No Season Refi Loan.

You have done astounding work! I am FINALLY getting my no season refi. Mine is through a creative broker who managed to get the loan through GMAC. We are FINALLY signing papers on Tuesday and my check will be coming in next week. I am using the cash from that to buy the duplex and fourplex in Evansville. I will then need to do the no season refi to get my money back out. (NO one will lend on them because of the low amounts of $18K and 36K, but they will refi based off of an appraisal. Since I'm getting them 50% below FMV, this will work great. I too will need to register my LLC out of state. Did you just do a DBA as coach Rich stated? I'm not sure what registering out of state is, I thought it just meant starting another LLC.

I'm going to go research this now, but if you could share how you registered in the other state, it may help others like me in the future.

You did great!

GMAC loan that is great. What we had to do was get a letter of good standing rom California SOS. Send that and $90.00 to the SOS of Indiana with the paper work you can get on line at the SOS web site and that was it.

Good luck with the rest of the deals.

Steve.

To Dean and Matt. This is what they were talking about tonight the no season refi loans. This realy works.

Steve.

Hi

How did you get the GMAC Loan without seasoning?, i called them today and they said they required 6 months of seasoning.

I bought a property in December and it has being rented for two months.

Thanks

You might want to send Zion Properties a PM and ask her about the GMAC loan. I do not know that she will see the question here on this thread. It is an old thread.

Steve.

Well, the loan didn't go through, but it wasn't because of the seasoning, it was because they took, we found out, 70% of our rents, instead of 75% of them Their DTI ratio acceptance is very high (65%!), BUT, they remove 30% of your rental income, so that means my income went down almost $3K per month, DESPITE 3 of my properties being rented long term since 2004 with NO vacancies!

How they do it? Well, I'm dealing with a lender who does direct lending. They fund the loan and have the flexibility to take loans that don't meet the standard requirements. Then, they IMMEDIATELY sell them off, to big banks. GMAC will BUY no season loans, but they won't ORIGINATE no season loans. Wish I could have closed on that one. I'm paying an enormous amount each month.

Thanks for mentioning the no season refi. I had forgotten about the small banks. I found some FSBOs today that I am working on tomorrow, and that just might come in handy. Again, congrats!

Thanks for posting that information on GMAC. I hope you get the loan you want soon.

Steve.

I hope the small town banks work out for you like it did for us.

Good luck with your next deal.

Steve.

Dean and Matt Larson all their invaluable Help and kind words. It seems each of his videos are drected right at me. Keep them coming Dean. Your whole team Kat & I just love!

We have chased a lots of deals down. Out here in California we would love some of those older homes and lower offers. Today we looked at homes around 3br & 1 bath for 25K to 45K; we came down two we loved. But, These homes were in NY.
We are in California dealing with homes that go for more, 200K to 350K and our market is still falling. Creating many great deals. My wife and I see a lot of homes on the market and we must keep a lot of options open. Working two short sales, lost a buy/ rehab/ & hold/rent by a day. Building our buyer list of about 6 buyer with $$s. we will go for these 10 home the next few days.
I just have to work around my doctors appointments.

Get back up and try again from a different direction.

I live in California also and I have gone to Illinois and Indiana to make deals happen.

Godd luck with your REI Journey.

Steve.