All Forum Posts by: Mike Hanneman

A rate and term is usually for a better rate or longer shorter terms using the same LTV. Meaning if you use a hard lender for a loan at say 9% after you fix up the place and force appreciate it, you can go to a bank for a better rate and term without having to wait for title seasoning.

Here in North Idaho I have 2 realtors and one had me sign a contract for 6 months and the other doesn't use them. They both know about each other and I use them in different areas.

The one that I don't have a contract with found me the property I'm closing on next week.

The length is long from my experience, most realtors I've dealt with just ask for 6 months, if they ask for one at all. Also from my experience, the better realtors I've had don't use these sort of contracts, they use the honor system and have the confidence and competence that they don't need the contract. The realtors I've had that had me sign these were a little more lax. about getting me answers to my questions, and other dealings.

I personally don't like the contracts becasue why would the realtor have to work as hard for you knowing that they have you for a year. Just my opinion though.

This might just be my area I was in at the time, Northern CO.

How much is everyone's Umbrella policy a month? I'm just curious if the prices change depending on the area they are in. Plus I'm looking to compare rates.

I too, think you need to subdivide because I can't see a bank or other lender give you money without being in the first position. They wouldn't get anything if you decide to peace out, I know, you won't but they don't kow that. Once you subdivide then you have land that would be free and clear and can at the least offer that as colateral.

I'm curious as to what your plan is with these properties? There is no cash flow!! I hardly doubt they would appreciate in this decade. Please explain? 

Well bathrooms and kitchens sell houses. What are the other homes like in your area? Mostly remodeled? Try to speak with an agent to see what the value added would be.

What is the reason the banks are denying you?

Have you tried smaller banks or portfolio lending banks?

Have you looked into private investing? Do you have an agent, they can point you in the direction of private lenders in your area.

Anyone in North Idaho, Spokane Washington area with a recommendation for an Umbrella and duplex rental insurance? I have gotten quote with Northwest out of Coeur d'Alene and it was in the thousands per year, not sure why so expensive? I'm going to try a national/big Co. as well.

Also I was told that my umbrella policy would be tied in to my autos so I needed to provide auto info as well. I have never had to do that but all my other policies were in CO, so maybe it's different by state. Any info on the subject would be helpful.

Also month to month isn't a big deal, actually its a lot better for you. M2M could mean the tenants have already lived there and fulfilled their lease. Or the landlord likes M2M leases because it gives some power back to the landlord, you can get rid of the tenants easier! This is stuff you will/should figure out by having your agent ask the sellers agent. Also you want to know if the units are metered separately, at least electric! You want to have your agent get the schedule E or tax return from the seller, you'll have to be under contract first to get this in most cases. This way you can look at the expenses and run your numbers more accurately.