All Forum Posts by: Travis Sperr

Always a different number than the rent rate to avoid any future issues as Jon Holdman mentioned.

Under $1000 a month I collect within $50 of the rent. Over $1000 a month I collect $1000

Drew Dickinson, unfortunately this doesn't sound too out of the ordinary. There is a chance that the other offer although lower may have had less or no contingencies than your buyers offer. The seller and BOA in most cases are more interested in taking the offer that in their opinion has the best chance to close in a timely matter even if it leaves a few thousand on the table.

Your chances of contacting the bank directly are very slim, banks are not in the business of selling houses, which exactly why there is an agent involved. Good Luck.

Assuming you are referring to Notice of Default? Check with your local rules/laws. In Colorado the Foreclosure Protection Act, requires a lot of disclosure and rights of the seller that could make it very challenging to wholesale.

Hal Cranmer- I have seen listings include something like "live in one unit and rent the other" "reduce your mortgage payment by renting one unit" , etc. I think when you get into offering specifics you should be careful. The property sounds like a great value for an owner occupant and not a steal for a traditional buy and hold investor.

You might also list similar catch phrases on craigslist to spark interest. Anytime you mention rates or mortgage payments be sure to clearly state "for example". I have seen FHA let a buyer use the rent income from the 2nd unit to lower DTI before the deal closed.

I once knew the same formula when I worked at an office that listed HUD houses 88% is the net after all commissions and closing costs. I am consistently seeing number that are lower than the 88% net, typically related to the days on market.

The restriction is for mortgaged properties, not the number of mortgages you have. For sake of conversation, you can have 4 mortgages on one property 1st, 2nd, 3rd, 4th postilion, this would be one mortgaged property. In this example you would be eligible for more mortgaged properties. So the short answer to your questions is yes, if the HELOC is against the property. Alternatively if the HELOC is against one of the other three properties, than it wouldn't count against total mortgaged properties.

Although as Jon Holdman, mentioned the 4 property limit is a bank overlay, if you find a lender that underwrites directly to Fannie and Freddie you can go up to 10 mortgaged properties.

That would be a great question for your or her custodian. I believe the restrictions are "vertical lineage", if you will. A person cannot benefit from their parents or children's IRA for example. But one could lend to or borrow from a brother or sister's IRA.

I haven't ever seen this, only thing I can think of is the lender was sloppy in there file. I have a few mortgages in my name and a few in wife's name and have never had an investment property report as my address.

I think you are going to have some challenges, but if it is where you feel you would succeed then get it done. I am not sure which area you are looking into, I typically see one company manage properties in 3 or 4 resort towns to provide a one stop shop for those wanting to visit the mountains. Your experience will help make the transition, but what will help you grow your client base when there are so many other options in the area? I might just be thinking out loud, also in Colorado let me know if I can share some connections.

Just be up front with the agent and let them decide whether or not they have time to show you the property. Or if your agent is not available, they should have someone in their office let you take a look at the property.