All Forum Posts by: David Robinson

@Scott Frame Appraisal price can vary on size of property, commercial vs residential, land. There are a lot of factors that can go in. I have seen appraisals cost $2000 for 37 unit complex.

@Deirdre Renick Guten tag. I was born in Wurzburg, and revisited in 2001, beautiful country. Do you have an area in mind for your rental property, you mentioned living in Kentucky have you researched the market data or connected with real estate agents or wholesalers yet?

I have personal experience with the 203k loan for my primary residence. I found the approved 203k contractor, got the bid and work to be done, and the lender backed out 1 week before closing. I still bought the house with the FHA loan, but no money for rehab. Research the lender and verify they have closed 203k loans recently and know the process and willing to do it. Its more paperwork and more work for the lender, so make sure they know the process and can deliver. I ended up using cash and credit cards for the rehab, getting the work done for 1/2 the price of the 203k contractor, but it took longer. Feel free to reach to me if you have many more questions or just want to connect.

@Phillip Dakhnovets I recommend @Mike Mocek

@Otto Haffner @Samuel Fletcher Hardy may have some local va advice on this.

@Eli M. You have to read the terms and conditions on the commitment letter,but most commitment letters have terms stated if anything changes to the circumstance the terms can be changed. For example if appraisal is different than expected, liens on property not disclosed, or if you buy a 66 camaro 2 weeks before closing with a loan that affects your credit, or natural disaster, emergency, or pandemic. How did everything work out for you?

@Joanne Velez You can refi under the LLC, some lenders are offering up to 80% cash out on a 30 yr fixed at your same rate or better. It all depends on your goals, if you want to be debt free, dont refi. If you want to take cash out and purchase additional investments, go for it with the LLC. Lets connect and will be glad to help some more.

@Jonathan Shnoravorian Depends on the type of loan you are looking for. I would ask for referrals of clients that have completed loans. Ask if the loan will be kept or sold, or who will be servicing the loan payments. Having your docs ready and easily accessible is always a good idea

@Basit Siddiqi One partner is in Florida,us citizen, one is in Alabama, us citizen. The property will be in Alabama, and create short term rental income. Income estimated around $33,000 a year.

@Scott Mac Not sure which type of trust, just curious about securing properties and investments for my family,and if there were any tax or legal benefits of putting investments into a trust?