All Forum Posts by: Cheryl C.

Joel Owens, I haven't seen the HUD-1 and on other shorts I've seen a check handed to the seller at closing - so I don't know if she is getting any $$$. Jon Holdman is correct on the options but J Scott is thinking along the lines that I am. Leverage. I'm not contemplating litigating model #'s, etc., just getting the most I can out of the situation (without being ridiculous).

Kyle J., we had a spate of those "appliance packages" a few years ago.

Everything was included in the contract and I have pictures. Sleek contemporary furniture, area rugs, tv's, wall art, fully stocked kitchen. I was thinking of leasing it out furnished or taking a nice deduction for Goodwill. I went thru the lister's "team" and I believe they are scrambling right now. The deal has to close by the 23rd and it was a real nightmare to negotiate the second trust. I'm thinking 3k would be good with me. Does this sound reasonable? We're talking a 170K property.

I'm closing Wednesday on a short that has been in the works since April. It was an investor owned fully furnished rental. I found out today that the seller removed all the furniture (including 2 tv's). It's a 1/1 condo. What sort of compensation would you ask for?

Tim Czarkowski, it's my understanding that FHA's are fully assumable on the original terms by a qualified owner-occ. This is a great feature for those buying now and worried about significant rate increases. If rates go to 5%, you have an assumeable 3.5% - a defininite selling feature. I just wish that investors could still assume them. I wouldn't even mind the "qualifying" part.

Brian Hoyt, yes the good old days. No-qualifying FHA and VA assumptions. Total lender fee $45!!!!

Brian Hoyt, I'm showing my age here, but investors used to be able to assume FHA loans for only a $45 fee. No appraisal, no application - nothing! I used to assume them and then, in some cases, later streamline refi them. I clearly remember immediately going from 9% to 7% on one house. They used the prior owner's payment history! I also had a bunch of FHA's back in the day that we had used for purchase money on personal residences that were later converted to rentals. I am surprised that FHA allows a streamline on a rental.

Great info here. Is an FHA Streamline now a true streamline? Or are they still wanting a full-doc? Lynn, I'm surprised that they let you streamline a property that is no longer a primary. I wish I had a bunch of FHA's.

I self manage. I have a little over 20 properties. I do not have another "job". I wouldn't mind turning it over to a PM, but my experience over the years has not been good. Properties that I could rent in a week or two have remained vacant for 2or 3 months. They don't screen for my type of tenant (lifer). I am also suspicious that repairs will be marked-up. I have handymen and all the trades that I have been using for years. I do have an assistant one day per week - but she handles some personal stuff as well. Most of my properties are within a ten minute drive of my house.

As to turnover; I average far better than every 2 yrs. I've had tenants in place as long as ten yrs. The ones that turnover after 2 or 3 yrs are rented by young couples who have been leaving to buy a home. I used to (and still do) try to avoid tenants who I believe will be buying soon, but some of my recent acquisitions (condo's in nice locales) draw young professionals. Fortunately these are "good" tenants.

I'm surprised at how low the margins are that these guys are willing to accept. I'm also surprised that some of them aren't entering the homes pre-auction - even if it's B&E and trespassing.

Yikes! Typed too fast and didn't proof it!