All Forum Posts by: Account Closed

Bob Estler's ...Cash Doesn't Bounce made me laugh and is so true!

As a Landlord in FL, I try to rent to only good credit tenants, but if they wanted to pay cash, then I'd be fine with that, just make sure you give them a receipt.

5% down investment property mortgages are not offered.

However, there are options with 10% down if you can get the seller to hold a 2nd lien, basically doing an 75/15/10.

75% LTV 1st mtg with Bank

15% LTV 2nd mtg seller held

10% Down Payment

.....OR

5% down or Zero down if you have a free and clear property to Cross Collateralize

....OR

5% down and Pledged Assets (i.e. CD)

But a clean 5% down investment property loan...it ain't happening!

John,

Its very easy to find an agent in 40 states that allow Realtor Rebates who work with you.

Simply Google: Chicago Realtor Rebates to find this:

https://www.google.com/#q=Chicago+Realtor+Rebates+

Here's an example of what you can expect in the way of rebate from a realtor:

150K = $1,500 (Rebate)

200k = $3,000

300k = $5,000
400k = $8,000
500k = $10,000
1m = $20,000

Hope this helps.

I'd step outside all that FHA and Conforming QM crap and search for a Stated Income ALT type program that does not require 25% equity to allow your to use the rental income for DTI.

The State Income Alt loan programs are NOT No Doc as borrowers must prove the ability to repay the loan, just they have a lot more flexible guidelines for situations like yours.

You make a detailed list of the damages and send to the tenant along with the proper letter in your state enabling you to keep the deposit and send them a bill for the difference.

Tell them they have 30 days to pay. In the letter tell them that is they don't pay you will be filing in Small Claims Court.

BTW- if they have decent credit and not a pure credit criminal you will likely be able to settle the issue and revive payment on the 1st court date thru mediation without it even going further.

If they don't show up, then you will receive a Judgment which you then file at the courthouse which will not only show up on their credit, but will at what ever interest is set for that year for your State or County.

I agree with Bill Gulley and of course my post of this subject. 9 times out of 10, borrowers think they will get a better deal dealing with the listing agent, but in reality they don't.

Best way for a buyer to purchase is to team up with a realtor who offers Realtor Rebate. This way the buyer can work the listing agent and seller down to their bottom dollar AND also receive a Buyer's Agent Credit to pay closing costs too, the best of both worlds!

Example: on a 500k sales price there are thousands of very experienced, knowledgeable realtors who would offer a Realtor Rebate to the buyer of up to $10,000 to $11,000 to pay for closing costs, rate reduction and many other things or for sales price reduction.

Yes, refi and access money now while its this cheap! Plus the rate and cost for the Vacation home will be lower than the rate and costs of investment property mortgage loans.

If possible, I'd look at doing e HELOC up to about 80% too and weigh out what option would be best depending of how many and what price range properties you want to purchase and if you want to flip or buy and hold.

John,

Please don't take offence, but that's a "Let Them Eat Cake", good in theory, but unrealistic response form someone who is Obviously not a Mortgage Broker and has never had to deal with the Builder's or Builder's Lenders relentless efforts to Coerce and Steer their client.

I could be beating them in rate and in closing costs, but when their title company feeds the Builder's insider info as to what lender I'm using and then they come waiving $7,000 in builder credit to pay closing costs and/or home upgrades, client loyalty goes out the window!

I'm assuming you are a realtor, so let me give you a comparison scenario:

....As a Buyer's Agent, you have an executed and consummated deal on a 300k purchase paying you $9,000, but your buyer is contacted by another realtor who says they will offer them a $7,000 Real Rebate if them kick you off the deal and allow them to get on the deal.

Now, tell me what you would do...if such a scenario could actually happen to a buyer's agent.