Monthly Archives: August 2010

I just received this message from a mortgage lender I work with. (She’s pretty darned good, by the way.)  Note that qualifying is pretty restrictive and there will be a full colonoscopy regarding documentation.   But it is definitely a step in the right direction!

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Provided we have the correct LTV and DTI and an approval through our automated system, your clients are ready to go BUY MORE INVESTMENT PROPERTY!  Just got the message today!!!  We’re back up to 10 as per Fannie / Freddie guidelines.  Spread the word!

I’m off to Maui tomorrow, so holler at me next week with questions!

LTV Restrictions:

Transaction Type	Units	Maximum LTV/CLTV/HCLTV*	Minimum FICO Score
Second Home
Purchase	1-Unit	75/75/75	720
Rate/Term Refinance	1-Unit	70/70/70	720
Investment Property
Purchase	1-Unit	75/75/75	720
Rate/Term Refinance	1-Unit	70/70/70	720
Purchase or Rate/Term Refinance	2-4 Unit	70/70/70	720

*When the LTV/CLTV/HCLTV differs from the Process/Program selected, the more restrictive applies.

Additional Underwriting Requirements:

Audra McMahon

Certified Mortgage Planning Specialist (CMPS)

MY BIO / APPLY NOW:  http://www.getamortgageplan.com/AudraMcMahon.html

TESTIMONIALS:  http://www.youtube.com/profile?user=audrachandler#g/u

FirsTrust Mortgage, Inc

4501 College Blvd, Suite 250A

Leawood, KS 66211

913-747-3279 phone

816-507-6941 cell

913-254-4011 fax

www.getamortgageplan.com

Celebrating 20 years in the mortgage industry!

Listen to the Truth in Lending Show every Sunday at 4pm on 980 KMBZ!

Yesterday I asked if any of you had heard of or worked with FundThatDeal.com.  And no one responded.  I also contacted FundThatDeal.com and they answered back in a timely fashion.  Here is their response.

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Hi Chris

Thanks for contacting us.

fundthatdeal.com is a new website and has really only gone live in the last month. It took over a year to plan and have it built, as it has a huge engine and back end. This and the marketing to date has required a significant cash investment. So we wona?Tt be going anywhere soon !

The interest we have had from people like yourself has been great. Up to today we have 193 entrepreneurs and 54 investors registered in that short time and more people registering daily. From what we can see there are already a number of dialogues taking place between the various parties and we believe it will not be long before some deals get funded. Like you, we know that there are great real estate deals out there and there are many people who want to earn a decent return on their money.

We charge entrepreneurs $199 to publish a proposal on our site – less than the cost of an advert in a newspaper or on Loopnet – this amount that doesn’t even cover our costs! The entrepreneurs set their own loan/investment terms (which they may or may not decide to negotiate on with an interested investor)

Where we make our money is when people get funded, thata?Ts what the 1% success fee is for a?” so ita?Ts really really important to us that people get funded! However we cannot guarantee everyone will get funded. We can do our best to take the horse to the water but we cana?Tt make it drink! We do know however that the more people we get on the site the greater the chances of funding. So we really appreciate people like you taking an interest in the site.

We are based in Naples, Florida and London, England.

I’ll be sure to give you updates when we get our first deals funded and will gladly forward you references if they’re happy to talk with you.

Dona?Tt hesitate to contact us if you need anything else Chris, and thanks again for reaching out.

So I’m websurfing last night as I usually do and I came across a web site called Fund That Deal.  It looks like one side is for people needing money (real estate investors) and the other side is for people wanting to be private banks.  The site marries the two.

Now I notice for a would-be real estate investor needing a deal there is a one time $199.00 sign up fee and then they charge 1% for putting deals together.  And I assume that’s on top of whatever funding fees the private investors will have.

Anyone have any experience with Fund That Deal?  It sounds promising.  But asking people to throw in $200.00 with such little information seems a bit quirky.  Don’t get me wrong. I’d gladly pay (and recommend people pay) the $199.00 if it actually worked. Heck, it’s a drop in the bucket if everything is legit.

Okay Kansas City real estate investors, I’d love to hear your opinions.  Then I’ll do some math. 

In today’s current economic times and interest rates at record lows for everyone, including real estate investors, do you still go max leverage and amortize the loan over 30 years or do you take a 15 year amortization and smack that principal down as quickly as possible? 

You can email me or post a comment here.  But in any case, I’d love to hear the prevaililng line of thought out there.  Bawldguy, I’m talking to you.  AI – I’m sure you’ll have an opinion.  Let’s get this conversation started.