All Forum Posts by: Paul Bowers

@Nichole Ovens have you talked to the landlord about possibly carrying the mortgage?

@Mike Miller the more i thought about your original post the more confused I got.  There's been a lot of discussion about whether people would give proof of funds to see a house but that wasn't the actual question.  You wanted to know if if was okay to give fraudulent proof of funds.  Why bother?  If you don't have the funds available why look at the property?  If you actually have the funds and think the deal is worth it why not just show the legit proof and proceed?

@Account Closed talk to an account.  You can write those expenses off either way.

Playing devils advocate a bit here but it could be the sellers instructions and not the agents.  If this is a fully tenanted building the owner may not want to disturb the tenants for every curious investor that wants to walk through and compare this property to theirs just to stay on top of the market without having the desire or ability to actually purchase.

@Faysal Alam the savings account will pay 1.05% per year, not per month.  If it will pay that per month, invest in that and call it a day!  Seriously though I would get the cash you have into a bank account so that it can "season" if you do eventually look to borrow from a bank.

What about cash out refi's or HELOC's on the current properties to generate cash down for additional units? Since you've had the strong appreciation there should be some decent untapped equity.

@Thomas S. and @Bettina F. what kind of impact do you think this should make on the offer?  

@Bettina F. the address does show on the state list.  I would assume for future tenants I can screen for and can deny housing because of this.

@John G., not trying to sound like a jerk but you seem hell bent on getting someone to tell you it's okay and just go ahead and do it.  You got a dozen answers in this thread https://www.biggerpockets.com/forums/49/topics/468...

There is only one answer.  If you do it the bank has the right to call the loan based on the due on sale clause, period.  There is no way to know whether they will or not, you just have to decide if you're willing to take that risk.

@David Dachtera, the banks may not care now but what if interest rates jump 3,4,5 or more points?  That's a very good time for these banks that have been looking the other way to start calling all these low rate, long term loans and forcing people to re-fi at much higher rates.