All Forum Posts by: Rod Hanks

Hi Everyone,

I recently purchased a home with an FHA mortgage, after closing I received a letter from my lender that the FHA has not accepted my loan for FHA insurance and now my loan is no longer an FHA loan.

How is this possible? I am in any danger of the lender calling in the mortgage since they will have a harder time selling it off without the FHA insurance?

Any advice would be appreciated.

Hi!

My name is Rodney Suggs, I recently graduated college and moved to Frisco, Texas to work as a Software Engineer in the financial technology industry. I am looking to buy my first investment property early next year(in about 3-4 months).

I have mainly been looking at the north Dallas market because of the nicer areas but have been told south Dallas would be able to give me cheaper options and greater cash flow. 

I want to see what the pros/cons are for both sides of Dallas, advice from people who own properties in these areas, suggestions on any other areas, etc. I would like to house hack for a year preferably in north Dallas. But I am open to hearing advice and suggestions since I am very new to real estate investing.

Hey BP Community,

Im under contract for an investment property that has quite a bit of mold. Is it worth it to move forward and have it professionally cleaned or rather move on to find an other deal?

What is the chance that the tenant is taking legal action (in GA) if I don’t mitigate immediately? Note: tenant has a contract until mid of 2023

I won an auction on a house and the contract consist of a Quit Claim Deed.  I did research at the county clerk office and the property seems to have no liens, but from what I understand, there is not only no warranty on the deed but no title company will insure a QCD.  In addition, from what I understand, once a QCD is issued on a property, the property can no longer have a Special Warranty Deed if I sell it.  This means that I may have difficulty selling in the future.

So my question is this. Does anyone recommend buying property on a QCD or should that be something to avoid at all cost?

Hello all - Thanks in advance,

I have a tenant that moved in in September and I made the rookie mistake of looking past some red flags that occurred right before move in (I know, foolish).  Now this tenant is allowing many people on the property (5-15 people daily) and they hang out all day every day drinking and doing drugs on the porch.  The cops have been out to the property for disputes and I just found out there was recently a fight where one of the tenants guests hit another guest over the head with a brick amongst other fighting and the cops had to tase these people.  I asked the police to trespass these offenders from the property and they said that the tenant is allowed to have whoever they want on the property.  I have tried to reason with the tenant and they are unwilling to work with me.  I have previously spoken with my attorney and his comments on evictions in Wisconsin are that it is near impossible to evict for anything other than non-payment of rent.  They are on Section 8 so I have no problems collecting rent and I have tried to reach out to the housing authority and they have told me there is nothing they can do.  I'm at a loss right now and feel like there is nothing I can do to stop all this criminal activity from occurring on the property.

Is it typical to have to pre-paid a full year of insurance on a portfolio loan? I was told my closing cost would be 5% but after receiving the itemized list of everything included it’s more like 15%. 

Hello 

i am owner of 3units Multifamily home in Connecticut. My property manager is asking copy of my social security card for new Section 8 tenant paper work. 

I am kind of new in this MF investment and want to check if it is common procedure for Section 8.

(title is under my personal, not LLC)

Thanks in advance.