All Forum Posts by: Mark S.

Eric Gutierrez , Brian is partially correct. You'll want to contact the 401(k) administrator (if you work for a large employer, it could be outsourced to a company like Mercer; if you work for a smaller employer, it could be someone in HR/payroll) and ask them about 401(k) loan repayment options if you become separated from service. Their answer will likely depend on what's written in the 401(k) plan document. The plan document outlines all components of the plan (I.e., are loans allowed, is there a Roth option, etc.). MOST plans that I'm aware of will call the loan due immediately and if you don't/can't pay it back all at once, it would be treated as a distribution. SOME companies may allow you to pay it back over time. For example, my employer allows you to make bi-weekly repayments if you're separated from service, but it has to be auto-debited from a checking account and you have to pay a small one-time setup fee for this. The bottom line: every company will treat this differently; ask yours.

Wayne Woodson , so what does F class + B class equal? ...G class? "Grinding it out like a Guru until our real estate investments stack Gs so our jobs don't have to?"

BiggerPockets Pro Basic. Wooo! #BuyAndHoldAnalysis

@Joshua Dorkin ,

Josh, I am asking specifically about the buy and hold evaluation tool. How many times can a Pro Basic member use it?

Thanks.

@Joshua Dorkin @Brandon Turner

Hey guys, I love the site. I really like the new buy-and-hold tool to evaluate properties and it'd be my main reason for upgrading. I'm sure I can grow into some of the other benefits, but this is the big one for me right now.

I noticed that Pro Basic members have "limited" access while Pro members have "full" access. Can you please tell me how often I can use this tool as a Pro Basic member?

Thanks, and keep up the great work with the site!

It looks like we do not have a deal after all. They are refusing to put in writing that the appliances will be included. The addendum to the contract specifically states that personal property, including appliances, are not included. There is a section where we specifically asked for the appliances as part of the deal. We also asked for some closing costs. The updated addendum made sure to put no closing costs and did not address the appliances. We asked that this be included in writing in this section. At first, we're told that appliances are normally not included, then we're told that they are usually left behind "as a convenience to the buyer," however, they're refusing to put it in writing. Where I'm from, "if it wasn't written, it wasn't said." On to look for the next deal...

@Jarl M. , thanks very much for responding to my post. And thanks for the congratulatory note (let's hope it all continues to go well).

I'm glad to hear the eligibility factor doesn't mean it's automatically beat to hell ('cause it sure didn't look that way when I walked through it!). I'm hoping the inspection will reveal all. I found a really good home inspector that I trust out here and is more meticulous than me in general. I only have 10 calendar days to get if done and object (in writing) to purchasing the property if I don't like the report when I get it back.

My lender (as far as I know; I'm in the process of double checking this) can do a regular HomePath Loan but I don't think they do the HomePath RENOVATION loan.

I've heard that there's a "set amount" on the renovation loans.. Does that mean that Fannie Mae is like, "Okay, boys, the renovation loan on this one is $5,000." I know the max is like 35% of estimated ARV, not to exceed $35,000.

This is obviously all new to me and clearly I don't yet know what I'm doing, or at least I don't feel like it.

@Shiva Mudaliyar , thanks for responding. So, basically, if the property is $60,000 and the estimated repairs are over $3,000 (5%), then it's HomePath Renovation Loan eligible? Is that what you're saying?

I guess where I'm concerned is that after looking at the property and walking through, I'm thinking there's maybe a few thousand in repairs needed, and now that I see it's HomePath Renovation loan eligible, I'm thinking, "Oh, crap, does that mean the electrical is shot or there's a hole in the roof I missed?" Obviously I'm getting an inspection, but I guess my question is whether or not the fact that it's eligible is a dead giveaway that something is terribly wrong with the property.

101 views (half of which are probably from me, haha) and 0 replies.

Someone HAS to know SOMETHING. I ran a search for HomePath Renovation loans and read a half dozen topics, but no one has addressed this.

So, I got my first property under contract!! 3 BR / 2.5BA, 1,248 sq. ft. townhouse. It's a Fannie Mae HomePath property (foreclosure). My agent asks me whether or not I'll be using the HomePath renovation mortgage.... What?! How could we have not realized this sooner?!

I'm waiting on the dollar amount - as he said it's a pre-set dollar amount, however, I'm floored we hadn't noticed it sooner. When we walked through and checked the place out, we estimated no more than $5,000 in rehab costs to get it in rentable condition - and $5,000 was a VERY conservative estimate!

If a house is eligible for a HomePath Renovation Loan, does that automatically mean there's a TON of work that it needs? I'm freaking out here, guys.... I definitely wasn't expecting this. Please advise. Thanks.