All Forum Posts by: Nick Williamson

You need to ask your broker why they're recommending non-QM over conventional. Your broker is privy to info that we are not. They may very well have good reason for the suggestion. Or not. Be direct and see what they say.

@Jon Holdman so do nothing, let everything fester in muddy, contaminated water, and then have the restoration company come out once the tenant is discharged from the hospital and has had everything removed? 

I get what you're saying; added liability is typically to be avoided. But as the property owner, I'd be more concerned with my investment's structural health than the added liability that moving some ruined boxes and furniture could incur.

Addendum: the above post assumes the "back-room" is attached to, and part of, the house :)

@Brandon Turner Most renter's policies cover water damage due to broken pipes, overflow, etc., but like homeowner's policies, flood coverage will need to be purchased separately...

My $0.02... Rent a cheap storage unit and house her stuff there for it to dry while she's recovering. Units are cheap, and she's your favorite tenant! :-) 

@Jon Holdman 

As a licensed pilot, I know from experience that piloting skills do not always translate well to drone flight. The 2 destroyed drones sitting in my living room are proof lol.

@Blake Woodham 

Back on topic, I agree that it doesn't look to be a very viable business opportunity, but they're great for taking pics of your own properties and fun as hell to fly! The latter being the biggest benefit of ownership :)

@Anna Watkins 

You'll likely get a different answer from each person that responds.

My advice... stick to YOUR standards, and go from there. 

To that end, if people are lining up to apply, then sure, automatically disqualify those with evictions. But if not, I'd look at the total strength of the application in question, along with any compensating factors, before automatically disqualifying a prospective tenant.

It's easiest to use a calculator like this one...

but if you're [very] old-school, and really enjoy math, here's the formula --->

Have fun!

1) Monthly

2) 500 - 2,500 (actual amt depends on campaign / target market)

3) Yellow letters & Postcards 

From the Dept of Veterans Affairs website...

If the veteran borrower dies before their mortgage is paid in full "...the surviving spouse or other co-borrower must continue to make the payments. If there is no co-borrower, the loan becomes the obligation of the veteran's estate."

@Amanda Keller So basically a VA loan is treated the same as a conventional mortgage would be treated if the borrower died (i.e., all outstanding financial obligations, including the mortgage, become the financial responsibility of the surviving spouse or the veteran's estate.)

In both types the lender is allowed to seize any assets that were used as collateral to secure the loan in the event of a default. The difference b/t the two is the extent that the lender can come after the borrower in default. With a non-recourse loan, the lender can only seize the collateral that was used to secure the loan. With a recourse loan, the lender can seize the collateral securing the loan and can also go after the borrower's other assets to recover the monies owed.

To your question, yes, lending guidelines will typically be more strict and rates can be slightly higher, but it's often in the borrowers' best interest as your assets are better protected w/ a non-recourse loan than they are with a recourse loan.

 LOL, I thought the same thing!