All Forum Posts by: Robert Bowles

You need to keep talking to lenders.

An agent I use works in Multi's and more importantly 2 or her properties are Multi units, so knows them inside and out.

I can't give her info, but will PM it to you.

Appraisals are taking a LONG time right now.  The market being so active right now is not helping and I feel that we are seeing appraisers taking the low hanging fruit first.

I currently have a few loans that I am working on that are going to take 30 days for the appraisal.  Rush fees are becoming the norm.  Someone in my office (only 8 of us) paid $1,500 to get a rush, and we have heard that at least one appraiser will not go out for less than $1,000.  One of the lenders that U sue most often if paying the rush fee for all loans we send them.  I do think that most of that is the exception rather than the rule, but we are at the appraisers mercy.

Someone should contact the AMC and talk to them every day until they find an appraiser that will go out and do it.

Good Luck.

One of my Realtor partners l work lives on a floater in PDX.  She loves the lifestyle, but the market is small.  Financing is sometimes an issue because of the small number of lenders that will lend on them.  If the slip is included it will really be nice.

Fixers are a little more difficult.  A co-worker of my wife bought a fixer floater (say that twice) and they could not finance it (Pilot and Flight Attendant) so the owner had to finance for them.  Once it is finished they will be able to finance, but were unable to finance as is.

PM me for my realtors info if you want to get in touch with her.

Good luck.

There are not too many lenders that currently have FHA 1 time close programs. I have 1 lender that offers the program, I have not used them yet, the lender I use for my 203k's says they will be rolling out one "soon".

PM if you would like to discuss.

There are not too many lenders that currently have FHA 1 time close programs. I have 1 lender that offers the program, I have not used them yet, the lender I use for my 203k's says they will be rolling out one "soon".

PM if you would like to discuss.

I have a cabin that i rent on Mt Hood.

We have been renting for the last 4 years and so far it has been great.  Short term for the most part (AirBnB and VRBO) but have a few people that rent for a month and one for 2 every year.  

I am not in an area that has any restrictions to rentals, but I would really keep an eye out for that.  It sounds like a more and more areas are looking at limiting short term rentals.

I absolutely think @Juan Duque is correct.  Get the right cleaners.  I have a neighbor that cleans after every renter.  The cabin is only 45 minutes from my house, but I know that she can take care of any issue that comes up.  There have been times that I have not gone up for 6 months or more because she does such a great job.

Good luck, there is plenty of money to make with them.

Try another lender.  Fannie Mae will allow for projected income with purchase loans, you're lender does not seem to.

My last flip my "plan" was to sell at $299,000.  My Realtor suggested we list at $349,000.....sure!

Finally sold sold for $420,000!  This is in N Portland by PCC.

Great for me, but now I have to find something to work on before my tear off is ready to begin and it has definitely been difficult.  I also keep running into projects that I see potential in and keep getting out bid.

I need to start looking 2 deals out just to keep one in the pipeline.

You should contact your lender and see what they require so that you can use your preferred GC.  It usually only takes some paperwork to be filled out as well as license documentation.  

It should take less than a week (lenders want to get the ball rolling).

I can not speak to other lenders and their inability to allow you to choose your GC, but I know that there are lenders that will allow it. You can even choose your FHA Consultant. I do not know of one that will NOT allow you to choose your own, but I only work with lenders that I like.