All Forum Posts by: Rod Hanks
Rod Hanks has started 8 posts and replied 639 times.
Post: FHA has not accepted my loan for FHA insurance post closing

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Andrew Martin:
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.
In all my years in business I have never heard of that. It makes me think that some kind of fraud was detected post closing. But I’m just guessing. I would definitely get on the phone with the bank or mortgage broker who originated the loan and see what’s going on.
Post: Buy & Hold or House Hack- North Dallas v South Dallas

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Rodney Suggs:
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.
South Dallas will give you a much better ROI on rental income but North Dallas will appreciate more over the long haul. So it really depends on what your long term goals are.
Post: Mold in investment property

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Clemens Bromann:
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
Post: Quit Claim Deed, Yes or No?

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Charles Mazzini:
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?
I’m in Dallas Texas and a QCD is a no no. Follow your attorneys advice not any random person that’s never invested in Tx.
Post: Tenant violating lease but pays rent on time (Kenosha, WI)

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Marcus Gaethke:
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.
Post: Pre-paid insurance for portfolio loan

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Timothy Allen:
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%.
If your lender requires escrow for taxes and insurance then they will require insurance to be paid for a year plus another 3 months to build the escrow. You could discuss with lender to waive escrow though.
Post: Renegotiating a Dollar General lease contract

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
I would definitely get a commercial real estate agent involved and not negotiate directly with their corporate attorneys. The offer of 6 years with no rate bumps is a forewarning that they will take advantage of you if you are not familiar with commercial leases.
Post: DSCR for Section 8… Doable?

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Yes, usually 1.2 but it depends on the lender.
Post: Post sale issues - electrical

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
If you filled out the seller disclosure to best of your knowledge you are good, but if you didn’t yes you are liable for undisclosed items. The Texas seller disclosure does have a question about unpermitted work. Look at how you answered that question and you will have your answer.
Post: Landlord's Social Security Card Needed for new Section 8 tenant?

- Insurance Agent
- Dallas, TX
- Posts 661
- Votes 414
Quote from @Kevin Kim:
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.