All Forum Posts by: Account Closed

Hey des, yes which bank is it? I called the milford bank and they said they wouldn't touch a property in Meriden and it was out of their reach. The same was with Guilford Savings Bank as they only deal along the shoreline

Ok here is the situation I close on my first house ever on Thursday and I am nervous as to how to handle this situation. I have a tenant upstairs who has been there for 4 years and is on a month to month lease, so basically I would have to meet him after I close and have him sign my lease and do a walkthrough and take pictures. I know he has paid and seems like a good guy I am just nervous as to how to do this whole process and do I just go into his unit and introduce myself. Then I would explain my lease should I run it month to month,? His rent is low as it is 625 a month but should be 675- possibly 700. How would I go in and say that and his deposit is also really low at 250$. thanks guys just nervous about this whole experience. Also the bottom unit needs to be rented right away. What would be my best bet ? it needs to be re-painted, and the bathroom needs tile. Also the wires are hanging from the bathroom and it would need a new electric fixture, as well as the polarity reversed. The issue is having the time to paint a house will take a couple of days, and that is all rental loss.

yes, i did find that bank on the website of FDIC and the lady has told me they don't check (only for an appraisal which is drive by) I still do not want to risk that, worse case I will wait to do a cash out refi in 6 months and will probably only take out 50% of the value to invest instead of 70% just to keep good equity in the house.

Ok i am still concerned with a couple of things buying. In all cash. I want to put my property under an LLc and would it be harder to refi after that I have heard some trouble getting a loan. I worry about the tenants sueing me and since I own it free and clear they can come after me.

Another issue is the tax deduction on interest. The return would show I am making more money on my rentals since I have no Pi and wouldn't allow me to reap better more tax benefits.

I don't mind waiting 6 months i have other ways to get cash quick and have no bills now to worry about so that Isn't my issue now thanks

I am buying my first rental all cash for 45k and am wondering how I can go about getting the cash back? I am running into a few problems that the banks are having with Non owner occupied properties.
The loan officers are telling me that I need to live in the rental to get a home equity or line of credit, but are telling me they don't check and you can get away with it. I don't want to do anything like that and would rather go safe and let them know it is an investment..

The other option is a cash out REFI which I know you have to wait 6 months for that.

Any one know a way they have used on an investment property to buy it cash close and then within a couple weeks to a month get 50-60% of your money back? thanks

yea that may be why, I just wish I knew before I had this all set up. I can always move there to beat the 60 day inspection thing but then after I move out I am running into fraud. Do you have any other options?

yes, I will stay in state. I basically have no other option for this property now. Loan would have been approved but the loan officer put me for a CHFA loan and being inexperienced I realize they want me to live there for at least 12 months and would do an inspection 60 days after. She told me to write a letter stating I was living there, but now that they will actually do an inspection this has gotten to far and I wish I would have knew better to make sure I was applying for a conventional loan. I made it clear to her but for some reason this was never addressed properly on my part. I thought that I was going conventional because I had 25% to put down which is usually the requirement because FHA is only 3.5% Basically I am buying a rental for 45k and was appraised for 60k. I am hoping to get 60% of what I paid for it back in 6 months, to use to purchase another rental. What do you guys think, I understand they will use the same criteria now, but if I can use an investment friendly bank and show my two leases and my job income on top of that with very little debt.

yes, it does seem like something to consider. thanks for that information, and yes I heard of using leases too as showing your rents which is what my current mortgage lender did as well.

yes, it seems like a great program I just want to know more about how they determine which contractors to use, how they are paid etc.

I have called Salem five and I believe the rehab is 15% with them. As far as the 75% rental
Income is good for me since I don't make much on my w2 as I am a part time server. Instead of using my rental as a liability they will claim the income which helps me when determining if I can afford another mortgage