All Forum Posts by: Priscilla Swantner

@Kahim Sturgis the challenge would be that if your mom has credit challenges, she may have to be excluded from the financing. And the question becomes, can your grandmother qualify on her own, with her income? Hopefully the rental income on the other 3 units are enough to help balance out to pay for the property on their own. That would help in qualifying.

Welcome and good luck!

@Chase Gibson looks like a solid investment. Unfortunate you weren't able to pull all your cash out as part of the refi. Is that what you intended or was the ARV just off the mark?

@Lance Queen if you’re not getting any traffic, you’re likely 8-10% over-priced. If you’re getting the traffic and no offers, you’re around 5% too high.

@Jingwen Dunford if the tenant is evicted and gone, how is this on you? Curious about your situation. The rest wouldn’t bother me.

@Derrick Wortman you can also look at partnering up with someone with cash. Or borrow from a private person for a slightly lower rate you’d get with hard money.

I’d actually consider either option if you’re open to the conversation.

@Terry Tosh I agree to consult a CPA. I have a C Corp for my business and live in CA. Believe me, CA is always going to try and get their cut, even though my business and revenue all stream from NM. That’s been my experience for the last 3 years.

@Jeremy Segermeister if you’re doing a quick fix and flip, see what your lender has your costs at if you take a loan with a 1 point rebate. In this scenario, you’re taking a higher rate in exchange for little to no closing costs. Depending on your loan balance it may only impact your mortgage payment by very little. Sometimes it works out if the higher rate is only a 0.125 or 0.25% difference. It may be worth it if you can save a couple thousand dollars on the cost of the loan.

@Dave Bopp I saw you’re considering changing your travel plans. No need to do that. Last year, I purchased a property in NM. I live in Los Angeles and signed in Hawaii while on vacation. Real estate offices usually have an in-house title or escrow company (depending on what kind of closing state you’re traveling in).

With that being said, it's not illegal for an agent to sign as a POA on your behalf in the states I've worked (4 different states). It's just not a good idea. As an agent myself, I'd never assume that liability in the event that something gets signed that you aren't aware of. If you are traveling somewhere where you can't find a notary, it's best to just have a trusted friend sign for you.

@James Nix I worked in the mortgage industry for 12 years. The advice on this thread has been on point. I’ll just throw in my two cents with regard to where the big “add-ons” come from:

1. Low loan balance

2. Non-owner occupied

3. Cash out

@Samuel Brian McKenzie this only matters if you don’t have the $18k to cover the difference between the appraised value and purchase price. I, personally, would never pay over appraised value because its against my DNA to do so. But I understand some people have the money to cover the difference and fall in love with a property they have to have.

If this isn’t the case for you, I’d be cautious about who the seller chooses. How do you know it’s not just some friend who will fudge the report to do a friend a favor? Then you end up with a bogus report. Overpaying will work against you if you ever decide to sell down the road.