All Forum Posts by: Ameya Barve

I just received my "Notice of Increase in Valuation" for my SFR in Moore, and the value has gone up by a ridiculous 50%!

Here in Texas there are firms that help file the Property Tax Protest / Appeal on your behalf - I was unable to find any such firms for Oklahoma.

Are there any such firms that exist? Would love to know how other investors in Oklahoma tackle this?

Thank you for sharing - big news indeed! I am sharing snippet of the relevant section from the Fannie Mae Servicing Guide (section D1-4.1-02), so both sections are can be found in this topic - emphasis on the LLC part is mine (Title is the direct URL link to the entire section on Fannie Mae Servicing Guide).

• A transfer of the property (or, if the borrower is an inter vivos revocable trust, a transfer of a beneficial interest in the trust) to
  • a relative of the deceased borrower (or, in the case of an inter vivos revocable trust borrower, to a relative of the individual who established the trust), as long as the transferee occupies the property;
  • the spouse, child(ren), parent(s), brother(s) or sister(s), grandparent(s), or grandchild(ren) of the borrower (or, in the case of an inter vivos revocable trust borrower, of the individual who established the trust), as long as the transferee occupies the property;
  • a spouse of the borrower (or, in the case of an inter vivos revocable trust borrower, of the individual who established the trust) under a divorce decree or legal separation agreement or from an incidental property settlement agreement, as long as the transferee will occupy the property;
  • an inter vivos trust (or, if the borrower is an inter vivos revocable trust, into a new trust) provided that the borrower (or the individual who established the original inter vivos revocable trust) will be the beneficiary of the trust and the occupant of the property and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).

    Notes: For all such transfers affecting mortgage loans purchased or securitized by Fannie Mae on or after June 1, 2016, the transferee is not required to occupy the property.

  • a limited liability company (LLC), provided that
    • the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and
    • the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).

    The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements.

+1. I'm interested is buying land as well, and so far I've been searching and reading articles on BP to do some research. I've never purchased land before, only SFRs (buy and hold), and wondering if there is a post / site which will contain some useful information to get started.

Much appreciated!

@Alan Rohrer, @Kyle Lewis, @Simon W.

I have already signed-up for a few Meetups in my area - thanks for the input!

I am just starting off with Real Estate investing and have tons of questions. I realize that apart from browsing through these forums for answers, I should also build a virtual team of competent folks to get professional advice from - but because there seem to be a lot of categories of professional advice, I don't know the exact list of people I need to include in my team. I have the following basic list and am looking for guidance on who else should add to that list:

* CPA / Accountant

* Real Estate Attorney

* Real Estate Agent

* Insurance Agent

* Mortgage Broker(s) / Lender(s)

I realize that depending on the type of real estate investment I might need more in my team (e.g. if I am rehabbing, I need a General Contractor etc.)

Who else would you recommend I add to the above list at an absolute minimum? 

All help appreciated!