All Forum Posts by: Sean Kuhn

I have no evictions yet, but someday I know it will happen. What do you guys do to keep ready for one? How do you prove the tenant isn't paying now and what evidence to you keep to be ready for one. Can anyone walk me through a standard eviction that they've done, from a check not showing up to the tenant getting removed?

@Elizabeth Colegrove makes a great point. I love putting an offer in a house I know I can't afford yet, but 3 to 9 months later I'll be able to. All three short sales I've got are in great shape too.

Perhaps try putting in a whole new smoke alarm. The wire contacts could be bad?

@Bill Gulley

This ARM, according to my lender, isn't a balloon payment at 5 years. It stays fixed at my now locked in interest rate of 4.85 for 5 years, then fluctuates after that with a ceiling of 9.85%. As a side note I do actually prefer 30 year fixed but FNMA is wanting me to have 54K in cash reserves. Seeing as this new one is only my fifth rental property it would literally take me a year to save that up.

@Elizabeth Colegrove My lender just told me its 4.85%. Does that sound any better?

@Kizzy Robb

Loan to Value. The ratio of money lent to the value of the house.

@Deborah Burian

@David Beard

I'm assuming you currently have this type of loan, did your lender make you escrow? Is it common for them to demand an escrow? I'm considering looking for another lender as I hate escrowing. Thoughts?

I've bought two short sales in two years. The first one was listed at 99k I offered 95k, withdrew and they countered at 88k and I accepted. Another listed at 80k I offered 78k(Good price) and they countered at 96k! We met at 87k, which was still a good price. I honestly haven't been seeing much discounts in short sales recently.

Hi Matt,

I'm out of the Minooka area and originally lived in Plainfield. I'm closing on a house in Joliet soon. What does your company preserve exactly?

I'm working with a portfolio lender on two 5 Year 30 Amor. Arms with a fixed interest rate the first five years. I plan to have them paid off before 5 years. Down payment is 25% with an interest rate of 5.65. I've only ever done conventional before this and this sounds like a great deal to me. I only qualify for FNMA loans and I hate working with them. What do you guys think? Are these rates and downpayment typical for this type of loan? I had one other quote for 40% down, interest of 6.9% and that sounded way too much to me.

My first tenant was a nightmare too, I remember that. But it was a great learning experience and I figure they can't get much worse than that. Welcome!