All Forum Posts by: Rosston Smith
Rosston Smith has started 45 posts and replied 1465 times.
Post: Should I get a reverse mortgage to utilize equity to invest?
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
The person I know is 76, he has $300k of equity in his property and wants to stop working.
My thought process is if he gets a reverse mortgage lump sum, he can invest that money into cash flowing multifamily, and can live off of the cash flow and when he dies the investment can be used/sold to pay off the reverse mortgage.
What are your thoughts on this? I'm searching for the best way to utilize his equity so he can stop working.
Post: 10 Max Mortgage Limit Question
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
Does having my wife on the deed with me (But not the mortgage) count against our 10 property max Fannie Mae limit separately?
Is there any disadvantage to having my wife on the deed with me?
Post: Another Successful BRRRR
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
@Matthew White Will do. Thanks!
Post: Another Successful BRRRR
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
@Matthew White I'm pumped to hear it! I have a similar property under contract off of Corder Rd and I'm targetting similar numbers. Who would you recommend refinancing through?
Post: Interest in Georgia market
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
@Andrew Martinez I'm in investor in Warner Robins. Its a great rental market here. If you're interested in investing in the area, let me know. I'd be willing to partner.
Post: Another Successful BRRRR
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
@Matthew White Great job! What did you refinance at? Did you make the ARV? Also what was the sqft?
Post: Good Neighbor Next Door Loan - HUD BID Question
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
Quote from @Greg H.:
Quote from @Rosston Smith:
Quote from @Greg H.:
Quote from @Rosston Smith:
Quote from @Greg H.:
Quote from @Rosston Smith:
Quote from @Greg H.:
Typically there are only a handful of properties in the country that are eligible for the program. A quick search of states with the most Hud properties show none available currently
Another stumbling block is the property has to be in the exact area you work in. For example, a teacher has to find a property within their school district. Even one block over does not qualify.
On a HUD bid only the bid price, closing costs and selling agent commission can be modified. So yes you can pay your Broker outside of closing to increase your net to HUD by up to 3%
You mentioned "Even one block over does not qualify" where are you able to find this information concerning distance from place of work?
I have been buying HUD homes for 30+ years as an investor and representing clients as a Broker. The last GNND client I had was the winning bidder and the bid was cancelled because the property was in the neighboring school district literally a block outside. Again, the property has to be classified as eligible and very few about 1% qualify. I see not one in the entire US at this time
How can you see not one? There have been roughly four listed every single week for the past six months in Georgia. There are six listed right now. I posted the link below.
https://www.hudhomestore.gov/L...
So as I stated not all HUD properties are available for the program. Go to the page from my link below and click on the GNND link(middle left) and it will show that there are zero properties in the entire country currently available for this particular program. Even pre-covid when there were 1000 or so HUD properties available at a given time, less than a handful would be GNND eligible
When you click the "Good Neighbor next door" link, you then proceed to fill out the location information below and click search. Its not going to display all of the properties available in the entire country just by clicking the "Good Neighbor Next Door" link. You have to specify a specific state or zip code. There's plenty of properties available.
I take it back looking again as Maryland is only a sliver on the map. This is the only one in the country currently
https://www.hudhomestore.gov/L...
You will see it is in the Lottery Period(Where GNND) properties will be. Put you cursor over the ? and you will see "GNND bidders only". Again GNND properties are extremely rare. All Hud listings are not eligible. I buy HUD properties for a living and know the system inside and out. This program seems fantastic but rarely rarely happens
OKAY! I see what you're saying now! So my question is, if it doesn't say "GNND Participants only" can you still use GNND if you win the auction? For example, on a random property listed below its for OO, NP, and Gov Agencies only. Wouldn't GNND still be possible w/ one of these homes?
I appreciate your time.
Post: Good Neighbor Next Door Loan - HUD BID Question
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
Quote from @Greg H.:
Quote from @Rosston Smith:
Quote from @Greg H.:
Quote from @Rosston Smith:
Quote from @Greg H.:
Typically there are only a handful of properties in the country that are eligible for the program. A quick search of states with the most Hud properties show none available currently
Another stumbling block is the property has to be in the exact area you work in. For example, a teacher has to find a property within their school district. Even one block over does not qualify.
On a HUD bid only the bid price, closing costs and selling agent commission can be modified. So yes you can pay your Broker outside of closing to increase your net to HUD by up to 3%
You mentioned "Even one block over does not qualify" where are you able to find this information concerning distance from place of work?
I have been buying HUD homes for 30+ years as an investor and representing clients as a Broker. The last GNND client I had was the winning bidder and the bid was cancelled because the property was in the neighboring school district literally a block outside. Again, the property has to be classified as eligible and very few about 1% qualify. I see not one in the entire US at this time
How can you see not one? There have been roughly four listed every single week for the past six months in Georgia. There are six listed right now. I posted the link below.
https://www.hudhomestore.gov/L...
So as I stated not all HUD properties are available for the program. Go to the page from my link below and click on the GNND link(middle left) and it will show that there are zero properties in the entire country currently available for this particular program. Even pre-covid when there were 1000 or so HUD properties available at a given time, less than a handful would be GNND eligible
When you click the "Good Neighbor next door" link, you then proceed to fill out the location information below and click search. Its not going to display all of the properties available in the entire country just by clicking the "Good Neighbor Next Door" link. You have to specify a specific state or zip code. There's plenty of properties available.
Post: Good Neighbor Next Door Loan - HUD BID Question
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
Quote from @Greg H.:
Quote from @Rosston Smith:
Quote from @Greg H.:
Typically there are only a handful of properties in the country that are eligible for the program. A quick search of states with the most Hud properties show none available currently
Another stumbling block is the property has to be in the exact area you work in. For example, a teacher has to find a property within their school district. Even one block over does not qualify.
On a HUD bid only the bid price, closing costs and selling agent commission can be modified. So yes you can pay your Broker outside of closing to increase your net to HUD by up to 3%
You mentioned "Even one block over does not qualify" where are you able to find this information concerning distance from place of work?
I have been buying HUD homes for 30+ years as an investor and representing clients as a Broker. The last GNND client I had was the winning bidder and the bid was cancelled because the property was in the neighboring school district literally a block outside. Again, the property has to be classified as eligible and very few about 1% qualify. I see not one in the entire US at this time
How can you see not one? There have been roughly four listed every single week for the past six months in Georgia. There are six listed right now. I posted the link below.
https://www.hudhomestore.gov/L...
Post: Good Neighbor Next Door Loan - HUD BID Question
- Investor
- Warner Robins, GA
- Posts 1,545
- Votes 472
Quote from @Greg H.:
Typically there are only a handful of properties in the country that are eligible for the program. A quick search of states with the most Hud properties show none available currently
Another stumbling block is the property has to be in the exact area you work in. For example, a teacher has to find a property within their school district. Even one block over does not qualify.
On a HUD bid only the bid price, closing costs and selling agent commission can be modified. So yes you can pay your Broker outside of closing to increase your net to HUD by up to 3%
You mentioned "Even one block over does not qualify" where are you able to find this information concerning distance from place of work?