Dean's Finance Center

My wife and I own a vacation home that we recently rented under a lease to own agreement.
We had been pre-approved for an equity loan that was intended to purchase another rental property. Today the bank informed me that the underwriter refused the equity loan and would not do any financing on our property because the house is considered sold under a lease to own.
They cited a recent trend of pre-foreclosure home owners using equity to buy cheaper homes and abandoning the first property as the reason they changed the policy.
We are in negotiations with the seller of the new property and this will sink the deal.
Has anyone heard of this and do you know of banks that will work with a leased to own property?
Thanks

I keep getting unauthorized access to almost everything. I cannot pursue investing unless I can Get what I need. Can someone help with this???? PLEASE

I work for a developer here in Utah. They right now are trying to find an investor for a commercial piece of property that they want to buy that is partially developed. They have been talking to the owner and it looks like a deal but now they are having a hard time finding financing. I was wondering what information you needed regarding this to see if this might be something that you might be interested in financing.

I only know bits and pieces. So my question is what exactly do you need to know. I thought maybe I might be able to bring my boss and yourself together to be able to make a deal where you could help finance and they could develop.

I think as a minimum you need to do some homework and present us with the actual costs and Value present. Then convince us that it IS indeed a Great Deal. At that point the investors would be lining up. theoretically.

Sam

Hello...

In order to get access to those forms all you need to do is log in! I am logged in now and can get them. If I log off...I cannot get them. Hope that helps you!

Tom

I had pre-approval with the mortgage company in Maine that holds both my primary residence and vacation home. Base on a recent appraisal price of $277K we could refi the vacation home and fund the purchase of another property.

We just recieved notice the Lend Safe America audited the appraisal and reduced the appraised value to 230K. This eliminates the dollars needed to purchase and renovate the target property.

The mortgage company told us that we are A+ borrows but due to current market conditions their bank can't lend on the original appraisal price. They suggested we take the appraisal to a local independent bank or credit union to get the loan.

So tomorrow we start the loan process over; but may default on the P&S if the seller won't accept an extention.

Looking for anyone who has experienced this and any suggestion people have.

Thanks,

I want to buy my first rental property but the bank is telling me I need rental experience to qualify for lending. Does anyone know how to finace this. Thanks for any help. Im in NY.

Try giving Dmitry Gutman a call 917-771-0608(NY broker) Or myself 914-213-1129...no rental experience needed

Try Mark Merrill at Flagship Financial 480-612-3216. He may be able to use your appraisal or contact me with any ?'s 914-213-1129 Thanks, Mike Rohan DeanGraziosi.com

I am so very grateful to DEAN and all you wonderful people who give of your time to help others succeed. I have long thought of trying to invest in real estate as A away to increase my earnings and plan for the future. I have been so discouraged by friends and family members whom I had talked to about my dreams. I thank God THAT I HAVE STUMBLED UPON A FAMILY OF LIKE MINDED BELIEVERS THAT ALL THINGS ARE POSSIBLE IF YOU ONLY BELIEVE.YES I AM SCARED OF BEEN LAUGHED AT , I am afraid that I might not have the right skills or that I may lack perseverance.BUT I WILL GIVE THIS ALL I CAN.

A few years ago I was almost killed by a drunk driver without insurance. I am partially disabled ,lack the money for the medical attention that I have been needing. I lived my life for the past five years in great pain , but with your help ,and the knowledge that I am not alone in my quest for a better life, I believe I have found my community of friends and helpers. I am ready to learn from all of you and also to assist where I may be able to get in and encourage others to stay in the game.

I own my home along with my husband Owen a wonderful man but he doesnt quite get it why real estate is so crucial as an investment tool.I WILL BE LOOKING FORWARD TO CONNECT WITH SOME OF YOU WHO are starting out the smae time as I .BLESSINGS. LESNEMB

Im in AZ. lots of properties at firesale prices.
I have an 830+ Fico, no debt, CD's as collateral etc and still cant seem to get financing

my income tax returns for the last 2 years dont really tell the whole story of my cash flow because im trying to limit my tax exposure.

Any ideas on who to contact locally that will fund an up and coming real estate investor?

