If a conventional loan is not a bank or CU loan then what is the definition of conventional loan?

@@BorderGuards Conventional means that the loan is sold to Fannie/Freddie on the secondary mortgage market. A local bank / credit union loan is one that a local bank or credit union originates and holds the paper and services it, rather than selling on the secondary mortgage market.

What do you think about a HELOC?

@@mchet9699 I love them, so long as you are using them for short term capital needs.

@@freedom_mentor Long time ago, I tried to get a loan against a investment property and was turned down because I did not have the income then to buy the properties. Now the homes have gone up 800% since the 1990s :(

Agree and it is an eye opener. Most of the people on here are full of it or not as savy as this man. He's a blessing!!!

Great job man I’am happy for you keep up the good work

This is motivating. I’m 22, decent credit but I don’t have proof of income so I just don’t know how to get started

Where are you today in your journey? New truck yet? 🤞

@@Sakrific3r Nope still have the same truck (Chevy Silverado 2001). Only this time now I just recently bought my first apartment complex this past December (17 units). Once our remodel is complete, we expect it to bring in roughly $6000/mon NET after all expenses paid. After the remodel I am considering finally buying a new truck just for the tax deductions I can get with the new "bonus depreciation" IRS tax law. Not to mention my net worth will for sure be over the $1mil mark once the remodel is complete. (currently at $955K before the remodel) But we will see what happens, I kind of like having stealth wealth. Its just a Vibe knowing you are the richest person in the room and nobody would ever guess.

@@simonmartinez8480 that is so awesome!!! Following you on following the dream. Thank you for the inspiration. Kevin

Just watching this video now and saw your comment. Out of curiosity what is the appraisal process like? Do you hire a local person to view the property or do you simply look online for the value? Trying to educate myself some since I am in the market for a refi using dscr.

@@BrianWingard oof just seeing your comment now, my bad! We order a local appraisal and an appraiser gets rental comps and defines an expected rental income. Some of my lenders will allow you to use Airbnb income history or AirDNA numbers if the property was already being used as a short term rental. Depends on the scenario but typically the appraisal is done in person.

Do you lend in Illinois for rental property?

@@happycamper4483 I do indeed 👍🏼

Quick question, What are the credit requirements?

What is the typical rates for 800 credit scores?

Do you do cash-out refinance or a HELOC for a rental property (Paid off) that is under a LLC? I own multiple properties, most with mortages. For this cash-out refinance, the property is paid off. Would the multiple mortgages in my portfolio affect my chance?

This mortgage company is Closed.

Love Sean videos!

I will be brief with what I do. I'm a financier building my profession around business professionals like you with hopes of synergy for the growth of each other's business. Should you be looking for finances to sustain your business/personal interest, kindly look into 52G Finance LLC. We specialize in personal loans, business loans, project finance e.t.c with a very competitive/low rate to local and international borrowers(Your location is within our jurisdiction). Our terms includes great features to help stabilize your business before repayment. I can send more information if interested. The rate are welcoming I assure you.

Crowdfunding initially had huge momentum but then it suffered some major setbacks due to piss poor underwriting departments that didn't know what they were doing and bought the wrong properties at the wrong prices and with the wrong management. Whether the source of the funds is 1,000 people putting in $5,000 or an investment fund or private bank putting in $5MM; the underwriting is the key. There has always been more money for real estate than good deals. Sourcing money from the crowd was never needed to begin with; we already have all the money we will ever need for real estate. What's missing are good deals that are purchased and operated by smart investors.

I will be brief with what I do. I'm a financier building my profession around business professionals like you with hopes of synergy for the growth of each other's business. Should you be looking for finances to sustain your business/personal interest, kindly look into 52G Finance LLC. We specialize in personal loans, business loans, project finance e.t.c with a very competitive/low rate to local and international borrowers(Your location is within our jurisdiction). Our terms includes great features to help stabilize your business before repayment. I can send more information if interested. The rate are welcoming I assure you.

@@larrycox697 what is your email address? I am in Canada.

Great! Glad you found that the clarity that you needed. Let us know if you have any other additional questions.

Looks like a mortgage broker that may originate Non-QM loans; they don't appear to be a Portfolio Lender.

I have never seen this actually happen to anyone, ever. If the LLC is 100% owned by the very same person, in my experiences over the past 20 years, no lender has ever enacted their rights under the security instrument to call the loan due.

Great to hear! Any other videos you'd like to see?

Great! Glad it was helpful and informative.

