“Investor Loans are Gone for Now”

   “Investor Loans are Gone for Now”

 

 

 

 

Hi Joe,

What do we do now? As you well know, the lender pulled the plug on the non-QM loan that was scheduled to close. My immediate reaction was that I was pissed off at you, but now know that it was totally out of your control. Sorry, if I was an ass on the phone.

I still want to purchase the property, I did follow your recommendation and asked my Realtor to make a new offer with the seller holding the mortgage. So far, I didn’t get a no.

As you know, I still want to purchase additional investor properties, so can we discuss what possibilities may be out there for me.

On a positive note, I am thankful that you talked me into doing my investor loans as 30 year fixed rates, so the 6 properties that I have previously purchased are all making money.

I consider myself pretty lucky as my cash flow is pretty strong, so I really don’t have to worry about my next dollar. Let me know.

 

 

 

The problems are not as simple as this person thinks. True he owns 6 properties and a total of 19 tenants. Some, if not all these tenants work or at least they did and some will stop paying their rent, which means a domino effect.

 

I have been in the mortgage business a long time and have seen every imaginable chaos in this industry, most of which I could foresee when issues were going to happen, but I did not see this one coming.

For sure, we will get through this one as well, but many will be harmed along the way.

 

Conventional mortgages are available to purchase investment properties. What is most important right now is to BE SAFE and if you want to discuss mortgages, call or email me.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 7 commentsJoe Petrowsky • May 01 2020 01:04PM

Comments

The best fit for possible financing. Joe Petrowsky knows. Those New England Yankee smart and seasoned bank mortgage makers. Know his programs and how to adjust them when the economy goes sideways. Joe is like a tailor for the custom fit, not off the rack loose and baggy.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) 17 days ago

Investor loans have been a few and far in between since the mortgage meltdown of 2007-2009. Creative seller financing is one option to look into if you at least 10% down payment

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) 17 days ago

Good morning, Joe Petrowsky when the market is in chaos, the brakes go on quickly....but there's always a way to finance, even if it's short term...

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 17 days ago

Good morning Joe. You are in the best position to advise him on his next steps. So many variables to be considered. He is in good hands. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 17 days ago

Good Morning Joe...

Be safe and thank you for your wisdom!

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) 17 days ago

I usually take the loans to Commercial Banks.  Through the years I have found wherever their Checking & Savings is will be the easiest place to get a mortgage for Rental Property . ( often from the Comerical Loan Dept.  - 20 yrs   Fixed for 5 yrs. , no negative impact for owing too many rental properties, no unfair Vacancy Factors imputed on the property )

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 17 days ago

Joe Petrowsky Heart felt apologies are seldom made. The fact that your client recognized he was an ass-hat says something about his recognition that he had been an ass-hat. I'm just assuming it was a he. 

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) 11 days ago

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