56: Investment Property Loans and Mortgage Closing Costs with Caeli Ridge
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 6 November 2015
⏱️ 44 minutes
🧾️ Download transcript
Summary
#56: Learn today’s financing qualification requirements for investment property with Caeli Ridge, Owner and CEO of Ridge Lending Group.
This pertains to conventional financing of: single family homes, duplexes, triplexes and four-plexes that you do not intend to occupy.
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Listen to this week’s show and learn:
00:52 If you want to control more property, you need good loans.
04:50 Compared to last year, are borrower requirements more rigid or more lax?
07:39 Your credit score, debt-to-income ratio, percent down payment, reserve requirement.
12:46 Qualifying for your first 4 properties is different from your 5th through 10th financed properties.
15:47 Qualifying for your 11th through 35th financed properties.
17:13 Can foreign buyers qualify? Also, LIBOR comments.
19:28 Maximizing your cash-on-cash return when structuring a financed offer.
21:21 Buying income property outside the state where you reside.
22:44 Minimum loan amount is $50,000 to $60,000.
26:10 What is a Good Faith Estimate?
27:58 Closing costs - what are they and where do they all come from?
30:58 Why you would want to pay a 2% Origination Fee rather than 1%. It’s by paying 1 Discount Point to “buy down” your interest rate.
32:55 Recording costs, transfer taxes, escrow charges, appraisal fees, processing fees.
36:02 Title Insurance
Resources:
MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.
NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Turnkey Cash-Flow Investment Property.
GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.
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Transcript
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| 0:00.0 | Get Rich Education is brought to you by Norrata Real Estate Investments and Mid-South Homebuyers. |
| 0:10.8 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and |
| 0:21.9 | billionaires than anything else and can provide you with more wealth and happiness than |
| 0:27.2 | you ever thought possible. Now, here's your host, investor, entrepreneur, business owner, and |
| 0:34.4 | educator Keith Winehold. |
| 0:46.3 | Welcome to Get Rich Education, episode 56. I'm your host, Keith Weinhold. Here's hoping that you've lived in abundant week. Over time, do you want to own more cash flowing income |
| 0:52.4 | properties or less? |
| 0:57.1 | If you're here, the answer is likely more. |
| 1:01.0 | Okay, you can control more properties with loans where you're using as little money as feasible |
| 1:04.2 | for your down payment and closing costs. |
| 1:07.4 | In real estate investing in an appreciating environment, great returns can come from leverage. |
| 1:15.9 | Leverage comes from loans, and today we've got the first of a series of three consecutive episodes |
| 1:21.3 | that focus on how you can best qualify for the mortgage loan that fits you. |
| 1:27.0 | Today we're speaking with Ridge Lending |
| 1:28.9 | Group's Chaley Ridge about investment property loans for one to four unit properties. |
| 1:35.3 | That's single family homes, duplexes, triplexes, and fourplexes that you do not intend to occupy. |
| 1:43.4 | Now, you might remember that the first time we had a mortgage loan |
| 1:46.4 | officer appear here on GRE, it was just four months ago on episode 40. But it's time to do |
| 1:52.2 | another show about this because lending is such a key component to getting you into income |
| 1:57.7 | property so that you can begin to build your wealth. Lending is also one of the |
| 2:03.4 | more dynamic portions of the real estate investing industry. Chaley and I will probably have |
| 2:09.1 | some overlap and review of that prior show, but we're also going to touch on some different |
... |
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