All Forum Posts by: Lolita Ellis

I certainly appreciate you taking the time to explain. Very very few understand. I had to explain this to family members. I am excited that the industry practitioner has evolved and does not have to live the secret wanna be life of an investor I just listened to a podcast with Pat Hiban which was good For someone like myself who happens to be the lo-key real estate agent with goals this post hit it on the nail for me.

Certainly keep the security deposit separate but for financing have you considered a portfolio lender? There are a few in VA Im sure they may offer some assistance.

Agree with Frank Patino I would consider using my investments to pay off bad debt- Plus if the property is building equity from paying down the loan and increasing in value by the time you do retire the account you have now should be a fat little piggy bank. Dont forget while paying down those loans to also stash money for maintenance expenses and vacancy on the rental.

When a request is made to change some conditions to a set contract- this present opportunity and the ball is in your court- settle in 2 or the contract is cancelled- Are you open to share why you may be nervous other seasoned investors may be able to shed some light on your situation

You can also advertise as Coming Soon- possibly give you and your current tenant time to get the property in show shape. I love when properties are vacant unless the tenant is into staging and helping you seal the deal. 😉

Wow all has been helpful Daria B. Yesssssss! This answered my question completely. I have already paid for the appraisal in which was required by Hoya and Navy. Our scores ate in the mid 720-750. Im impressed with your HELOC- I'm ready to throw mines in the trash! 😁 All that you said confirms what I believed should have been the process. CFPB- Consumer Finance Protection Bureau We use them alot to complain on first trusts mortgages when there are problems

This may be really late, referrals of this source should be given by agents in your office or your broker if your licensed. If not perhaps you could call a few of your local housing counseling offices they know plenty of agents, home inspectors, appraisers, lenders etc.

Best of luck

@Todd Cohen are you a broker? It may be in your best interest to consult with your broker, because I would hate to see you work extremely hard and the end result be a big misunderstanding. That said consult with your local housing counseling offices and broker- is there someone that can provide interpretation services for a nominal fee? Real Estate is no longer a simple handshake for everyone. Although he has regarded trust in you, you still need to advise him appropriately (maybe you both can split the fee for the services. This could possibly reduce liability. I hope Im answering some of your question.

Im not sure if you are stating he has already signed a agency agreement with another Brokerage- if thats the case then who are you really representing?

Well Said- @Stephen Hundley and a few others. Flat fee is always considerable and Im sure your friend wont mind sharing any new leads that may come your way. As this is a marketing strategy for the both of you. Plus you could be out looking for home instead of conducting showing, making appointments for inspections, appraisals, title work etc. There is a low more that goes on behind the scenes then just placing a home on the market...... Buyers tend to get emotional too by having a lot to deal with and understand. I think its a good idea to have that barrier.

Purnell C. - I planned to pay off immediately as planned but keep it open as a resource Daria B. - I did shop around was going to go with Navy but they offered a 6.9 with a 20yr draw, I never received an other info as far as Cap rate etc., because I figured Hoya FCU would probably be super competitive since they are smaller and holding my cash. Navy closed my application because I told the processor I wanted to compare with another CU. so I was denied for not completing submittal of docs Is it typical for them to provide you with a schedule on helocs? Balloon payment info even if they dont know the amount you will owe at that time? What about those quarterly changes? Do most HELOCs have a recision period? Are they suppose to tell me the date of my first change date? Are there other fees I should be concerned with? I know HELOCs differ from 1st mortgages also not protected under CFPB rules so me also being a housing counselor- im treading this water super slow- where most might jump in. Its taken me way to long to get here and turn around. I have been "working" on this since April. **side eye**