All Forum Posts by: Andrew S.

 Contact anyone who does Fannie Mae products.  I work with a mortgage broker who tends to have several options available.

Here is a link that may be useful http://themortgagereports.com/14208/delayed-financing-mortgage-cash-out

Neil,

based on that appraisal, you can actually get your full original purchase price (150K) plus closing cost out of the deal right now by using the delayed financing exemption.  No need to tie up your money for 6 or 12 months.  

If you want even more, explore @Gustan's path

@Jeff Lee 

 I agree that's a very decent price.  I would expect to pay at least 2.5K in my area for something that congested and that big.

Brie is correct, that will likely be the max you can get out. In addition, your property may not assess at 130k, or, even it does, many banks will still use the original purchase price for the LTV calculation.

I suppose it also depends on where you live.  In our area, there are so many trees, it's really hard to get rid of them, let alone get paid for it (usually the cost of hauling them away is as big or bigger than taking them down).

I'd be interested in knowing how much you pay for taking that tree down - it does look "expensive" (close to two buildings). @Jeff Lee 

@Andreas W. 

 is right - DFE is likely a good option for you - but you must complete the refi within 6 months of the original cash closing.  Oh, no seasoning - you can start tomorrow

It seems that the health concerns about power lines that were very big 20-25 years ago have faded somewhat.  While I don't personally own such a property, I would not consider it to be a MAJOR problem.  Your target audience will be somewhat smaller (some people will have health concerns just like a portion of the population is still scared of microwave ovens), but as @Scott W.  says, try to compensate with some other features.

 Actually, those tadpoles already are taking care of the mosquito larva... 

To give you my opinion upfront about your specific question: no, in your scenario, I don't think it's right/ethical for you to charge them for the fine that was waived.  You should discuss this with the tenants and make it clear that you got them off the hook.... this ONE time.  Next time you'll just leave them stuck with the fine.

I'm interested in this topic though because I sometimes deal with a similar but even trickier problem.  Our city has a system of escalating fines, (based on one or two-year rolling averages).  For example, if you don't remove the trash can from the curb in a timely manner, you get a violation notice (I know, I know - seems like there are more important problems for a City to solve, but that's the code...).  Next infraction may get a $100 fine, the next $1000, etc.  So, say, my tenant gets zapped a couple of times (say, gets the notice and then the $100 fine), and then moves out.  Any new tenant will then face a fine of $1000 for what is their first offense.  Other than trying to reason with the City (which tends not to lead to productive solutions), how do you deal with that?  Absorb the fine, because it effectively is a  first-time offense or pass it along?  

Nice! @Greg H.   In my area, the lawyer alone is $450 bucks...