All Forum Posts by: Lynn Z

What is your FICO? That's important. Historically investment loans ran 1 point higher than residential. Closed a triplex and they flagged it on the day of closing and added 2 points to the already high point loan.

Got 5.785 October before last at a large bank as an investment loan but have high FICO, no inquiries on my credit for a year and little debt. If an investor applies for a loan and your taxes look bad (good to you, bad to banks) you must qualify for a loc doc or papersaver type loan. Otherwise, you use brokers. Get a good one that knows his or her stuff.
Remember also that your FICO score is unaffected by your shopping rates within a 2 week period. You get 4-5 inquiries on your credit report and they think you're about to file for bankruptcy.

Also, banks take off 25% of your rental income reducing your net. If you have losses of any kind...they're not impressed. That's why you need a good loan officer.

We're back to the good ole days of lending guidelines.

I am opposed to PMI. I was told that because I had an investor type loan (rental property) that I would have to have 70% ltv proven by hiring a general state licensed appraiser (only could find one appraiser that had that credential in the state capital) or a Broker in Charge (didn't go that route) who would do an appraisal that I would pay for ($475) justifying major renovations to increase the value of the property. Once that information was gathered the lender "might" consider removal of the PMI.

It's not easy to get rid of PMI and my understandining from someone who should know is that an FHA loan never has to remove PMI from that type of loan.

Appraiser ALWAYS represent the lenders and should you foreclose the lender wants to hedge their bets as well. You can't rely on an appraiser to help you EVER. I had an appointment with one last Saturday and he forgot the appointment. I called the lender and the appraiser called and said he couldn't locate the property. Now Really. It's their game.

my sister and her husband left their jobs as school psychologist and house framing to engage in real estate in the 1970's. They have made a long, hard living off of it. They help me alot and I have done alot on my own. He's a builder but prefers rental property/maintenance etc.

All of his family does capentry, roofing, plumbing.

I've bought, sold and lived in alot of real estate. Have done 4 1031 exchanges in the past six years. Bought property (triplex, duplex, sf) when I worked for the government.

At least two years, huh?

Hey, it's the sizzle not the steak, remember? It's not rocket science.

I saw someone locate a collection of gasoline glasses from the 50's (used to get them by buying gas) in the kitchen. They are green and white and come in unusual shapes and people collect them.. Everyone was attracted to those
glasses. I'm considered staging mine and unfortunately have furniture in storage to put in my rehab.

What did you do for floor covering like rugs? I'm curious.

How long was it for sale?

I draft and pay on line. I don't think I dig up 12 months of statements for all of the mortgages I have. Done a lot of full doc mortgages but this is the first time I've been asked for 12 months of canceled checks (shows how behind they are "canceled checks") for all mortgages. It's ridiculous. Why don't they get a release and just contact the mortgage companies for a statement that no payments have been late. My commercial loan just posts it on line and drafts. They don't even send out a statement.

On a full doc loan I'm being asked to verify timely mortgage payments for the past 12 months on all mortgages. What the heck is the credit report if it's not a way to report timely payments. What's the reasoning behind putting customers through this exercise? Don't they call up the lenders anymore?

Thank you for your experiences from the great state of Ohio. Sometimes we southerners think we're in better shape than we are. My sister has been a landlord for 30 years and just got 10 vacancies in one month. Part of our problem is competition from all sides and yes, I do think it will get better.

I should have refinanced when rates were down last month but held out to catch them going lower. Patience comes with a good loan structure, don't you think? You can hold a long time if those payments aren't so bad.

And, with a great rehab...you can always move in em. This is a 1031 so got to hold and try and rent it at the minimum a year and a day. Sold a triplex with tenants for SF...That was dumb in the short run but hopefully more maintainable in the future. Thanks again.