All Forum Posts by: Mark Feldman
Mark Feldman has started 3 posts and replied 6 times.
Post: Is 30 year fixed loans still a thing? (with reasonable rates)
- Posts 8
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Hello all,
Curious if anyone had success with long term financing for multi-family recently. Seems as we were waiting to season the property, things changed.
Mark
Post: Property Insurance for Investors
- Posts 8
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Thank you for your input!
Post: Property Insurance for Investors
- Posts 8
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@Jason Bott thanks for your reply Jason!
Post: Property Insurance for Investors
- Posts 8
- Votes 0
Hello all,
Is there an insurance company or agent anyone can recommend that is investor friendly and perhaps has products geared towards folks with multiple properties? My current provider, national chain, has a cap on how many I can insure. I am in Georgia.
Thanks in advance for ya'lls responses.
Mark
Matt, thanks for replying. I don’t have all those answers yet as I’ve just started the conversation with the homeowner. From what I saw in county records, it was purchased 2 years ago so the balance remaining is not much higher than purchase price. Still leaves room for a little profit with today’s profit. Are there any routes that make sense to take that don’t involve buying the property? Not sure if I can convey my question clearly, but I’ll try. Is there a play where I can take the property over from the owner, take over the payments, while the loan stays in their name. And rent it out. What the rent in the area is vs what the payment is it’s very positive cash flow. The key to this idea is of course to somehow do this with my interest in the property being protected. Is that an option or am I reaching to far?
mark
Originally posted by @Matt Ziegler:
Mark, need more details. Is The property currently in foreclosure? How much is owed on past due, and can you cure that? Might be helpful if you can talk to the lender and find out the status of the loan. If you can submit an offer to the current owner and get it signed so you’re under contract, then work out with the lender to avoid foreclosure it might be a good deal.
What’s the after repair value of the property? What will the purchase price be? And how much do you need to bring the loan current?
Hello Bigger pockets family,
Looking for advice on a situation I came across.
Property was purchased 2 years ago by the current owner. Va loan. This individual stopped paying (not sure if flat out stopped or had forebearance). Minor repairs are needed to the property but that’s motivation enough for them to move due to lack of funds to fix anything.
What’s a good play in a situation like this?
Thanks! Success to you all!!!
Mark