All Forum Posts by: Charles Mullins

@Melvin List and @Frank Y.  Just a quick update.  We ended up closing yesterday on my daughters condo. Thank you for your guidance and suggestions during this troubling time!!  We ended up having the equity in our home and refinanced to pay cash. I wanted to give you an update and thank you again.

Excellent!  Thank you @Jim Blackburn

@Frank Y. thank you.  That is our current path, but need to scramble if they do not except the extension.  

@Melvin List my wife said they said the investor ratio could not be greater than 48% for a conventional loan.  With you in Tampa it is North Palm in Oxford place is the exact location.  She was accepted to USF and some of the surrounding area is less than ideal so I wanted something safer for her.  

@Melvin List unfortunately that is the problem. We were approved on conventional and was counting down to closing when they contacted us and said they could not finance due to the number of investors versus rentals. <= wife got the call, but there is a percentage (limit) on investors in order to get a conventional loan. So conventional is out and cash is the only way. So, to save the place (really only affordable place we found) we are scrambling to get the cash. The saving grace is we have at least a 1/3 of the total if not more in cash and we have more than enough equity in our house to cover the difference and still maintain the 80% LTV. So, at this point I don't care much about the cost I just want to secure the condo for our daughter. Hopefully that helps.

Hi everyone, I'm looking for advice and possibly referral for someone that can lend assistance. In short, my daughter is attending a college and we found here a reasonable (smaller) 1 bed/1 bath. Our conventional mortgage did not go through due to the number of investors in complex and we found this out yesterday. The condo is 67.5k and we have roughly 150k+ in our house in equality based on MLS CMA. The problem - we have to start the process over and have an appraisal on Monday. The original close date is end of this month on 28th.

My question does any private or hard money lender lend money short term?  I'm guessing we need a max of 1-2 months and if all goes well we need <1 month.  I don't mind the fees and interest rate as I don't want my daughter to not have a place to live.  We are about 1.25 hours from college and they start 3rd week of August.  

Any advise or networking someone can put me in touch with?  Thank in you advance for your assistance and advise.  

Thanks @Chris Mason good stuff.

Hi everyone, some basic questions as I try and learn some of the basics. I read or possibly heard on a PodCast that if you can do a FHA with minimum down you can then then have more money to use on additional investment properties. What I get caught up if you put the minimum down on FHA and have the extra cost of Mortgage Insurance is it worth it? I"m guessing the extra investment properties would out way the cost. Is this accurate? After the required one year as you move on to another and repeat I'm guessing then you would need to refinance. Any guidance here to help me paint this picture would be so much appreciated. haha so much to learn and thankful to everyone here.

Have you thought about providing an adequate notice for existing tenants and raising the rent?  If they are grossly underpaying that may help with your decision.  I have to admit that is a good decision to have :).  I'm looking to start myself and trying to learn as much as I can as we save for our second investment.  Best of luck

@Brandon Johnson thank you!  At first we are buying a condo for my daughter going to college about an hour away.  When she is done it will convert to a rental property.  We are also looking for additional rental properties but that will come after we save back up :).  

@Dave Visaya thank you!  Will definitely hit the links and keep learning.