All Forum Posts by: Ryan Keenan

Hi BP, I'm going through the loan process on my third property right now. as it stands my file will be coming out of underwriting today. My problem is I need to start the eviction process on one of my other units. I keep getting story after story and I have had enough ! My question is if I start the eviction as I'm going for the loan on the new house will the bank find out? Should I wait till after I close to start the process? I'm scheduled to close in about 3 weeks and using all the rental income to qualify. what should I do wait or evict? thanks! ryan

hi bp,

Looking for a bank in ct that will do a fha loan on a multi family property. I currently own 2 multi familys financed with va loans. They are all fully rented. Also, if this will be even possible?

Thanks

Ryan

Hi BP friends,

Kind of getting lost as to where I stand in the short sale process and getting tired of waiting.

Received a accepted offer by the seller for 86,000 and the asking price was 107,000. It has been over 5 weeks and still waiting for approval from the banks. I believe the seller also has a heloc on the property so 2 banks may be involved. 

My realtor said the bank has just finished the apprasal on the house.  What happens next? Is the end in site? The property has been on the market for a while over 180 days, does this help the chances of being approved ? How long should I wait?

Thanks

Ryan

thanks to everyone who responded I really received some valuable information about eviction!

Well turns out the Reason that she was late was because the post office returned her mail which had my rent check in it. She doesn't know the Reason and it's probably a lie. When i received the rent it was inside a happy thanksgiving card which was odd. 

Anyway I did tell her that it was unacceptable for the rent to be this late and the next time I will start the process.

I did call a lawyer and she explained to me all the steps that need to be taken. I do feel more comfortable and aware of how this process all works. Thanks everyone!

Ryan

hey bp,

Need some advice on what seems to be my first problem tenant! This is her first month living there and she is late paying the rent. The lease says to pay by the 9th and today is the 16th. Since she is mailing it to me is it not late if post marked by the 9th? But I live 20mins from the house and there is no way the mail can take that long.

I used a realtor to find this tenant and she tried to pay cash at first, doesn't seem to have a bank account because she gave me a money order and I found out after she was basically already in that she had a prior eviction. 

So my question is, what should I do? To early to try to evict ? I have never done this before so any advice I really appreciate!

Thanks

Ryan

Hey bp, 

If I have not used a fha loan yet, would I be able to use it on a fourth property? Currently renting and not living in any of my properties . Has anyone done this? Would be looking for a 2-4 unit on the fourth.

Thanks

Ryan

Hello bp,

Have a question about older homes. I just recently purchased a two family home built around the 1900's. My concern is the plumbing and electrical. The plumbing has old copper lines with some old shut off valves in which there are no apparent leaks.  The electrical looks like it aswell needs upgrading.

Do I save myself the hassle and upgrade the plumbing and electrical now? And is the only way to do an upgrade is  by ripping out all the old plumbing and electrical and starting over with new material?

Thanks!

Got it! Thanks John really appreciate you taking the time!

Originally posted by @John Leavelle:

@Ryan Keenan

I see where you are getting confused.  When you Refinance a property the Lender is providing an amount (Loan) that is 70 - 80% of the appraised value (Value) or 70% of $175K = $122,500.   You are required to leave some of that Value in the property in the form of equity.  In this case 30% = $52,500 equity.  That equity is acting like a down payment.  I previously showed you what the new mortgage payment is:  

$122,500 Loan

4.5% APR interest rate

30 year term

$621  monthly payment (Principal and Interest)

In the future I strongly recommend you line up your Refinance Lender prior to purchasing the property.  Get pre-qualified so you know what your potential Rate and term will be.  Have that in your pocket as proof of your means to repay your short term lender.  It also makes the process a lot less stressful.

yes, it would be two loans, one to purchase the property 100k with 25 k down at 4.5% 30 year fixed.

The short term financing at 10% but will refinance in 6 months paying it off.

Being in my first brrr property if I can get most of my money back I don't think all is lost where I've learned a ton.

I'm struggling to figure out about how much my mortgage payment might be after the refi that's where I got 868 as the mortgage payment?

After you pull the cash out and your new loan is 122,500 how do you figure out you payment using a mortgage calculator.? What do you put in as your down payment? Is it less the value of the house 52,500? 122,500-17500=52,500 in which you plug in as down payment. Totally off?

Thanks!