40: Qualifying for Income Property Loans with Graham Parham
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 17 July 2015
⏱️ 50 minutes
🧾️ Download transcript
Summary
#40: Graham Parham, Senior Mortgage Loan Officer with Highlands Residential Mortgage in Dallas, TX, tells you how to best obtain mortgage loans for investment real estate in today’s lending environment.
Listen to this week’s show and learn:
03:02 Why you often want a mortgage loan, even if you can pay cash for a property.
04:35 Your downside risk of high leverage.
05:50 Loan-To-Value ratio (LTV) explanation and significance.
08:08 Last chance to invest in your own Panama coffee farm parcels at a discount.
12:38 Mortgage Banker and Mortgage Broker - what’s the difference?
14:00 Why it’s more difficult to qualify for a loan today.
18:01 The three “C”s: Credit, Capacity, Collateral. Your requirements for credit score, reserves, and down payment.
23:44 Interest rates for an investment property are higher than for a primary residence.
24:39 How long will interest rates stay low?
26:08 Are 40-year mortgages coming?
28:50 Your debt-to-income ratio (DTI).
31:26 Can foreign buyers obtain loans for U.S. property?
32:55 LLC formation for income property.
36:38 Seeking more than 10 financed properties?
37:36 How RE investors from one state can buy in a different state.
39:37 Keith’s strategies on reducing your DTI so that you can qualify for income property.
42:23 Use AirBnB income to qualify for rental property?
42:43 Home Equity Lines Of Credit (HELOCs) can help you tremendously.
44:27 Self-employment income and your loan qualification.
Resources mentioned:
GrahamParham.com | (855) 326-6802 | [email protected]
InternationalCoffeeFarms.com (ICFC). One qualifies for the ICFC $1,000 discount per coffee parcel by e-mailing [email protected] and submitting paperwork to ICFC by July 31, 2015. An additional 30 days is allowed to fund.
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Transcript
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| 0:00.0 | Get Rich Education is brought to you by Mid-South Homebuyers and The Land Geek.com. |
| 0:11.0 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into |
| 0:21.2 | millionaires and billionaires than anything else and can provide you with more |
| 0:26.3 | wealth and happiness than you ever thought possible now here's your host |
| 0:31.4 | investor entrepreneur business owner and educator Keith Weinhold. |
| 0:46.4 | Welcome to Get Rich Education. This is episode 40. I'm your host Keith Weinhold. |
| 0:54.2 | You're listening to GRE from wherever you are, the brownstones on Broad Street bisecting historic Philadelphia Philadelphia and in your earbuds at the Houston Street subway station in Manhattan, |
| 0:59.8 | out to the idyllic west coast at the Santa Monica Pier in California, |
| 1:04.6 | and the beautiful breadbasket country in Iowa, |
| 1:07.4 | and everywhere else in between and in 130 foreign nations, you're listening to the show |
| 1:12.7 | with the highest return on time invested, and I really appreciate that you're here. |
| 1:18.8 | Well, since I'm constantly asking the question here, how can I make you more successful than me |
| 1:26.1 | faster than me? |
| 1:27.7 | I thought one way to make it easier for you to position your financial life to qualify for a mortgage loan is to bring a mortgage loan officer under the show. |
| 1:38.3 | And that's what I've done for you today. |
| 1:40.9 | And not just anybody, but a senior mortgage loan officer that specializes in investor |
| 1:46.8 | loans and has skin in the game himself because he invests in income real estate himself, |
| 1:54.3 | and I've looked up today's guest for my investment needs myself after I met him in person |
| 1:59.7 | in Dallas, Texas years ago. You already know that real estate |
| 2:04.7 | is the investment that has made more ordinary people wealthy than anything else. But, you know, |
| 2:11.9 | there's a big myth that persists out there that holds some people back from investing in real estate. And that is, |
| 2:19.9 | it takes a lot of money to invest in real estate, so I guess I can't do it. Well, that's not true. |
... |
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