All Forum Posts by: Ricardo Flores

@kyle 

@Kyle Winther would you mind if I shoot you a DM for a few questions? I am also interested in getting my investments in order. 

@Steven Hong and @Will Barnard,

Could you both shoot me a message on what you do. My brother and I are looking for architect and contractor as well. 

Thanks in advance. 

Rick 

@Greg Scott Thank you. I just never came across anything like this before. I figure just create a month to month lease for both units and go from there.  

All,

I have an opportunity to purchase a duplex but sellers want a 90 day rent back for tenants to relocate. 

What are my opinions? How can I make this work? Rents are currently lower thank going rent in the area a couple of hundred $$. 

Maybe lower purchase price? Charge current rent at closing? Is there any other creative way to handle this scenario ?

Thank in advance,

Mason

I'm looking for some good leads for contractors. Mostly remodeling but reliable. 

@Brad S. Thanks for your response Brad and for clearing up all parties responsibilities. Info was really helpful. I just want this refi to be over with...

@All, 

Thank you guys for taking the time to help a newcomer.

@Steve Morris thanks for the reply...First appraisal was early April, second appraisal was mid-June. Well in time for the normal 90 day expiration. I ended up paying for the appraisal. After the payment they requested both paid receipts before transferring the appraisal. Good thing I'm fairly organized, I was able to supply both receipts within minutes. I sent the receipts now they replied that they need 48hr to deliver. I feel Lender A is upset and just dragging their feet.

@Tchaka Owen thanks for the reply... during the 3-4 month waiting i was able to eliminate all my credit card balances. In these 3 months my credit score improved from 719 to 829. I also asked Lender A for a rapid rescore and they just blew it off... telling me that paying my credit cards would "hurt" my score... never knew that lowering DTI was ever bad. Anyway, I'm actually lowering my rate by 1.5% with new lender.

@Arsen, no I didn’t get it in writing as she agreed to pay for it. I did get a copy but new lender require it to get transferred From original requester.  

So BP, I need your help. This year has been a real rollercoaster ride. I kicked off 2020 by initiating a refinancing of my rental, this March, right before the whole COVID-19 pandemic. In the beginning  when the appraisal was requested, lender A had approved, a "Drive by" appraisal. The appraisal was completed and everything went as planned. Then, 6 weeks go by and no word from lender A. I reached out to lender A and they confirmed that everything was going well. A little slower than normal but everything was going well. 

The following week, I receive called from the lender A, lender A notifies me that the bank will not accept the "Drive By" appraisal and now required  a Full appraisal. Since I had paid the first appraisal, the lender agreed to pay for the second. 

Now a month after the second appraisal, lender starts to request all documents again. Basically, start the process again. 

I decided to cancel with Lendor A  and go with another mortgage lender. 

Since I had the appraisal done 2 weeks prior, New lender B, said they can just request the appraisal from the previous lender, Lender A. 

Now lender A, is holding the appraisal stating that I owe them for the full appraisal. 

Is this correct? Do I need to Pay for the second appraisal too? I don't think its fair that after lender "A" gave the go ahead for the "Drive By Appraisal" prior to their banks approval. they are trying to get me to pay the second. 

What are your thoughts. Any help is appreciated. 

mason

Is there a way to refinance, just, the primary mortgage loan to remove MI and leave the HELOC on the property alone?