All Forum Posts by: Caroline Gerardo
Caroline Gerardo has started 27 posts and replied 2818 times.
Post: Title Insurance for lender foreclosure property

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
After you purchase no, whatever is on title sticks from the past.
Post: How would you structure this deal?

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Can you operate a ranch? Have you owned horses and understand the liabilities and costs?
Offer seller due in four years balloon, 30 year amortizing payments at 5% in writing and see how they counter.
GET QUOTES for hazard insurance NOW and have agent walk the property.
Well? Test the well for gallons pumping and quality.
Have them pump septic at close ( $300 ish cost but you need to know condition)
Roof?
Post: Concerning situation with my agent

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Sounds like she has not ongoing managed property. Leasing it is different than providing accounting, reporting, repairs, communicating with you/tenants/insurance/lender, collecting rents. If you believe she is honest, hard working and her style of communicating fits you- she needs an app to help her with paperwork I suggest yardi or doorloop/ get a contract in writing that you negotiate with every nitty gritty duty- for example: who keeps copies of keys, how often are inspections done and how is the data provided to you, what dollar amount she can front money for repairs, when to call you... Or just hire a Pro in Nashville there are many.
Post: help me pick a tenent (sophie's choice)

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Couple two sources of income but they can break up. Make them sign a partner agreement understanding they both are on the hook if one leaves. MFA in sculpture then I like them, in poetry not so much, lol from the girl with a MFA centuries ago. What is his job and his doctorate degree?
1099 income for single woman is fine and suitable. Spell out in the lease the cost for a gardener is $300 and snow removal $200 a pop if she fails to maintain you go to full service and lease increases. Back to the me reference I'm tiny but I can lift a 180 pound man, operate any machinery... by rugged places are you saying Wyoming ?
Post: Gatlinburg Pigeon Forge this Memorial weekend - webcams

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Let me know if the synchronized fireflies show Saturday and I'm in the car
Post: Is it possible to get a mortgage with no W2 history

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
How much do you deposit into one bank account past 18 months = income - 15%
Post: DSCR Cash Out Refi Questions

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Most hit all the bullet points excepting:
Spending $175 on renovation and adding square footage or unit count does NOT miraculously convert to valuation. You need comparable sales BEFORE you spend $175 or the appraisal will come low to your expectations.
Post: First time buyer loan for my wife?

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
She's not on title, she may be able to close in her name alone BUT no your income would not be included for a "first time buyer" as you own. Some programs don't require first time buyer, just that you are making a sensible move for primary home ownership not as rental
Post: Will we be able to use my wife’s income to qualify?

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Start depositing all income into one bank account, a bank statement loan may work for you.
Post: Where to buy used 24 inch wall oven

- Lender
- Laguna Niguel, CA
- Posts 2,894
- Votes 2,336
Facebook marketplace perhaps a used one?