All Forum Posts by: Robert Sepulveda

subscribe to loopnet and you'll get closed comps.

Yes, you can download a quitclaim deed for texas fairly easily. Fill it in with you adding yourself and the the new person together. As long as you're still on it (assuming you were in the first place), it won't trigger any issues for you. You can also hire a title company to handle it for you but you'll pay hundreds of dollars for that service.

Once you have it filled in, take it to you county recorders office, pay the fee and it will be stamped and recorded for you.

Just look up different vesting structures to see what's appropriate for you to write in, i.e. :

Owner A's Name, A single man/woman and Owner B's name a single man/woman as Joint tenants/tenants in common with rights of survivorship.

Andre, if you have a good broker, they should help in dealing with your sellers agent to buy you time if you need it. But what you're describing is going everywhere and not really a symptom (totally) of a bad broker. The IRS is backed up on transcripts right now and not all are posted for lenders to automatically retrieve. Their only wrongdoing is that they pushed your file to the back of the queue since you had time on your escrow, that could have been used to track this down weeks ago. From what you're describing, you should be fine once the transcripts are retrieved. Make sure you ask them for a copy of the underwriting approval conditions so you can see for yourself what has to be done, since they're flaky.

If you need a bridge of hard money, expect to put at least 30% down and pay a couple of points to close. it should only take a week or so to close if you have to. I suggest you let the sellers know the IRS is slow on the transcripts and they should give you some breathing room. I can attest, it's a nationwide problem.

As long as you're purchasing 5+ units and use an LLC or trust to buy, you don't need to worry about your source of funds. It could be a bank or portfolio who finances your commercial deal, as most all will consider it separate from your residential holdings.

Your debt service coverage ratio is more important and calculated property specific. If you can cover 1.20 or better, then you're in good shape. don't limit yourself to just regional players. Use a portfolio if you need exceptions for credit issues or faster closing. Use banks for more traditional products.

Ok, then that inspection will be separate from the valuation appraisal the lender will order. The termite inspection you're speaking of is to satisfy yourself and your real estate purchase contract and all of my previous statements hold true.

You and your realtor will determine your path based on the general home inspector's report. Just know that if the appraiser sees significant damage, they'll make the appraisal conditioned to repairs that must be done in the lender's eyes.

Except in the case of a VA loan, there are no mandatory termite guidelines for loans nationwide. However, HUD/FHA requires that if there is any obvious structural damage from termites (or otherwise) that is found in a basic appraisal, it must be corrected.

Otherwise, lenders don't require a termite inspection at all. Some lenders may impose their own policies but it's not a requirement by law.

You can cancel your contract at anytime if you feel the property is not up to the standard you wish within the limits of your contract. Your realtor can advise you on the number of days you have but, if you can't agree on the remediation of the termites, then cancel or accept the damage and negotiate for a reduced price.

Remember, the appraisal is the only report required for HUD, so whatever they say needs to be corrected, must be. If they don't have it in the appraisal report to correct anything then you're free to handle it as you wish.

solicitation is a problem when you're requesting "private" money to invest in your projects for a return. Hard money is already established lending entities who have funds to lend you on their terms (not the other way around). Many hard money lenders are actually set up as brokers who fund from a pool of private investors and have taken care of the solicitation issue fore you.

@Margo Roberts the age of the property doesn't really matter. The condition does. Most lenders want to make sure all the systems are in place and operational. If there are no obvious defects to the home you'll be fine refinancing out of your retirement account. You shouldn't have to wait if it's been less than 6 months either, since you used your own funds to buy.

I've handled section 8 tenants with multiple unit properties in the past. They tend to be very grateful for the home, but you do have to screen carefully. You'll usually have a case worker as your contact and when you get established as a good section 8 landlord, you'll never have to worry about your properties being vacant. But to start off, it's always best to buy a fully leased section 8 home so you know what the benefits are for your particular area. Then you can calculate your cash flow more accurately.

One thing you have to really keep in mind is utilities. I find section 8 residents use more for some reason. So if you're paying them, get copies of utility bills to consider before you buy.

Remembering you and those we lost on this Memorial Day weekend. Thank you for your Service!