All Forum Posts by: Shawn M.

@Art Maydan  Thats a TRUE story, He took a week off over christmas/new years and was laid off on Jan 2nd. 

It takes so long because the loan processor will ask you for papers, forget that you gave them and ask again then loose them, ask you again then go on vacation for a week, then get laid off and you will start with a new loan processor who will ask for the same papers yet again.

How can the seller finance the deal when she owes the bank 60k???

The shows glorify the house flipping business. They edit out all the, cost over runs, appraisals that don't come back high enough, arguments w/contractors. Etc. oh and of course they always get a full price offer on the 1st open house. The real world often doesn't work out like that. Your better bet to get her into the business would be to take her to a local reia or meetup meeting and talk to local investors.

If you are serious go buy Roger Dawson's audiobook the secrets of power negotiating and listen to it often. Lots of good strategies.

There is more to negotiations than just lobbing numbers back and forth. Your not going to learn it in a forum. Go out and talk to sellers there is an art to it that takes a lifetime to learn. And why do you think he is only justified to make 2k profit on his property? I'm sure there are taxes and commissions to pay.

@Ryan West Thank you

So would it make sense to apply at a big bank and a smaller one? Has anyone ever been denied at one bank and approved at another?

Hello, I am applying for a single family owner occupied conventional loan at my local bank. However since I am an investor my income is from rental properties so gets whacked 75% right off the bat. 

I've been thinking of applying for a loan at two different banks incase one underwriter denies me? But i'm not sure if every bank underwrites the same way because of FHA rules. so there is no point. or can underwriting vary from bank to bank, in which case it makes sense to have a back-up bank.

3x rent is usually a good enough metric for rent affordability. However the 6k/month gets eaten up pretty quick with 2 kids so the single girl may be better qualified financially. So with that said they both qualify financially. However I would assume the family won't mess around with late rent since an eviction would be harder on their home life. I would always opt for the potentially longer term tenant, even though you have no way of knowing. 

Did you google interest rate vs points?