All Forum Posts by: Tammy Vitale

@Natasha Marano - Hi! back neighbor!

My lender told me that they will not lend on a fix up for one year.  An instructor I work with told me that's crazy but crazy or no it'a a fact.  I haven't done any looking around for other conventional lenders who might have other rules.  So if you can't qualify at first, and have to carry for a year - how does that look on your financial figuring?

I will do that.  Thank you!

My son went the route of buying a single family home, 3/2, set up so that the dining room could be closed off and made into a 4th sleeping area and still have plenty of space - easy in Florida because of the way they set up their houses.  Renting out 3 rooms, he lives free as that covers his rent payment to me and his utilities.   His rent payment to me includes $300 over the mtg.  So his buddies get an affordably place to stay, he lives free and I get passive income.  We paid $82K for this house - 1800 sq ft.  So don't ignore single family homes unless you don't like roommate situations.

I simply refinanced two of my properties, didn't take out 2nd mortgages, when I did my last run of house buying - my down requirement is 25% as I am at 3+ houses at this point.  I also had enough funds already for the 6 months so I can't really answer your direct question, but I am curious why you would take a 2nd mtg instead of refinancing.

I have closed on 4 houses in the lat year and a half.  I have come to believe that the underwriters - who get things at the last minute - need to feel needed and must find something - usually something nit picky and small - to earn their keep.  I have gotten used to it.  Have your lender extend your closing date - this is totally possible - it would be silly for the seller to start from ground zero again, i.e. find another buyer and then wait for that buyer's financing.   I was beating everyone up on my last house because I had a team of guys ready to tear it apart and put it back together and they wanted me to wait andextra week.  We got it closed on time and the house torn apart and put back together before the first payment was due on the mortgage.  It is nerve wracking but once you realize it's the norm (as several people above note), maybe that will give you some breathing room psychically.  Good luck!  And let us hear back how it goes!

Have you talked to any agents?  They can set you up on automatic for anything that matches what you're trying to comp.  

The most important thing I've learned as a real estate investor is shop around. Do not stop with the first person you ask.  Even if just for your own education so you feel really comfortable with your decision - it doesn't hurt to ask around.  Lenders are all different!

If you are a buy and hold, go for the fixed rate if you're in it for the long run. If you are going to hold less than 5 years, then an ARM might work, and/or if you know you can refinance to a 30 year within that 5 years. Travis is absolutely right about where we are right now with interest rates. Know your exit plan/goals before signing on the dotted line.

In the past I used Landlord Protection Agency  www.thelpa.com.  Haven't needed to use them in a while but found them reasonable (and I didn't really have anything to compare - I got them from a friend investor)