All Forum Posts by: Don Hines

I had the same epithany last night. I am working with a comercial loan officer at the bank. All of this does have her a little gun shy. It just so happens that when I got home, I opened up a letter from Home Depot stating that my line of credit with them has been increased and purchases over $300 are intrest free for a year. I think it is a sign from above :lol: . My lack of cash is a henderance. Funny thing is, with my credit score, I can buy all of the cars, campers, ATV's, furniture, ETC a fellow would ever want. It is amazing how funny banks act when they know you are in it for profit. This cat is getting skinned one way or the other despite Mr Fannie Mae's efforts.
Don

Steve that sounds real simple. I will give that a try. Thanks so much.
Don

Yup. You nailed it. Even though I like Jason's answer better.
Don

"GRANTEE HERIN SHALL BE PROHIBETED FROM CONVEYING CAPTIONED PROPERTY FOR A SALES PRICE OF GREATER THAN $xxxxx FOR A PERIOD OF 3 MONTHS FROM THE DATE OF THIS DEED. GRANTEE SHALL ALSO BE PROHIBITED FROM ENCUMBERING SUBJECT PROPERTY WITH A SECURITY INTEREST IN THE PRINCIPAL AMOUNT OF GREATER THAN (same as above$XXXXX) FOR A PERIOD OF THREE MONTHS FROM THE DATE OF THIS DEED. THESE RESTRICTIONS SHALL RUN WITH THE LAND AND ARE NOT PERSONAL TO THE GRANTEE.

THIS RESTRICTION SHALL TERMINATE IMMEDIATELY UPON CONVEYANCE AT ANY FORECLOSURE SALE RELATED TO A MORTGAGE OR DEED OF TRUST"

I really appriciate you taking a look at this.
Don

I have had a FNMA property under contract a few weeks now and was to close on it tomorrow after a few minor delays. I just got a phone call fom my bank telling me I could not borrow as much as I need according to an addemdum to the purchase agreement. I saw it, but, I read it to say I could not convey for a certain amount for 3 months. I am not wholesaling it so I didn't think much about it. My bank was going to supply the purchase and rehab. But, now they tell me they can't due to this clause the title company discovered today. The amount FNMA has in the contract is about $20000 less than I need.
I have instructed my agent to tell their agent the deal is off if this is not struck from the addendum. I have a financing contengency. So, I don't think my earnest money is in jepardy.
This is the craziest thing I have ever incountered. What right do they have to control an aspect of this deal after I have purchased it from them?
Don

What is going on with Jason and Bill today? I am on my third thread you two have responded to; and yall are agreeing today.
Don

I started making offers again last August. It took almost twenty before I hit on one to close next week. I saw all kinds of goofy stuff during this time frame.....
Counters back at list, lost some to others for list, lost some for $10k over list, ETC. I am not looking at anything over ARV of $130k either. So, it is my speculation that long term buyers are heavily in the market for rentals. I figure I will get another shot at these properties when the fantasy wears off. Some of these deals fell through and are already back on the market.
Don

If they throw in a TV don't go. It is a trap for those with outstanding warrants. I saw this on my favorite TV show...COPS.
Don

I think Jeffery is on the right track with his responses. Besides possably being undersized with your heaters, gravity could be fighting you. Is it possable to loop the service line from the longest point back to your boiler? Cold water is going to be heavier than hot. It would force it's way back downstairs and into the boiler. So, this system would keep water circulating and reduce the variances and time for hot water at the longest point.
Don

I have a project under contract. A state wide bank much like J Scott recomended provided funds for the purchase and rehab. One year intrest only monthly payments at 6.5%.
Just remember not to ask for more than 70% LTV of the ARV.
Don