Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental at a time
back with the boys from convoy home
loans how you doing jonathan
good how are you i’m doing well and
dustin how are you
great great you got some sunscreen on i
hope yeah
that’s hilarious i love i love zoom’s
video backdrops it’s pretty cool hey uh
guys i want to tell you a story
about my third rental property
and see
if convoy home loans can help other
investors do what i did right so i want
to rewind the clock this is probably
2004
easy lending right so i got this through
i don’t know who i got it through call
it countrywide probably
i’m dealing with a seller on a two
family right two houses on one lot
i think i’m picking it up for a buck
fifty
uh but i don’t have enough down right
back in the day
investor loans much like today you had
to put twenty percent down
uh however dealing with my broker at the
time he says you know what michael since
you don’t have it but this is a good
deal if not a great deal why don’t you
see if the owner would take a second
10 second
so what came about and i talked about in
my book was became an 80 10 10 right
countrywide took first at 80 the seller
took a 10 second
and then ultimately i only had to put 10
down
so i don’t know if 90 products are out
there today i want to do an 80 product
i’m going to call this combined loan to
value is that something that convoy
would help our my community get done
because if so i want to encourage
my followers to think about that right
because sellers who own a property a
long time give them some money now
have them maintain a note in second
position so they get some interest going
forward
everybody wins but i don’t know if
convoy can help with that can you guys
help
yeah we can uh you know
max we’re seeing on these are like the
80 10 10s i like those
um
and then essentially
it is a little bit harder to qualify for
these it is going to fall in the non-qm
space but it is for sure
you know available
um but you know the minimum fico scores
are obviously a lot higher that are
needed
um
and the amount of reserves you know that
are needed to do this so
it’s it’s available um but it’s not like
it’s available for everyone
unfortunately well that’s okay i mean
that’s a 90 product i i don’t like to
talk about the extremes
but but could it be like
a 50
20 a 50 25 25 i mean are there other
products or all of these because there
is that second they all go
higher
i think um
you know there is a little bit of
kind of people lenders not wanting to
really do that as much as you know
anything else just because unless it’s a
second that they’re putting on right
products that um will have their you
know lenders will add in their second or
you know we have like you know we i
think we talked about before a home
equity line of credit or kind of like a
homemade line of credit for second
properties
and investment properties right so we do
have that available um but if it’s not
that and
then the lenders are going to get a
little iffy about having a a second that
is actually
you know held and then financed in um
there are cases where again if the ltv
works out and let’s say the seller
financing is going to carry in a lower
amount and enough enough uh um on it to
offset the ltv that that the buyer is
going in with then potentially right but
that’s a very exception based case by
case basis that you know that’s why yeah
you’ve got to reach out to you’ve got to
reach out to people and have these
conversations so how do you want them to
reach out just to remind us yeah just
email private client at
convoyhomeloans.com okay or you can find
us on our website just uh you know fill
out the form yeah let them know you came
from one rental at a time again one of
the things that again i this is
something i’m adding to my bag and i
always tell everybody what i’m doing
i’m going to actually start going to
owners who own this stuff free and clear
with probably something like a 50 20 30.
right i want a bank probably non qm to
come in for 50 first
then i’m gonna ask the seller to take
maybe a 25
second and then i’m going to bring in
the rest just because i think that’s a
great conversation right these these
sellers that i’m talking with they want
some money now
they don’t mind some income they like to
delay taxes
uh but this is definitely a strategy
that i’m gonna push uh so i would
recommend my folks reach out to both of
you guys uh
just to have the discussion because i
don’t want them to get too far down this
path if you guys can’t help so they
should reach out early uh dustin one
more time what’s the email
uh private client at convoy
convoyhomeloans.com
awesome thanks guys
guys thank you