All Forum Posts by: Arthur Schwartz

I reinstated a mortgage on my cousin's estate in July 2019 (6.125%), paying all past due mortgage payments plus paying off three liens. In September 2019, the deed was recorded officially in my name. I began a refinance in October 2019 and have an email message from Omar Santoyo, a NMLS, on October 14 2019 that my application was complete. Since then, the file has passed back & forth to a Crystal Monteagudo ("Loan Processor") with a series of document requests which seems unending. The two most recent requests: they want the HOA to complete a 3 page questionnaire with about 50 questions plus they want a VOD with average bank balances for the last two months. About the VOD= about 3 weeks ago, I sent them a Proof of Funds (POF) letter from a Wells Fargo banker with about TEN TIMES the six month PITI on this rental property. They responded by asking for the average two months previous balances. I asked WF; they said that they do not issue letters with average balance (only actual balance on a specific date). To offer Caliber Home Loans something, I emailed two photos of my bank account balance in December, January, and February (preceding the March POF letter). After six months, should I comply with the latest two document requests OR find another mortgage lender? If the latter, can you recommend a speedy re-financer? I don't want another six months to go by. PS: should I complain to the Consumer Financial Protection Bureau? Or NMLS? Thank you for your advice.

I have several rental homes located out of state. Are there any rules on how often you can travel there, and deduct the travel cost? Can I travel once a year? Twice? Three times?  Are there any travel expenses which I can or cannot deduct?  Thank you!

you did not state how much of the 780 rent will go to property taxes, insurance, mortgage.  As others have said this property likely works well without doing any refinancing

yes i would likely buy the house on the terms stated.  Why?  you are putting down about 10% and getting a very good return on capital; you may refinance the mortgage to lower the payments.  the real issue is the neighborhood and whether there is good long term appreciation potential

I meant to say roll using a 1031 exchange

I would save for a new home as part of a long term plan to build a portfolio of properties.  Once that portfolio is as large as you like, then I would pay the mortgages down OR roll the equity into a mortgage free apartment building.  

I have an ESA myself and I'm a landlord in the Seattle area!  I agree with Greg's comments about gradually raising the rent.  As far as dogs go, breeds matter and the type proposed is a good one for the landlord.  As far as dog waste goes, if the dog is house broken, it's a plus for the lawn.  I would probably ask for a bi-monthly inspection, take extensive photos, and require any damage to be paid for.  I would not consult an attorney; it's too much & going overboard.

Thank you all very much!  Arthur

I may be bidding at a upcoming foreclosure auction.  Terms appear to be 5% down in the form of a cashier's check; balance within 10 days.  Questions:  since i need a check in the correct amount, if i bring a check for more, do i get a refund?   also is it easy to refinance these properties (a singe family home)  if i pay all cash for the cashiers check and the 95% balance?  also, to whom is the check made out to?  me? also how do others handle the, "you can look from outside but cannot go in" issue? Thank you!

I saw the 10% just doing a general search on the internet (no specific lender named)