All Forum Posts by: Frank Woodin

As an investor that buys from wholesalers I don't believe any of their numbers honestly.  Their job is to make it look like the deal of a lifetime and they are the only person in the area with a lot of them to sell.  I usually get the rehab cost and what the entails (very high level).  After rehab value and obviously their price.  If you are wholesaling just make sure to put "do your own due diligence" at the bottom of your listing.

Most banks require a "seasoning" time frame for the mortgage after it has been issued.  It depends on the bank but most that I have used in the past has been 6 months.  I does not affect your credit score at all if you were to refinance it with another company.   The only thing that might crop up is how many "hard" pulls of your credit report in the past, the only way that goes on your report is if you authorize the lender or company to pull your report.  If you have a lot of hard pulls then it will potentially show to a perspective lender that you have applied for a lot of credit in the past even if you didn't open an account with that institution. Your history of hard credit history pulls will stay on your credit report for two years.

I took a class years ago in Chicago on multi family property investing and this very topic was brought up by the lecturer, he at one time ran the Chicago Housing Authority so he was a great resource for information on the subject.  He said that he would tell all potential tenants that part of the application process is a current residence inspection.  Ever since then I have used it for my tenant selection and I feel like it has really helped me weed out the potential tenants that would be hard on my property and cost me more in Cap Ex in the end.  So my opinion is that this step is worth while if you are willing to put in the time and effort.  You would be surprised on the condition a potential tenant will leave their current residence in when they know the time and day that I would come by and inspect it.  Makes me wonder what condition it is in before they cleaned it up for the inspection.