All Forum Posts by: Andrew Postell

@Havan Surat got the scoop here.  Tagging @Zach Lemaster as well.

All In Credit Union does have a 5% down loan product for investment properties. It is credit based. So, if your credit is 740+, then you can get 5% down. If it's 739 and lower, then it's 10% down. They can lend 41 states. This product is has a 10 year loan option, a 15 year loan option, or a 30 year amortization option that will balloon in 10 years. Obviously, we would do that 30 year loan option otherwise you would be bleeding money....I mean, you will still be significantly negative going this route even with the 30 year loan, but you can still have a low downpayment option if you want to purchase move-in ready homes. Your DTI max is 43%, so with being very negative on cashflow, that means your regular income would need to be able to support it but at least the option is there. You apply through their website and the loan gets assigned to the "team". This is somewhat normal to credit unions as it keeps costs low.

Anyway, hope all of that helps.  Thanks!

@Mike White no, you don't need to do anything like that.  None of the documentation you have signed/e-signed so far is binding.  The only paperwork that is binding is the paperwork you sign at closing that you notarize.  You can completely ghost them with no repercussions...I wouldn't really suggest doing that though.  An email or phone call is fine.

@Havan Surat didn't even call them.  Sometimes you just get tired of calling these places because none of them can do these things.  Maybe if I get some time to do it I'll reach out but it's way down on my list. 

@Tyler Underdahl thanks for posting.  Always great to hear from a fellow Texan - especially one that is local!

The #1 way to finding good investors is by asking other investors in your market who they use.  It's not foolproof (and nothing is) but if another investor in your market has said "I use company X consistently" and then another investor says "I've used company X too and would recommend them"...then that usually puts us in a good starting position.

Have you been to any local real estate groups yet?  There are many in our area that meet in person.  Certainly here to help.  Thanks!

@Braden Jackson thanks for the post.  Always great to hear from a fellow Texan.  Now, for comps:  the only way to get comps here is to be a realtor (which they pay for access), or an appraiser (and they pay for access as well), or to pay for access through one of the servicing companies that provide this.  Now, there are several OTHER websites/services that say they have comps...and they might have some - but they don't have them all.  Every other service either provides an incomplete view or a distorted view.  Otherwise, we would just use those other services!

Do you know a real estate broker that would allow you "admin" access to their system?

Do you know an appraiser that would allow you "apprentice" access to their system?

If you don't know those, then you'll have to pay.  That's the only way.

@Betty Joseph in order to do this you would need to register with each credit agency by establishing a "Data Furnisher" or "Service Agreement" with each.  They will have guides and rules...and of course, fees...for you but you can reach out to each one to find out more information. 

@Deron Jewett thanks for the post.  There are a couple of thing in your post that we might need clarification on...but maybe not.  The crux of your question just has one answer - the inherited property will not restrict you in receiving a FHA loan. Now, this doesn't mean that an FHA loan is the right loan for you - it may not be - but there will be no restriction on it if you inherit the property.

Keep in mind that there are only 5 states that allow "Ladybird" types of deed agreements.  Not everyone knows about them.  Texas is really screwy with them so most don't even use them here.  Likewise, Garn St Germain Act also comes into play here (that's a federal law).

So, if you want to go down the rabbit hole some:

1. When you inherit this property the mortgage will stay in place with the original persons on the loan.  You should NOT assume the mortgage.  

2. That's what the Garn St Germain Act is for - no lender can call the note due if you inherit a property.

What those mean together, is that you will own a home but not be personally liable for the note (or loan). And since you don't have a loan in your name, you are free to take an FHA loan with no restrictions. This doesn't mean you can't pay the loan...if the loan isn't paid, the lender can foreclose on the property just like normal. But they do not have any legal recourse for the property just being in your name now. And this has LOTS of legal precedence to it. You can certainly ask the attorney that drafted the Ladybird agreement. They are usually very familiar with Garn St Germains Act.

I hope this makes sense how I am describing it. 

@Mike White you just call your loan officer and tell them that you are cancelling.  That's it.

@Calliopie Andrade lending in other countries is so different than lending in the United States.  This information needs to come from other locals in your area.  Is Facebook a think in South Africa?  In the US we have group pages that we consult with for local things.  So, there might be a South African Real Estate group page...that is, if facebook is even a thing.

Hope that makes sense. 

@John Mason the most important piece of what you are asking is what your comparable properties or "comps" show.  There will be this trade off that you will get out of any remodel.  Meaning, you might have to drop $70,000 on a pool...but you may only get $20,000 in value.  Now, I know you were asking about rental income...and that you can find in the comps too.  But I would certainly suggest in paying attention to the value.  Mainly because it might be less out of pocket to go and purchase a home with those features than it is to remodel.  

Hope all of that makes sense.