All Forum Posts by: Aaron Smith

Thanks.  All my appraisals have been $700-$750 lately (last 6 months).  They have to do a rent schedule since they are rentals, which adds another $150-$200.  I wish I saw $350-$400 appraisals.

Hi Shawn, thanks a bunch for the explanation.  This helps for sure.

Hi Chris, thanks. So wait, I guess I am completely confused. Are you saying that my 70% LTV would not be calculated on my purchase price of $97,000, but on the actual appraisal price, and that 70% LTV could not be any higher than the original purchase price of $97,000. Is that correct in how I am interpreting that? Thanks!

Hi, I am looking to get my 10th loan, my last loan I can get with conventional financing, on a single family property that I bought 4 weeks ago. I paid $97,000 and have put about $5,000 into updates and already have it rented.

I have read and been told some contradictory information and I am hoping BP community can clarify.

Since it is a SFH, and it is my 10th property, will I be able to get 75% LTV or 70% LTV? What will Fannie allow? Also, will it be just on the purchase price ($97,000) or the purchase price plus repairs/updates (total to $102,000). I have it rented for $1,300/month.

Oh yes, one last question. Will they require an appraisal even though they aren't giving me a loan based on the appraised value, but the purchase price? My gut says yes (which sucks to spend $700 for no reason) but I want to make sure I know up front. Thanks!

Hi, I am looking to get my 10th loan, my last loan I can get with conventional financing, on a single family property that I bought 4 weeks ago.  I paid $97,000 and have put about $5,000 into updates and already have it rented.

I have read and been told some contradictory information and I am hoping BP community can clarify.

Since it is a SFH, and it is my 10th property, will I be able to get 75% LTV or 70% LTV? What will Fannie allow? Also, will it be just on the purchase price ($97,000) or the purchase price plus repairs/updates (total to $102,000). I have it rented for $1,300/month.

Oh yes, one last question.  Will they require an appraisal even though they aren't giving me a loan based on the appraised value, but the purchase price?  My gut says yes (which sucks to spend $700 for no reason) but I want to make sure I know up front.  Thanks!

no, primary.  Are you using Wells Fargo for an investment property?  I didn't even know that a big bank does investment property HELOCs!  Who else does it?

Suntrust gave me 75% LTV at prime + 0% just this past November. $315,000 HELOC line. Suntrust has always done well for me. BofA an WF, not at all.

I just did 2 seller financed buys.  I had to put 15% down and it's a fairly high interest rate (9%) but it is a fixed rate 20-year loan for each. he owns about 60 properties and is selling off his entir portfolio over the next 3-5 years he said and really wants to do them all via seller financing.

I always prefer slab over crawl for my rentals.  You avoid some major potential financial problems with termites, joist repair, piers, mold, moisture,etc.  give me a slab home all day.   Of course this assumes the slab is nice and stable with minimal cracking.