All Forum Posts by: Dean Herbertz

Hello Si, the process went south after 7 weeks of effort with Flagstar Bank, they are the most unprofessional group of people I have ever dealt with. 7 weeks in underwriting finally came back and said this was not my primary residence and could not do the loan based on criteria. They just did not want to deal with the loan because it was to small to be worth thier while. They new all the details upfront and could have saved me 7 wasted weeks of trying to secure funding by telling me that in the begining. I finally got personal funding to complete the project. What are you doing currently?

Viability being clarified by many, new question for me was last year banks and others were requiring that tile be seasoned or at least recorded in new owners name before funding would be allowed to third party. This meant finding transactional finding past 90 days, there attempt to put a kabosh on the so called back to back flip.

Is this still the case?

Do not knock any man until you have walked in his shoes. I have been in the building trades for 30 years, I am a journeyman level carpenter and electrician. I have built 2 homes ground up participating in all phases of the work except for the masonary (ironic, I am a Masonic Mason just not a real mason.)

Many times we like to place our shortcomings on others, True no one is perfect but lumping individuals into a group and labeling them as drunkards is not humorous in my book. I know plenty of RE investors who are arogant and do not know the firt thing about rehabbing and trade work. If it was all so simple everyone would do it.

Dot your "I" and cross your "t"'s..Use contracts and scopes of work and if that does not get the point across fire that contractor. Investors are not above making mistakes, I have made plenty and am quite certain I may make more in the future of which I will learn from.

Just my TEN cents.

If this gets accomplished I will be a 203k info bank. I see you are in Indy Chanda, belong to any REI Clubs here?

I am at 45 and still not viewed by underwriting

Thanks George

Rehabs at the moment, currently trying to find funding to finish latest project, What about you.

Yes I am Sherry

Definitley interesting responses from both sides of the fence. I do tend to agree with Rob as far as transparency. Thanks

I have been told short sales are no longer a good strategy in the current market because a certain bank restictions. true or false