All Forum Posts by: Ray Slack

Private Landlord and all 15 tenants have paid.. While some were late all paid.  Waived late fees on those that paid before the end of the Month (May) 

A few thought they didn't need to pay because our state suspended evictions. Once we explained that we would still file eviction and it would remain on their credit report for 7 years and the actual eviction would take place in July when evictions began again they would have a judgement against them for the back rent.. They paid too. 

not many properties wholesale in Bowie.   Are you looking to buy and flip? buy and rent? or buy and live in. 

https://www.biggerpockets.com/forums/51/topics/383450-maryland-investors---pre-foreclosure-laws#:~:text=Basically%20MD%20has%20made%20it,buy%20it%20through%20an%20agent.

Can a Seller hold a 2nd mortgage on a conventional Loan?

Selling Price $200,000

Down payment 5% ($10,000)

Loan amount $190,000

The appraisal comes in at $191,000

Will banks or Fannie mae/freddie mac allow the seller to hold a 2nd mortgage (roughly $9,000) for the difference between the Sales Price and appraised value so the bank would still only be loaning 95% of the appraised value? Or do they need the entire downpayment coming from the buyer? 

Hope this makes sense.

Thanks

I have my prospective tenants pull their own credit reports through Credit Karma and send me a copy.. (it's free and doesn't count as a hard pull if they pull it themselves) and I tell them if they are accepted I'll pull their credit myself and verify their scores, but only if their application is accepted.  That way they know their credit is only being pulled if they "Got" the rental.

I have buyer that I'm helping find the best rate for his 1st investment property.  He is a no brainer for qualifying .

$300k purchase (conforming Condominium in Washington DC)

both Ratios  under 25%

All 3 credit scores over 800

w-2 employee over 5 years same job

20% down conventional loan

over $200k in cash and stocks.

So, question is who has the best rates?  We just started to compare. Usually quicken loans online has been my go to place. I'm waiting on a quote from them.  TD Bank came in at 3.75% with no points and no lender fees. 

PenFed Credit union had great Owner Occupied at 3.125% with no points and $700 rebate but their investor loans were not competitive.

Any suggestions where to get a quote? 

Probably in the Real Estate classes tenancy means forms of ownership. Tenancy basically means to occupy. 

Question: When speaking to an appraiser he told me that the underwriters will fight with him if he appraises a property over the highest prior sold comp. Even if the subject property has more upgrades or renovations.  

So, I think this happened on my current deal.  The appraisal came in and I was told that the underwriter was reviewing it.  No mention of a low appraisal or anything. Then a week later I get the appraisal 10k under selling price.  (I'm thinking the underwriter kicked it back to the appraiser trying to be conservative due to Covid19.

My question is does this happen? When an appraiser submits the appraisal to the lender and then the underwriter wants a lower value and sends it back to the appraiser claiming they don't like his adjustments or comparable selections?

This is a fannie mae/Freddie mac loan.

Thanks

sorry deleted

This is why I love BP.. I don't have to call out these self serving posts trying to masquerade as a public service announcement, because my fellow BP members have already done that.  OP, You own a property management company ! You need to disclosure that in the first line of your post.