All Forum Posts by: Aaron Smith

Hi Brendon, thanks so much. Anyone else have input as well?

Ok, I am in the process of doing a cash out refinance on another investment property.  I currently have 7 properties financed (my primary home, 3 homes with traditional loans, and then a portfolio loan that has 3 properties on it).  

My file just came back from underwriting as denied due to the fact that I have 7 properties financed. I always thought you could finance up to 10 with Fannie/Freddie, but apparently they said I couldn't have more than 6 properties financed if I want to do a cash out refi. I am completely befuddled. I have owned the property for 8 months, so was already set to do an appraisal and get the 75% LTV like I have done several times before.

Does anyone know a conventional (not commercial) lender than can do a cash out refi on a property that has seasoned 6+ months in NC even though I already have 7 properties financed?  I really don't want to do another commercial loan right now since I want to lock up another 30-year fixed rate with great rates before the market keeps increasing.  Please help, thanks!

Say a seller has $80,000 left on an FHA loan. They just want someone else to to assume the mortgage payments and give $8,000 as a down payment. So, a total purchase price of $88,000.

They are transferring the title to the buyers name at closing for just the $8,000 down. They are not getting a release of liablility nor is the buyer getting approved to take over the assumption. The buyer would just pay the seller the mortgage amount each $.

What happens if the seller defaults or dies or something? Since the title is no longer in their name, but is in the buyer's name who does not have a promissory note attached to them, how would it work in terms of foreclosing? Moreover, if the seller got caught and had an acceleration clause acted upon, thus making them liable to pay the loan in full, how would it effect the buyer (who has the title in their name). Just curious as I have an investor buddy that just had the scenario posed to him by the sellers (it was due to a death in their family is the reason they are wanting to do this). What risk are their for the buyer in this situation?  It seems like it is all on the seller.  Thanks!

Hi, I have a question I hope someone can answer.

Say a seller has $80,000 left on an FHA loan. They just want someone else to to assume the mortgage payments and give $8,000 as a down payment. So, a total purchase price of $88,000.

They are transferring the title to the buyers name at closing for just the $8,000 down.  They are not getting a release of liablility nor is the buyer getting approved to take over the assumption.  The buyer would just pay the seller the mortgage amount each $.

What happens if the seller defaults or dies or something?  Since the title is no longer in their name, but is in the buyer's name who does not have a promissory note attached to them, how would it work in terms of foreclosing?  Moreover, if the seller got caught and had an acceleration clause acted upon, thus making them liable to pay the loan in full, how would it effect the buyer (who has the title in their name).  Just curious as I have an investor buddy that just had the scenario posed to him by the sellers (it was due to a death in their family is the reason they are wanting to do this).  Thanks!

I want to have more cash to buy more properties.  I definitely won't be selling anything as all the properties I have had to work to find via private sellers/off market and are in great areas and will dramatically increase in value.  I have the funds to rehab them but don't want to since they already have tenants living in them.  I would rather go as long as possible with the current tenants before doing the full rehab.

Maybe I should just do appraisals and find another commerical/portfolio lender that lets me put a bunch of them into a single loan again.

Bueller?

Hi, I currently own 12 properties.  4 have traditional mortgages on them and 3 of them are lumped together on a commercial portfolio loan.  All of these loans have required appraisals of course.  

Thus, I have 5 properties currently that are owned outright with no loan.   My cash flow is drying up and I need to get more cash.  All of these properties are rented but most in bad shape and in need of significant renovations, which I will eventually do but not ready to do at the current time.

Is there any type of loans out there that I could get given my situation that wouldn't require an onsite appraisal?  Like anything that would use rental income or just a desktop appraisal?  Any ideas would be great.  I am in NC..  Thanks!

I think people saying just keep white are missing out on the fact that the type of appliances can absolutely net you an extra  $100/month minimum in rent.  The type of things like type of appliances (or countertops) are what the renters care about and they justify the higher rental price.  

Replace with stainless.  I do in all of mine.  They really aren't any more expensive than white or black appliances these days.  You can buy a full SS kitchen set (fridge, range, microwave, dishwasher) for about $1,700-$1,800 all day long at Lowes.

Tough to say without knowing what type of system you have to put back in.  Honestly it could go as low as $5,000 to as much as $20,000+.   Realistically, probably the $6,000-$8,000 range.