All Forum Posts by: Samantha Soto

Great point @Russell Brazil .  You do get a lower interest rate on 15-year loans, but it doesn't change the numbers too significantly. 

I'm curious to hear your opinions on 15 vs. 30 yr loans.  Which do you prefer and why?  Obviously cashflow is less on a 15 year loan in the short term, but you save so much on interest...can it be justified?

I spoke with the seller this evening, and regardless of asking price, she is open to all offers.  She is eager to sell quickly.

This home is in immaculate condition and has a rental history of $850/month. The water heater was installed in 2010, in 2015 a new roof was put on as well as new gutters, it also received a new HVAC in 2015, and in 2017 a new furnace was installed. It has been immaculately kept and will not need any work to be tenant ready. It's on a quiet street in a calm neighborhood.

https://www.dropbox.com/sh/x3pdq7fx4bxnave/AACQmfERQwlOs7skAUT_ktEca?dl=0

Congrats @Josh C.  Glad to see it went to someone who will know what to do with it.  I look forward to seeing it when you are done.  Invite me over for a tour!

Hi Won,

I am a buyer's agent who specializes in working with investors.  I would also be happy to help you out and meet with you while you are here.  I will PM you.  

@Dan Johnson , I know you liked Janell...but I can't remember her last name.  Can you provide Orr with her info please?

I recently started working as a buyer's agent for investors and I often get asked questions about lenders.  I compiled this list of questions to ask lenders when you are trying to find the best lender to work with.  I would love feedback about what other questions should be added to the list.  Also, hope these questions are helpful for some of you out there that are starting to interview lenders for the first time.  

Top Questions to Ask a Lender

• 1.Do you work with investors?
• 2.What down payment amount do I need?
• 3.What interest rate will I pay?
• 4.How many points will I pay?
• 5.Is there a prepayment penalty?
• 6.On average, how quickly are you closing loans?
• 7.Can you give me a ballpark estimate of what to expect for closing costs?
• 8.Do you work with investors that live outside your lending area as long as the property is local?
• 9.Do you have any “in-house” or “portfolio” loan products?
• 10.Do you lend on both SFR and Multifamily rentals?
• 11.Do you loan on commercial properties (5+ units)?
• 12.Explain the loan products you have available (ie. Term length of loan, interest rates, etc.).
• 13.Do you offer any construction loan products?
• 14.What are your seasoning requirements for refinance loans?
• 15.If I paid cash for a house last month, fixed it up, rented it out, can I refinance it with you immediately?
• 16.What is your “Loan-to-Value” on refinance loans?
• 17.Are your refinance loans based on purchase price or appraisal price?
• 18.If loans are based on purchase price, how much time would need to pass after sale before the loan would be based on the appraisal?
• 19.What is your banks maximum lending limit or aggregate for any one investor?
• 20.Do your 'in-house' loans get reported to the credit bureaus if under a business name (LLC, etc)?
• 21.What is the maximum lending limit you can personally approve without taking it to the board or committee?
• 22.How fast can turn around most refinance loans?

Again, I welcome your feedback.  What would you add to this list?

I agree with Mindy,  you should request the full amount back from him.  He is in breach of contract.  Feel free to PM me if you want some other property management recommendations in the Indy area.  I have interviewed several and have spoken with lots of clients that have opinions about different ones that area good.    

@Doug Woodville I call insurance companies and get quotes.  I also can get online quotes using USAA.com.  Otherwise I call and get quotes from allstate or other carriers.  They have never required me to own the property, since in order to close on a mortgage you need to already have insurance lined up for the property.  

@J. Lee do you account for Capex as well, or only 10% for maintenance to cover all needed repairs?