All Forum Posts by: Account Closed

Guys, no offense, if I wanted to get grilled at a deposition, I'd go to court.  I'm done with this forum.

And for the record, I have the right to take a vacation to any place in the world, live there for a week, and move forward.  Hence, it's a pleasure home, not an investment property.  But I'm done here, good work all.

"Tried to pass"?  I was up front with my disclosures to the mortgage company from the start.  The mortgage rep knew all the facts up front.  This is called a bait and switch.  I was in the application process, I never executed the final closing.  "Tried to pass" implies that I was attempting to commit fraud.  How dare you imply that I tried to commit fraud?

I'm in a good mood so I will dismiss your reply.  Next time you see my name, know the facts before throwing out this garbage.  Disgusting.

Hey all.  Question for you Mortgage experts out there.

I'm a FL resident, I live in my single house in FL, $500K market value without a sweat.

I own a house in Philly, PA, I pay mortgage on it.

I'm buying another home in Philly, PA, and applying for a mortgage.  This house is on the same street as the first house.

One genius mortgage company has jerked me around for 5 days and finally cracked open that because the new home in Philly is on the same street as the one which I already own, that this would not be a "second home", but an "investment property".  They started jargon dropping like Fannie Freddie, etc.  Then when I started to press them, these were now "guidelines".  So I told them to chill and that I'll be back once I got more knowledge on this subject.

So, is this kids playing games because they don't know what they're talking about, or in my situation, would this new property really be an "investment property" and NOT a "second home"?  An "investment property" jacks up the interest rate to the stratosphere, so that's the reason for the party.

Let me know what you guys think please.  In the meantime, I'm getting with my people and digging in.  Thanks!

Brandon, this one is easy.  The condo has been sold.  My time and nerves are worth way too much to play "mommy may I" games with tenants who want to move in without any deposit and pay $200 below book value.  I understand that for some landlords, they're willing to risk their condo and have someone destroy their property and not be able to go after 1 penny because those tenants don't have 1 penny to their name.  But that's not a game I'm willing to play.  Going forward, I will only play buy low, repair, sell high.  Rentals are out, for life.

Hey guys.  I know the standard answer is to see my lawyer, but what I have is so slam dunk that Johnny Cochran couldn't get them out of it.  The buyer defaulted on getting the mortgage secured within the time applicable.  The first settlement was moved once for him, and the second settlement never happened either.  My RE is telling me the judge won't just give me the full deposit because I will have to prove how much money I lost, and that will be the amount.   I completely disagree with my RE on this topic.  But in the contract, it's black and white as anything, that I get the full amount if the Buyer defaults.  Does anyone have any experience with this?  I'm not going to be the victim, and if the shoes were on the other foot, I guarantee they'd be after me like nothing else.

Mike F.  I agree on the fact that I didn't realize that small price difference will make such an impact.  Thanks for your input.

And I'm at $900 as of this morning by the way, market rate, all the by the book - so whoever gets it will take advantage of all the extra things I did which I shouldn't have..but hey, live and learn :)

@Julie..great idea on the group showings..honestly, I never thought about group showings, because I figured people would feel uncomfortable etc, but I was wrong..in fact, a group showing would show the other people that this is in demand, and they have to act now or get lost since someone else will get it.  Let me ask..so I let everyone in at the same time, and let them walk around, and talk to everyone at once?  Is that the going standard?

What do you mean?  Overpriced at $925?  I said I will be going down to $900 to get this out out of here.  Zillow states my market price is $900.  Your post confuses me.

@Michael Dunn and @J Beard, thanks for your post..actually no, I didn't find a tenant.  The Philly snow storms didn't help either, but really, the problem is simple.  I violated something I learned a long time ago when I refinanced my own house years ago..No one cares if you have three fireplaces with premium tile work - no one will care if you have a new kitchen and new bathrooms with faucets made out of gold (figuratively speaking, but to get my point across, which I'm sure you can relate with).  It's all about the market value..I should have never put in the new bathroom into the condo, I never should have bought a new fridge, stove, etc..I should have left it as the beat-up slum which it was originally.  Then I could have rented it out 300 times by now.  Another lesson learned - a $50 difference, between $950 and $900, was not supposed to be a disaster that it turned out to be.  I thought - why would $50 be a problem when it costs more than that to take a family out to the movies.  Isn't $50 a reasonable added cost for a pristine living place?  Well, it's not reasonable, even a $1 price increase is out of line.  100%, the $50 turned out to be a disaster.  I lost more than 10x of that wretched $50 with the sunk costs of property taxes and condo fees over the last 3 months.  Right now I got it at $925 and I'm already getting interest.  Nothing panned out yet, but I'll keep it simple - I'll drop it to $900 in the next few days and I'll have it up and running in a week.  So here is the lesson of the day - don't get smart and spend your time and energy into these rentals - keep it gutta (like we say in Philly), because at the end, no one cares, it's all about the average market price.   Invest as little as possible into the rehab, because no one cares about that one bit.