Thanks

Jeff

I have many years as a rehaber and spec writer on specific ways to repair residential properties, If anyone has any questions on any repairs on any property, please feel free to ask. I just joined Deans program and even thought I dont know a lot about about creative financing I do know rehabing.

any questions please e-mail me
miguelnieves@

Hey Jeff,
Unfortunately subprime loans are long gone including all stated income products. This really leaves very little to offer small business owners that aren’t showing much income like yourself. There are some no-doc programs still floating around out there providing you have been reporting some income to Uncle Sam for the last few years. Try giving Jeff Williamson a call he’s a great broker based out of Old Town Scottsdale 602-373-7779. The LTV’s for no-docs aren’t very high but it’s a start….
Mike Rohan
DG.com

I am new to Dean's Program and have learned alot reading his books, I am a little scared going it alone and wanted to know if anyone in the Maryland area or close state would like to team with me on this realestate venture? Also does anyone know of any GOOD Brokers in Maryland.

Thanks
Angel

Hi Angel,
Billy Sohan is not only an awesome mortgage broker but a close friend. He’s located in Baltimore and runs a branch of Academy Mortgage Corporation. Give him a yell he may also have an avenue to locate investors interested in the right deal!! Office Phone 410-766-8850 Ext. 203 Mobile Phone 410-963-2308 www.bill.sohan@academymortgage.com
Best,
Mike Rohan
DG.com

my wife and I needed to buy a house but our credit is not to good at the moment can anyone help us get to the new house please

There is a huge auction coming up in Arizona. I have never tried my hand at an auction but would love to pick up a long-term rental at this auction. Do to the short amount of time that I have, I was thinking of using a hard money lender for the funds and then I'll put a mortgage on the property....with a lender that hopefully won't require the property to be seasoned for a year. I am scared to death to take this next step of finding and talking with a hard money lender.......but if I want in the game.....I don't see any other way. I need positive encouragement in regards to hard money lenders.....from anyone out there listening. Thank You!!

Who or where do i go to get a buyer pre-qualified. i have a homebuyer prequal form signed.can anyone help this is my first time.

Can anyone recommend a good mortgage broker for the ny area? i have names for the north carolina and tennesse area.. please let me kmow!
Thanks guys!

I need to know what state you're in to recommend a broker to pre-qualify your buyer.

Thanks,

Mike
DG.com

Try giving Dmitry Gutman a call 917-771-0608(NY broker) Or myself 914-213-1129...

Thanks,

Mike
DG.com

I'm wondering if anyone can point me in the direction of a mortgage broker that services the Southeastern states ... FL/GA/SC and possibly NC too.

Thanks.

Jacqui

Hi Jacqui,

Unfortunately I don’t have a broker in SC yet but Mark Merrill will be able to help you in FL, GA, and NC. Mark works for Flagship Financial www.mmerrill@ffgcorporate.com 480-612-3216.If you have any other questions concerning the mortgage process don’t hesitate to call.

Best,

Mike Rohan

DG.com 914-213-1129

I will make contact with him asap!

How are you able to buy a house if you don't have a job at this time but you want to get out an into the housing market at this time.

i would love to keep getting the teaching emails from dean because, im really learning from them, thanks! jonathan earp tycoon3.

I sent you a Private Message on this sight. Please check your inbox.

Can someone help me in looking towards a mortgage broker that does not insist on a 20 percent down payment.
I'm relatively new to this,
Thanks
Sam

Me and my husband own our house.
Mortgage: $295K. current Market price: $180K (we owe more than its worth)

Our total household income was $120k, when purchasing the house. I recently quit my job after having a baby, and now the income is down to $78K

After reading Dean's book, I found some homes, which will pay for itself, which I would love to buy as a rental property, But I want to know if we will qualify for a mortgage, as our income is less comparable to the mortgage we owe?

What are my options if I have a house 30% less than FMV, and has rent potential twice that of mortgage payment?
I have no down payment and no rental exp. I live in FL

Thanks !

Regardless of negative equity in your primary home banks only evaluate your DTI (debt to income ratio) based on your monthly payments verses your income. Give Dmitry Gutman a call Monday morning to determine the payment you can allocate toward an investment property per month then adjust the amount of the purchase proportionately. He can be reached at 917-771-0608 or give me a call with further questions.

Thanks,

Mike Rohan
DG.com
914-213-1129