All Forum Posts by: Ken Gurta

@Don Konipol

Thank you, Don. I understand that there are guidelines to follow. what is most upsetting to me is that They couldn't have told me these things when I applied or shortly after. I was approved by a few other lenders at the time. I am exploring my options today and am fine with 7-8% short term if I can find it.

 @Scott D Burrows                        Thank you, Scott, I am going to try your suggestions today. I don't care if I have to pay a higher interest rate for 1 year or less at this point. Besides, if the alternative is to be out a total of $3000, it will probably still be a good deal.

I have been working with a local credit union for almost 3 months on getting a Heloc. The Heloc limit is to be around $68,000. I plan on using most of that as 20% down payments on 2 houses that just became rehabbed and tenant occupied. These houses will produce $1000 monthly cash flow after paying the mortgages and Property manager. My regular lender has approved me to finance the remaining 80% and is just waiting for the Heloc to close. Appraisals have been paid for and performed over a month ago. I have toured these houses and area and know that this would be a very good deal for me.

Now for my BIG problem! I just found out that the underwriter on the Heloc has denied me because he is unsure how I could pay them back. My DTIR by itself is acceptable, but he is afraid that taking on 2 more mortgages might be too risky. I have sent them the leases for the 2 houses, both loan estimates, a letter from my property manager, and a letter from myself explaining how I plan to pay down the Heloc. However, I expect that he will stand by his decision. 

Without the Heloc, I can not purchase the 2 houses. I will lose $1000 that I paid for appraisals and $2000 in earnest money. Does anyone know of any kind of lender that can help me in my situation? I have been an investor for 10+ years, own 4 S.F.H. investment properties, and have a 765 Fico score. All advice is appreciated.

Thank you for starting this event in my area. I will do my best to attend.

@Jon Holdman   Thank you for your reply. You brought up an important item for me to share with my realtor. If I do end up selling this house "as is" to the other investor, I will make sure that there is wordage to prohibit the buyer from asking me to repair the roof at a later date

@Jason Bott  Thank you for your reply. I didn't intend to mislead my insurance company. I thought that I would have to repair the roof. Otherwise, I wouldn't have filed a claim. Now that I have a check for my claim in hand, I am not sure that I could even give the check back and unfile a claim. Is this possible? Would my insurance company delete this claim from my insurance history if I were to do that? I want to sell the house but can only sell the house to the investor if I keep the I.C.check because of the investor's low offer.

I recently had a contract to sell an investment home of mine to a buyer. The buyer's inspector noticed some damage to the roof. I filed a claim with my insurance company to get the repairs completed in order to satisfy the buyer. The buyer backed out of the contract before I could get the work done.. I now have an investor who wants to purchase the home with cash "as is" with no repairs. I received the insurance claim check today. If I add the claim check to the investor's offer, it would be a very good deal for me. I have 2 questions; 1. Can I keep the claim check as my money since it is made out to me? 2. Will my insurance company ask for the money back as the house will be sold with no repairs? I currently have multiple policies with my Insurance company but would be canceling this one within 30 days.

I own a home in Maine. I bought it super cheap from a motivated seller. The house would be valued at $41,000, but it needs repairs. I have an offer for $17,000 if I provide owner financing. I am fine with that but wonder if there is a better way. It sounds like a win for both sides. I might also consider lease to own. The only problem with that option is how to handle the repairs that the buyer is willing to make. Should I agree to the owner financing, lease to own, or some other way of selling the house to this buyer? Your advice is greatly appreciated.

Nice house in surprisingly fair condition. It can easily be converted into a 3 bedroom. Zillow lists the house at more than$38,500. The median price in that area is over $42,000. Lakes and rivers are less than 10 miles away. Check out the link below for some pictures.

Thanks Timothy! Michael has contacted me. We have messaged and e mailed each other. I will be calling him this afternoon.