All Forum Posts by: Arthur Schwartz

Looking at the analysis, a) I would not self manage any investment property, unless you like doing that work plus the headaches and stress b) you did not budget for a home inspection or the cost of upfront repairs or maintenance.  c) it is not only about the numbers but also walking the property with an inspector or contractor

Average rents in an area can b found several ways.  There is a good website, rentometer, which shows all rents in a area and creates a histogram for you.  It is not free but well worth the modest cost

What is the FHA self sufficiency test?

my understanding is that new nobile home parks are not being built nationally.  the existing ones are shrinking.  i would look up the biggerpockets podcasts with key words mobile home

I am dealing with Caliber on a refinance.  Six months after filing they are asking for more documents.  I will likely look for a new refinancer.  I would not recommend Caliber to anyone.

I am going through something similar.  Started my refinance with them 6 months ago!  They are still asking for documents.  I will likely take my business elsewhere.

I reinstated a mortgage on my cousin's estate in July 2019 (6.125%), paying all past due mortgage payments plus paying off three liens. In September 2019, the deed was recorded officially in my name. I began a refinance in October 2019 and have an email message from Omar Santoyo, a NMLS, on October 14 2019 that my application was complete. Since then, the file has passed back & forth to a Crystal Monteagudo ("Loan Processor") with a series of document requests which seems unending. The two most recent requests: they want the HOA to complete a 3 page questionnaire with about 50 questions plus they want a VOD with average bank balances for the last two months. About the VOD= about 3 weeks ago, I sent them a Proof of Funds (POF) letter from a Wells Fargo banker with about TEN TIMES the six month PITI on this rental property. They responded by asking for the average two months previous balances. I asked WF; they said that they do not issue letters with average balance (only actual balance on a specific date). To offer Caliber Home Loans something, I emailed two photos of my bank account balance in December, January, and February (preceding the March POF letter). After six months, should I comply with the latest two document requests OR find another mortgage lender? If the latter, can you recommend a speedy re-financer? I don't want another six months to go by. PS: should I complain to the Consumer Financial Protection Bureau? Or NMLS? Thank you for your advice.

I have several rental homes located out of state. Are there any rules on how often you can travel there, and deduct the travel cost? Can I travel once a year? Twice? Three times?  Are there any travel expenses which I can or cannot deduct?  Thank you!

you did not state how much of the 780 rent will go to property taxes, insurance, mortgage.  As others have said this property likely works well without doing any refinancing

yes i would likely buy the house on the terms stated.  Why?  you are putting down about 10% and getting a very good return on capital; you may refinance the mortgage to lower the payments.  the real issue is the neighborhood and whether there is good long term appreciation potential