All Forum Posts by: Brett K.

@Clay Smith I'm looking forward to it. 

Clay Smith has a number of rental properties scattered throughout different areas of Metro Louisville.

He is going to share ideas about how to be a successful landlord and how to manage rental properties. He will discuss tips, do's and don'ts, important clauses to include in your leases, and more.

I guarantee it will be an informative evening. Even if you aren't a landlord now this will be a chance to develop your mindset for your future investing.

Hope to see you there.

Brett

Our guest will be Clay Smith.  He is an experienced investor.  He will be sharing his knowledge of estimating repair costs ranging from paint, kitchens, HVAC systems, plumbing and foundation issues. He's been so busy he's started his own contracting company. 

Learn tips on how to estimate costs quickly, where to find source materials, and strategies on how to approach your remodeling problems.

Join us for an informative evening!

See you there,

On paper yes.  Pragmatically, boots on the ground, what does your gut say?  I can imagine the neighborhood in my minds eye and I'm locking my car doors as I drive through it.  If you are OK with that, and many people make great money in such areas, then you have your answer.  If it bothers you or your significant other then the answer isn't so obvious.  Check with the property manager to make sure your remodel and vacancy expense estimates are realistic for the property.   Cheers.

We are meeting at a newly renovated Old Louisville triplex. It was an extensive remodel and it is now rent ready.

The owner is also a property manager and he will discuss the pros and cons of owning multi-family rentals in Old Louisville, his experience renovating in the historical preservation district and more.

Hope to see you Thursday evening. Attendance will be limited so please don't reserve a spot until you check your schedule.

Please contact me or @William Osborne

See you there,

Brett

Check your local banks for an investor friendly institution.  You need to find one that portfolios their loans.  That just means they don't sell them to Fannie Mae or other institutions.  They will hold the loan in house.  Since they won't sell the loan they have more flexibility to do deals that don't meet all the checkboxes required by the conventional mortgage market.  In most cases they will do the loan as long as you have 20% down.   They can do common sense underwriting.  The interest rate will be a little higher and sometimes they will only do shorter terms.   

Good luck with your deal.  

Thanks for the replies by the way.  Pretty dry topic to get involved in.

It also states on page 146 right below the 91 to 180 day rule

(iv)Exceptions to Time Restrictions on Resale:    "sales of Properties by local and state government agencies;"

Which would apply to a local sheriff's auction held by the county.  

I'm representing a seller who just remodeled a property.  He purchased it in Dec. 2016 but the deed wasn't recorded until about 30 days later.

The underwriter wants us to rewrite the contract with a new date, get a second appraisal at my clients (seller) expense, and postpone the closing. 

The underwriter states 90 days must pass from the time the deed was recorded from when my client (investor) purchased the property for the property to be eligible for the buyer to use FHA financing.

According to FHA guidelines, on page 146 (per HUD Handbook 4000.1 dated 12/30/16) it states it is from the time of "acquisition".   The deed clearly states the date of acquisition is more than 90 days ago but if you go on the local PVA website it shows the sale date is within 90 days because they use the date the PVA was updated.... not the date of the deed.

So I'm in a pissing match trying to get this thing to close without delay and avoid my seller having to pay another $400+ appraisal fee.

Have they issued a new guideline since Dec. 2016?

In practice do they use the date of recording even though the guidelines state date of acquisition?

Practical insight appreciated.

Thanks,

The underwriter wants to make us rewrite the contract, get a second appraisal at my clients (seller) expense, and postpone the closing.  The underwriter states 90 days must pass from the time the deed was recorded, from when my client (investor) purchased the property, and the date the purchase contract was signed.  

According to FHA guidelines, on page 146 (per HUD Handbook 4000.1 dated 12/30/16) it states it is from the time of "acquisition". Due to about a 2 week delay from the date of the deed to the time it is recorded.

So I'm in a pissing match trying to get this thing to close without delay and avoid my seller having to pay another $400+ appraisal fee.

Have they issued a new guideline since Dec. 2016?  

In practice do they use the date of recording even though the guidelines state date of acquisition?   

Practical insight appreciated.  

Thanks,