All Forum Posts by: Kirk R.
Kirk R. has started 69 posts and replied 925 times.
Post: FHA house hack definition of "living in"?
- Peoria, IL
- Posts 967
- Votes 383
i think the litmus test is where your pet is! :) kinda funny but for tax purposes was reading that was big factor
Post: To Buy Or To Sell Right Now - or neither?
- Peoria, IL
- Posts 967
- Votes 383
No. i talked to banker couple days ago. she said no OO bank money til i'm back at my job.
Post: Conventional loan with no kitchen ?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Stipe Ba:
@Kirk R.
Thanks for the info ! Plan on calling some banks tomorrow . Do you know if investment loans require kitchens to be in place ?
I'm guessing some investment loans wouldn't require anything but a signature. But this would probably be after you have a track record. banks typically won't lend money unless the borrower doesn't need it :)
I keep repeating call a banker (not just you). But having a good idea what a bank will & won't do for an investor/home buyer is 1st before trying more non traditional routes.
Post: Conventional loan with no kitchen ?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Stipe Ba:
Hi everyone !
Found a SFH home listed for 100k. ARV for area is 220ish. Older couple lived it and they had a mold problem from leaks in the roof. Had it professionally repaired. They went above and beyond and tore a few sheets of drywall off and removed the kitchen because that's where the leak was coming down to. Theirs no kitchen cabinets and the appliances are not hooked up. Also one of the bathrooms have been gutted but the others still
Are in place and work. All the utilities run as well. Everything else looks good and done. Would I still be able to get a conventional loan , or do I need to go the investment loan route ?
Call a banker. probably varies state to state lender to lender & what moon phase we're in :)
No kitchen? have the appraiser include closest take out place in appraisal! lol
i had deal where couldn't get loan because the carpet had been removed because lady ran dog grooming business. Ended up going to local bank & got deal dun
& maybe could get creative to meet banks requirements. hose from back yard & dishwashing bucket.
call banker!
Post: What makes you a heavy hitter on BP?
- Peoria, IL
- Posts 967
- Votes 383
my baseline:
3 or more real estate deals
or 5 years experience in industry like property manager, realtor, lender.
Little challenging to know who has done what. But, over time can tell people that give concrete metrics & specific examples vs. sharing feelings & imos :)
Post: Best Real estate strategy?
- Peoria, IL
- Posts 967
- Votes 383
are you already using your va loan? just buy something that cash flows. a sfh to quad. get more experience less risk going OO
Post: It is just me, or are there a lot of people waiting for a crash?
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Tyler D.:
Originally posted by @Account Closed:
To put it another way, with the right kind of support, Mar 23 was the bottom and you already missed it.
Mar 23 is actually a great example. The market tanked aggressively and then suddenly shot back up, without a whole lot of great news to back that up. Even now, with a lot of uncertainty, the market is slowly climbing because, maybe, there were a lot of people waiting to buy that dip. Doesn't it seem strange that the market shot back up suddenly without a whole lot of positive data to back that jump?
one article said once the market moved up a little the shorts got squeezed & starting covering which drove market higher & more short buying
Post: FYI Just talked to a banker 4/24/20. NO SOUP FOR YOU!
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Chris Mason:
Originally posted by @Kirk R.:
Originally posted by @Chris Mason:
If 20% of potential buyers are on unemployment, the banks/gov need to change if they really think this is just gonna be a temporary blip. Otherwise the buying pool is down & the house prices should come down.
N Everyone needs housing, right?
Already seeing #transactions drop. not everyone needs housing. Homelessness people (extreme example) dont.
https://www.cbpp.org/research/...
& I couldn't find #s bit guessing during GR liquidity in housing market dropped significantly a #Realtors & #loan officers were looking for a different job as #of transactions dropped significantly. I was as a Realtor.
& ssome people will move back with family. No money = different living accommodations.
But after researching housing prices didn't drop as much as I'd have thought during GR. Instead people pulled their houses off the market.
Post: FYI Just talked to a banker 4/24/20. NO SOUP FOR YOU!
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Chris Mason:
FYI: This has nothing to do with COVID-19. You'd have to go all the way back to 2008 or so for temporary sources of income to "count" towards getting a 30 year mortgage.
the 20% unemployment has nothing to do with COVID-19? I guess I'm not sure why you're pointing this out. Are you saying 2008 temp income counted before the crisis until banks tightened the lending practices.
Times change. banking regulations/policies change. If 20% of potential buyers are on unemployment, the banks/gov need to change if they really think this is just gonna be a temporary blip. Otherwise the buying pool is down & the house prices should come down. This is gonna stack on top of people not having jobs. & if deals in progress aren't allowed to progress......
Post: FYI Just talked to a banker 4/24/20. NO SOUP FOR YOU!
- Peoria, IL
- Posts 967
- Votes 383
Originally posted by @Michael King:
@Kirk R. This is interesting Kirk and appreciate the heads up. For those positioned to buy, this could mean a smorgasbord in the near future.
yep. yep for sure. It just seems like the stock market & the housing market haven't had time to let it sink in yet. Wonder when this bottoms. If CV was gone NOW still be quite some time til workers, customers, & businesses are able to get back to getting.
Banker I talked to was awesome.
& I got to laugh at Seinfeld links.