All Forum Posts by: Manco Snead

@Trevor Alexander    Much thanks for the reassuring feedback and refi advice.

@Alan Lacey Much thanks for the response; appreciate the concise and actionable feedback. My one other mortgage is with a different CU; they didn't sell the loan and it's been issue free for years.

Greetings,

The property I very recently bought through a credit union was immediately sold to AmeriHome Mortgage. I didn't know the CU would be selling the loan until deep into the approval process. AmeriHome has a million horrible reviews and their website looks like a 1980s middle school student's homework assignment. Anyone have experience with this company? I don't want this rental property investment to become an ongoing complication because of the loan servicer.

Thanks.

@Daniel Smyth  Thanks for the response Daniel. I would happily pay more for higher quality management; the small amount extra paid per month far outweighs the cost and hassle of poor management. My local property manager, who I really got lucky with, spends a ridiculous amount of time selecting the best tenant. This alone makes paying her a bit extra well worth it.

@Dave Poeppelmeier

Thanks for the lengthy response; good thoughts and ideas. I chose to buy out of state because the market where I live in western Washngton is, for me, unaffordable. The biggest issue I've run into with property management is that they are not very selective with the tenants, then the managers both don't stay on top of things and don't treat the tenant well. This equates to a bad situation. My experience is that by choosing a "good" tenant, then treating that tenant really well things go smoothly and everyone is happy in the end. And I agree with your point that nobody will ever care for a property as well as the owner.

Greetings,

I'm buying my first out-of-state property (Iowa) and hiring a property management company to run it. I've dealt with a property management company for my local property and their work ranged from ok to semi disastrous. So, I don't have high expectations with the current company (KMB) I'm hiring, but do need a manager and management options were for some reason very limited around Iowa City. I'm mostly banking on hope and luck that they will be at least ok. Does anyone have thoughts on how to make property management companies functional for us owners? Any thoughts inside or outside the box much appreciated.

Thanks.
 

@Michael Dumler  Thanks for your response Michael. I think the closing can be extended but it seems like to bank is resistant; this is ok and it will work. I'm just looking at less stressful optiosn due to the rushed nature of things.

Thanks again.

Greetings,

I'm buying an out of state property and there is a time crunch for the closing date regarding fedexing docs to me in time. To resolve the issue my realtor is suggesting I use his assistant (also a realtor) as POA to sign closing docs. The credit union that is financing is ok with this arrangement. But this is a new one to me. Is this common and legit?

Much thanks.

Just to add a small piece to the puzzle, many real estate agents or other people who want your money will respond to your question; guess which area they are going to say is hot? I would start with your own due diligence; make a list of criteria that will equate to a good area to invest, then find places through your own statistical and verifiable research that fit that criteria. This way you are not simply relying on someone else's word. There's always risk in this stuff, but the more you decrease the risk the better.

Greetings,

I've been unclear on this part of the loan approval process: Say one gets approved for a loan based on their full time W-2 job. Closing on the property happens, then shortly thereafter he/she has life changes, or whatever, and wants to leave their W-2 job and go to self employed or something other than full time W-2. When can one legitimately leave their job from which they were approved for a loan after closing without having to worry about Fanny or Freddie showing up at their house in the middle of the night?

Much thanks.