All Forum Posts by: Todd Moriarty

My girlfriend doesn't want to pay her $200 monthly PMI insurance payment anymore. She's been there 3 years, the house has appreciated significantly, and she now has 20%+ equity in the house.

But her bank, Huntington Bank, won't re-appraise the house and remove the PMI. They tell her she needs 20% paid off from the mortgage. I asked my realtor and she confirmed this.

Is this correct?  Is this the new way of doing business for banks since the recession?  If so, what are her options?  Re-finance into another loan, with a slightly higher interest rate (currently) and pay more closing costs rolled into the payment?  That probably wouldn't save her much.

Are all banks doing this now?

Thanks for the info guys!

Does anybody have info for cap rate in Nashville, TN area (for Columbia, TN) for C class buildings, 22, 72, and 190 units?  Thanks all you cool people on BP.

Thanks Tom.

I see. I understand your explanation. But if I'm coming up with 25% down in the first place, then I wouldn't need seller financing. What I'm hearing from other investors is that they're only coming up with 10% down out of pocket and the seller is financing the remainder 15% via seller carry back. These investors talk about only having 10% max out of their pocket and getting awesome COC returns.

Can anyone explain to me, specifically, in plain English, how SCB works? So let's say, I do a 75% LTV. I put down 10%, the bank gives me 75% of the loan, and I get the remaining 15% SCB.

So, does the seller give me cash at closing (the 15%), or does the seller give the bank the money to satisfy the 25% LTV? And I pay the seller each month? Or the seller gives me his 15% portion and I give it to the bank? Banks want 25% nowadays, so if I get SCB, why would the bank accept only 15%?

It's the simple details that get me.  I can read the textbook definitions/concepts all day, but how does it REALLY work?

Thanks.

Hey folks,

Looking for apartment building appraisers in Grand Rapids, MI.  Any good referrals?  Who's the best out there?

Thanks Michael.

I'm looking at up to 100 units, B-C area, in Minneapolis.  Are there 8% cap buildings there, ya think?

Thanks Derek.  I have been to those sites recently and it's hard to find specific, updated info.