All Forum Posts by: Mike Day

Hi everybody! So I'm facing a bit of a dilemma about refinancing some properties and am hoping somebody might have some bright ideas. The situation is this. There are two properties I want to refinance, both in Indianapolis, both duplexes. The value of one is about $60k and the value of the other is about $120k. For various reasons, I need to either purchase these from a partnership in which I currently own them with another person, or I need to sell, but I'd rather keep the properties. I am self-employed and won't qualify for a normal bank loan. In addition, the second property has a detached third unit, and due to an obscure regulation, Fannie Mae won't lend on it. I've found some lenders who work with rental properties based only on the income of the property, not the borrower's debt-to-income ratio, but they basically do blanket loans for multiple properties and their minimum value is higher than the combined value of these properties.

So on the one hand, I can't get a regular bank loan because I'm self-employed, and on the other hand, I can't get a blanket loan for investors because the property values are not high enough. Does anybody have any bright ideas about how I can pull this off? Any input appreciated.

Thanks, Robert, I'll give First Key a try. Yes, I'd like to get a 30-year fixed rate loan and I'd like to get a high LTV (realistically 75% seems to be the max, but higher is better...).

Hi all,

I have a rental property in Indianapolis that I want to refinance and am running into some issues. It's a duplex with a detached third unit, and apparently this violates Fannie Mae guidelines (silly, but it seems that's just the way it is). I can't get a normal residential loan and the commercial loans have adjustable rates and require more equity. Since Fannie Mae won't permit it, at this point I'm looking around for a portfolio lender who might be interested in doing a residential loan. Does anybody know anybody? I'd much appreciate any tips! Thanks!

Thank you, these replies are very helpful. I just spoke with my own agent and found out that the inspection contingency has been removed! So now this offer is looking a lot better. Unless anyone knows of some other weasel tactics that can be used to get out of this if the buyer can't find an assignee (probably their intention), I'm most likely going to sign this. Has anyone run into difficulties trying to collect the earnest money when the seller backs out?

Hi all! I am currently in the process of doing my first home sale and am in need of some advice about an offer that seems slightly fishy. Hopefully someone with experience can help out here.

So I got a full-price offer from a real estate agent, most likely someone my own agent knows personally, on the very first day my home was listed. Of course, I said I'd sign it. Then I read it, and, well...

The first thing I noticed is that the offer is assignable (the buyer is listed as the name of the agent "or nominee"). Apparently the agent thinks they're going to be able to find a buyer for more than the price of their offer and pocket the difference. I don't have a big problem with this as I don't think my home is underpriced. My concern is that the agent will tie my home up for the entire escrow period, not find a buyer to assign the offer to, and then somehow weasel out of paying the earnest money deposit (which is sizable). There's no financing contingency, but there's an inspection contingency, so I definitely see the possibility of weasel-y behavior.

So, do you guys think this is fishy? And how do you bulletproof an offer so they can't weasel out of paying the earnest money if they can't go through with the deal? Any feedback much appreciated.