All Forum Posts by: Belinda R.
Belinda R. has started 20 posts and replied 90 times.
Post: FHA Window requirement
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Hello,
I am trying to FHA loan requirements for windows. Will a house pass a FHA appraisal if it has single pane windows? Seems like in the past, FHA required double pane windows. thanks.
Post: Atlanta GA: HELP! Need contractors for rehab
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Hello, I have a house in Atlanta GA that I’m rehabbing. Yesterday, I had to fire the contractor yesterday. I bought the house in Oct and a 30 day rehab has now turned into 120 days. I’m in desperate need to finish the rehab as soon as possible due to the Hard money loan on the property. Please refer contractors in ATL or surrounding area you know that are reliable and can help me finish the house. Thank you.
Post: Property came with $4k trailer
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Stan Hill:
I would call the state motor vehicle department and let them know the situation. There has to be a procedure for a situation like this in place. As it likely varies from state to state, I would go straight to the horse's mouth.
Ok I will do that. Thank you
Post: Property came with $4k trailer
- Investor
- Huntsville, al
- Posts 105
- Votes 34
LI recently purchased a property In GA and it came with an enclosed Conway trailer. I’m told it’s worth around $4k. I called around and was told I need to tag the trailer first. Before I can tag it, i need to show the state a bill of sale which I Don’t have. Anyone have any suggestions?
Post: Property came with $4k trailer
- Investor
- Huntsville, al
- Posts 105
- Votes 34
I recently purchased a property In GA and it came with an enclosed Conway trailer. I’m told it’s worth around $4k. I called around and was told I need to tag the trailer first. Before I can tag it, i need to show the state a bill of sale which I Don’t have. Anyone have any suggestions?
Post: Wrap around mortgages
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Jason Hirko:
@Belinda R. Not if you record your lien on the property, as most lenders won't lend when there is a second lien on the property, and not if ownership has transferred to the new buyer, since the property isn't in your name anymore. You should make sure you are well versed in your loan documents and know what you are getting yourself into. More likely than not, you'll be putting yourself in technical default by going through with this.
Ok Thanks! I believe you have saved me a from a terrible mistake I was about to make. The balance of my loan is due in full by July 2018. I had planned on doing a wrap around mortgage and then refinancing prior to end my loan term. I think I'll have to go the lease/purchase route. Thanks a ton for your help :)
Post: Wrap around mortgages
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Jason Hirko:
@Belinda R. You would be a mortgage/lien holder on their policy, as would your underlying mortgage. They would get paid out first though
Oh ok. Thank you for the help! Very much appreciated..I have one more question, can I refinance after the wrap around mortgage is in place?
Post: Wrap around mortgages
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Originally posted by @Jason Hirko:
@Belinda R. Your buyer is responsible for the cost, but you are still responsible for making sure they get paid.
Ok thanks. If I drop my current insurance, and the house is destroyed for some reason, who collects the insurance? Could I be added to her insurance somehow? Technically, I would still have my mortgage company to pay off. Just trying to make sure I understand completely. thanks!
Post: Wrap around mortgages
- Investor
- Huntsville, al
- Posts 105
- Votes 34
Who pays the insurance and property taxes on a wrap around mortgage? As of now, my taxes and insurance is not financed into my loan. If I owner finance and do a wrap around mortgage who's responsible for the taxes and insurance?
Post: Neighborhood Scout- $9.99 Per Report/ $79.99 month Now
- Investor
- Huntsville, al
- Posts 105
- Votes 34
So I use Neighborhood Scout to research vacancy rates and have been doing so for over a year for free. I went to the site today and they are now charging $9.99 per report or $79.99 a month! Are there any other sites that provide this information. I am not opposed to paying for the information but $9.99/ per report and $79.99/month! Sheesh!