You're very welcome. Are you investing in real estate right now?

Thank you! What was most helpful about the video for you?

I will be brief with what I do. I'm a financier building my profession around business professionals like you with hopes of synergy for the growth of each other's business. Should you be looking for finances to sustain your business/personal interest, kindly look into 52G Finance LLC. We specialize in personal loans, business loans, project finance e.t.c with a very competitive/low rate to local and international borrowers(Your location is within our jurisdiction). Our terms includes great features to help stabilize your business before repayment. I can send more information if interested. The rate are welcoming I assure you.

You're welcome!

good idea

add Tom Wheelwright too

I agree.

Mos def

Let's be honest, they aren't in the same ball park. McElroy's AUM and industry reputation dwarfs this guy's.

You're welcome!

Thanks!

Thanks Ted!

Thanks!

Glad to hear!

Use IPX1031.com They are by far the least expensive intermediary (and the largest, so they have the most experience).

@@freedom_mentor thank you Phil. My CPA was just telling me that I’ll need an intermediary. Awesome timing. I suppose it doesn’t matter where in the US these guys are located.

They are in every state. They are the largest in America.

@@freedom_mentor yup. I found them in Texas and emailed him. Appreciate your help 👍👍👍

It has it's place, at specific times and in specific markets, for generating leads. It's far inferior to other techniques; but it's not completely useless. Although, our inside joke amongst our Apprentices is that anytime another investor asks, "How did you find that deal?", we reply, "Direct mail; lots and lots of direct mail."

Thank you! Have you had a chance to watch any others of ours?

Correct. In almost all cases, whether a private lender or hard money lender, in order to get a 30 amortization loan with a very low interest rate, you're going to have to refinance. Conventional or Local Bank / Credit Union will most likely require 12 months seasoning. Non-QMs and Portfolio lenders may not require that long of a seasoning period, though.

How large is your down payment? How well does the rental property cash flow? What portfolio lender are you contacting?

30 Year Fixed; you never know what will be going on in 5 years.

No. The only way to remain anonymous is to pay cash and take title in an LLC whereby the member of that LLC is an offshore Trust.

It sounds like you have a tremendous amount of potential capital to deploy into real estate; whether you did at 5 Year ARM or a 30 year fixed rate, you could pull out a substantial amount of capital from your primary residence to use as a down payment on an income producing property that had a 70% LTV first mortgage. So you could theoretically purchase a $2M+ property (or several properties that add up to that amount). Money isn’t your problem. I would guess the bigger issue is finding highly productive income producing properties to purchase as explained in this video: kzfaq.info/get/bejne/bJqkhLeFy5PZnn0.html

@@freedom_mentor Thanks for the quick response Phil! I hadn't thought about using the equity as a down payment vs buying a 2nd home outright. Even more investment potential. :-)

Isn’t that wild? First time in my 20 years in real estate that investor loans based on the performance of the property can have better terms than conventional loans based on the credit worthiness of the borrower.

Not that I am aware of. Construction loans are higher risks for lenders because they know, all too well, how difficult, complicated and risky developing a new house is; all the delays, unexpected problems, etc. I would NOT recommend building new. Buy existing and remodel.

@@freedom_mentor I’m building new but having guest houses attached to Airbnb here in New Orleans you can really remodel because a lot of properties are historic and can’t be change … city regulations

look into tax harvesting for losses

HELOCs are wonderful! BUT, make sure you lock in low, long term fixed rates when you can. The problem with HELOCs is that there is a small risk that rates will increase and then you'll wish you locked in a fixed rate. Use HELOC money for short term uses.

@@freedom_mentor Thats the plan! 100% agree. Thanks Phil!

I own several properties that were built before 1945. They don't make them now like they used to! I love older properties. Asbestos siding is awesome. It's much better than wood or vinyl siding. As for lead based paint, since you just paint over everything, unless you test, you never really know if it was lead

It depends on the lender, the loan type and the type of borrower. Are you referring to retail buyers that are getting owner occupant loans for a primary residence with very little to put down? Are you referring to investors that are getting a loan on a vacation rental while putting 30% down? There are so many variables. Here's an example of a difficult loan to obtain: No down payment non-owner occupant loan for a borrower with bad credit and no income and the appraisal came in at the same amount as the sales price.

@@freedom_mentor ​Hi Phil. Awesome, thank you very much for your comment. Greatly appreciated. :) Cheers Oliver

Thank you!

0 down with them on primary residence loans too. No minimum time of residency before you can move out and rent it out

Nice!