Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Tim Johnson

Tim Johnson has started 3 posts and replied 641 times.

Post: Can I fight a underwriter ?

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

Can you come up with more money down? The bad news is your going to have to order a new appraisal if you switch to FHA, so its going to take longer to close. I would get on the horn now and either put more money down or switch to FHA.

Post: Should I start in the roofing business?

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

roofers are a different animal.  If your a clean cut guy, look at doing plumbing electric or hvac and you will make way more money.

Just my 2 cents

Post: To side or not to side?

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

Take a look at those downspouts, I bet when it raining they are leaking like crazy causing that water damage.  Fix the source first or your just putting a bandaid on the damage and its just going to damage new stuff.

If this is a long run gutter, looking at increasing the downspout size to 6 inch vs the 4 inch that appears to be in the picture.

Post: Thoughts on Home Style loans for buying and holding. BRRRR

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

I'm both a contractor and loan officer, and the homestyle loan is way easier to use than the 203k loan.  I think its a great option for you.  Remember on investment property depending on the numbers of units your down payment will be between 20-25% down.  If you owner occupy the house, down payment is either 3-5% down,  depending on if your a first time home buyer.

I'm not licensed in your area, but its a great product with an amazing rate.  Very easy to work with and alot less paperwork than a 203k loan

Post: Can you refinance out of a hard money loan?

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

@Vincent Wright

Need to tell us more about the deal.  Whats the property value? 

Post: Experiencing a few bump and bruises

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

Too many details are missing on this and something seems odd.

What type of work was done?  Did you pass occupancy inspection, they don't release final payment till they have certificate of occupany in hand. or was this a basic remodel?

Call the city and see if the permit is closed, if not tell them to come inspect.  Fail inspection and then get the contractor to close permit.  Then new contractor can open a new permit.

Post: Renovation mortgage, owner is the contractor

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

Do you have an llc that also has a contractor's license?  Your going to need that, or they look as its self completed.

If you doing 203k loan, you can't self perform

Homestyle you can up to $5000 or 10%

Did you do any rehab or value add?

How is title- personal name or llc?

Post: tenant with massive loans

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

Income based repayment.  My record was a lady that worked at a gas station, had a law degree and a MBA had 330k in student loans.  Her payment was $97 a month.  She will never get that monkey off her back.

She had a 780 credit score, but I couldn't get her approved for a loan because on income based plans they take 1% of the student loan balance.  That was more than her income for the month.

Crazy Crazy

Post: Hot Water Crisis: Low water pressure and spotty heat

Tim JohnsonPosted
  • Lender
  • Grand Rapids, MI
  • Posts 703
  • Votes 446

The filter elements are clogged in the faucets on the hot side. Very common when you replace the heater elements.  If it has handles take the handles off, clean the screen and reinstall.  Should fix it