All Forum Posts by: Donna Hutchinson

@Cassi Justiz - I love it! It's nice to see how you manage to balance the business of landlording and bring compassion and humanity into this business, especially now.   If you have good tenants who are always on time with their payments, keep the place in good condition and gainfully employed but unfortunately have had a change in their income as a result of this unforeseen circumstance, why not try to work with them and create a win-win?  Anyone one of us could or can be in their situation, you never know...

I am looking to start investing buying properties sub2.  I remember a few years back Dodd Frank was an issue in this area where only a limited amount of properties using sub2 could be purchased within a year.  I also know since then Dodd Frank has been modified but don't know to what extent.  Is purchasing sub2 an issue with Dodd Frank now?

Ok thank you

So it's been almost a year since I created this post.  I'm approaching the 10 month mark.  Do I notify my tenant 60 days of their intent and can I also request a rent increase from Section 8?  Initially I was not given the option of providing rental comps, they determined the rent and there were no other options.

He's offering 5% interest, not 3.5% which is still low from what I'm hearing in the industry.  But that's where I started to question the deal.  Anything that's too good to be true always is. 

Yea, that's why I was so skeptical.  I used to be a loan officer and we never required fees or points to be paid prior to, but included in the loan and also the interest rate is actually 5% which is still the lowest I've found from a private lender which started my curiosity and skepticism.  What are the typical lending guidelines of a private money lender?  Also bigger pockets need to vet these individuals that post as private money lenders on their site.

I am in the process of vetting a private money lender and I want to make sure that it's not a situation that sounds too good to be true.  So I need help with the following:

1. Is a down payment typically required? 

2. The origination fee, Personal guarantee insurance,  Hazard insurance and 5% down payment required prior to loan disbursement?

3. 5% interest rate (annum)

I've read some forums where you don't give any money upfront because of scams so I just want to be sure that this isn't one of them.  I'm not familiar with this individual and found him on bigger pockets.  I don't want to assume that just because I found this information on bigger pockets makes it legit. Any help would be appreciated. 

Ok, thanks Nathan

That is great advice, thank you Rian.

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