your payment on time. The number of loans one lender will hold varies depending on the lender, but if you’re capped at one you can get an offer from another. That's why it's smart to work with a good mortgage broker as they have relationships with multiple lenders and can find you the deal best suited to your needs.

Give me a call at 720.280.0441, and I'll be happy to get you pre-approved for a 4th property today.

Ben Edgson
Highlands Ranch Mortgage Broker
Ben@bythebrookemortgage.com
http://www.bythebrookemortgage.com
0 votes Thank Flag Link Fri Mar 28, 2008
Each lender has different requirements as to how many non-owner occupieds you can have, so you'll want an experienced mortgage broker who will know who to place this loan with. And possibly talk to your bank to see what they will offer you. Your proven experience as a landlord will come into play here with an underwriter. For example, profit and loss statements and/or copies of (previous) leases to show you know what you are doing. Remember, investors are more risky than subprime loans in the banks eyes even during these turbulent times. It use to be that Countrywide would allow and investor up to 13 non-owner occupied mortgages not sure what that number is now but I can guaranty a lot less.

You have to figure that you will be required to put 20% down so you are looking at about $100,000 properties which is good for cash flow. In regards to REO's it doesn't matter to me if the home is a foreclosure or private seller; if it is a good deal buy it. Don't get hung up on foreclosures keep your eyes open for all deals.

Lastly, if moving out of the neighborhood includes southern CO such as the Pikes Peak Region then take a look at my profile and let me know if I can be of service.

All the best,
Susan Walker
0 votes Thank Flag Link Fri Mar 28, 2008
What kind of help are you looking for. With 3 homes already, dont you have a Realtor?
The first thing like you said is can you get a loan that will work for you and then I can help you find a home.
I guess you are renting these homes out?
I have a few lenders that I work with that can answer your finance questions. I know it will depend a lot on you debt to income ratio.
I would like to help. Contact me through my website.
Web Reference: http://www.kennaandco.com
0 votes Thank Flag Link Thu Mar 27, 2008
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