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rehab financing: REO investments: What's new? - 03/29/12 10:45 AM
Housing markets are picking up a little, and lenders are liquidating more properties.The occurrence of both of these phenomena serves us very well: More opportunities of course, and re-sales of repaired properties become more viable.
The projected ROIs are strong, mostly in the 30-50% range.These returns are achieved with mortgage-secured investments that rarely exceed 60% of the after repair values. Truly amazing! This will not last forever, but for now we remain faced with what I believe are the best (high return/low risk) real estate investment opportunities of a lifetime!
Renting the properties out, followed by a quick refinance remains the … (1 comments)
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rehab financing: REO investments with limited hands-on involvement - 02/28/12 10:06 AM
REO InvestmentsNobody knows when real estate markets will rebound, but many people are looking to invest. The best opportunities are foreclosures and short sales. Banks own these properties but don’t want to lend money for buyers to take them off the banks hands. These are called "REO" properties, are often in need of repair, and can be purchased for 20-50 cents on the dollar.The next question is how to execute the project profitably. REO projects have inherent operational risks and hassles. Have you ever watched a rehab show on TV? Everything always takes longer and costs more than planned for, and the … (0 comments)
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rehab financing: Financing REO projects in 2012 - 01/05/12 08:53 PM
We are still faced with the best real estate opportunities of a lifetime - and amazingly there are even getting better! As sad as it is to say, the economic malaise continues to serve us very well.
FOCUS ON RENTAL VIABILITY
Because resale markets remained weak (and rental markets strong) during 2011, we started assisting developers with refinances to convert rehabbed properties to rental properties rather than wait for the re-sale. This way we were paid back, and developers could cash out and move on to the next project. Long-term rental viability is therefore now more important than resale value - which is why we prefer 2,3,4-family … (2 comments)
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rehab financing: Why rehab REOs are so cheap - Homepath incentives - Declines for no good reason? - 04/23/11 01:14 PM
The reason liquidation values of 1-4 unit, rehab, REOs are so low is because other than the FHA 203K (Prospect is the #2 FHA 203K lender in the country) there are no mainstream financing programs available. For investors there is no financing at all! In addition, seller ("the bank") usually wants you to close in 30 days, which is virtually impossible. This supresses the liquidation value of these types of properties even further. And it also means opportunity! How to invest? How to finance? How to sell under these circumstances? (See below). /// Closing cost assistance is offered on new Homepath purchase through June 30th … (2 comments)
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rehab financing: Rates ease - Good news from IRS - FHA 203(k) - Fix/Flip financiers + end-buyers - 02/26/11 08:55 AM
Stock market down, rates down. (See below). The Middle East situation and declining stock markets are reducing rates here at home. /// HAFA (Home Affordable Alternatives) is starting to make more sense now that HAMP (Home Affordable Modification Program) has matured somewhat. More on how I can assist with HAFA short sales next week. /// Stay tuned, and have a good week! - Paul
"Market down, rates down. Markets up, rates up" While this is not always true, it often is. In short: Interest bearing securities ("bonds") compete with stocks for investment money. When stock markets are more attractive the money flows that way. Bond yields (and mortgage rates) need … (0 comments)
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rehab financing: 2011 opportunities, mortgage trends, credit checklist - 01/01/11 06:06 PM
Happy New Year, and best wishes to all for 2011! I see opportunities on the investment front: the economics of rental and fix-flip properties make a lot of sense. I have both loans, and investors for this. /// Home buyers, often driven by market stats, will probably not be in a hurry, but maybe they should be! There are deals to be had now which will be gone once the market turns or flattens. Regardless, I am ready with professional support and financing. /// Note that construction and rehab financing is now available for investment and owner-occupied property. /// Let's get busy! - Paul
- To apply … (0 comments)
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rehab financing: Flip financing - Better construction/rehab options - The t's and i's of mortgage underwriting - 11/24/10 12:15 PM
Have A Wonderful Thanksgiving!-Paul
The Fix-Flip loan concept and term process
Fix-flip or Flip only options available. 1-4 units only. No condominiums. Decision based on project merits instead of credit/income. Same day approvals. Up to 100% financing (purchase and rehab expense) available, flexible terms, make all-cash offers, quick closes. Ask me for a quote for your scenario. No origination fees. Just normal closing costs. 12 month term, no payments during the first 6 months: Rehab, and sell/rent the property during the payment free period. In most cases I can arrange the permanent loan as an investment property. This will be discussed upfront. I am available … (1 comments)
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rehab financing: Fix-Flip loans: 6 mos no pmts - Rates edging up - Prospect rocks! - Mortgage overlays - 11/19/10 06:21 PM
Mortgage bond rates soared to a 5 month high this week, suggesting that the era of record low rates may be over. /// Have a look at what Prospect Mortgage's achievements!...(below) /// Make it a good week folks. - Paul
Fix-Flip loans: No pmts 6 monthsFlexible terms, quick closes. Ask me for a quote for your scenario.
Rates edging upThe 30-yr and 15-yr fixed rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged. Read more.
Prospect Mortgage rocks!PM is a real success story. In a challenging real estate and financial climate, we are experiencing dramatic growth. Consider the following benchmarks that we have achieved:
No. … (1 comments)
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