Episode 44: Understanding The Intricacies of Various Mortgage Products With Chris Puleo

Jan 21, 2021

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How many ways are there to finance buying a property? Way more than I'm aware of which is why our guest Chris Puleo is here. With his robust 20+ year career, Chris has seen it all and explains a plethora of different popular products. With so much interest in househacking, of course we talk about the FHA product and calculating the self sufficiency tests. Not to mention some of the things investors AND brokers need to be aware of when putting offers on properties with an FHA loan product. Chris also compares the differences between buying in your personal name and buying in an LLC. There's a lot to unpack so let's get to it and if you like what you hear, or you learned something, please subscribe to our channel and give us a 5 star review.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Chris Puleo of The Puleo Group

Link: GC Realty & Development, LLC.: Chicago Property Management, Chicago Homes for Rent Link: Chris Puleo - The Puleo Group, Powered By Preferred Rate. NMLS 204168 | Call Chris | Email Chris

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Guest Questions

Landlord tip of the week 2:46

What are some differences between owner occupied and investment loans? 6:10

How have reserves changed before COVID vs now? 7:45

Can you talk about some of the contingencies regarding FHA loan for owner occupied properties? 9:20

Why is a 3 flat more difficult to underwrite than a 2 and 4 flat? 15:50

What are some risks FHA users need to consider when buying a property? 20:25

When would it make sense to buy down points on an FHA loan? 21:50

What are some differences between buying a property in a personal name vs an LLC? 24:20

Can you explain paydowns on wrap around loans and why a sale of one property would go to the debt of many properties? 26:50

What are some things you'd want to see from a new investor you've never done business with before? 30:00

What are some things that someone looking to househack should know when going to speak with you? 32:15

How do you think the lack of inventory has played into our current financing environment? 36:10

Wrap Up Questions

What's your competitive advantage? 37:52

What is one piece of advice you'd give to a new investor? 39:00

What do you do for fun? 39:25

What is one good self development activity you would recommend to our listeners? 40:22

Who is one person you'd recommend from your local network? 41:10

How can we learn more about you? 42:50

That's our show! Thanks for tuning in once again!

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Production House: Flint Stone Media