All Forum Posts by: Adam Shelley

@Alexander Flores What's a HML? A guest on one of the recent podcast episodes talked about delayed financing where he would include the rehab costs on the HUD to get a higher LTV out at closing. Really interested in this. Thanks!

@Mark Butler I believe the seasoning period is a Fannie / Freddie requirement. That's why portfolio lenders don't care -- they're not selling the loan to the govt.

Has anyone used the resilient sheet vinyl? The wood pattern looks so good and the price is cheap!! Wonder how well it holds up? I like the idea of having no seams. Anyone have experience with this?

@Dawn P. Agreed! Laminate looks nice for a few months but it wears quickly!

@Mary Mitchell Oh, ok. I misunderstood. Yeah I don't charge an application fee. Just the cost of the checks if they choose to apply. A lot of people at showings tell me they're going to apply but don't. My guess is they either aren't serious or they didn't want to say out loud that they wouldn't qualify.

Originally posted by @Mary M.:

Of course, but my feeling is that it is one more barrier and honestly it is a cost of doing business. Plus, i have talked to some folks who have paid hundreds of $$ to apply.  

I beleive the price should be refunded to those that are declined. 

I don't understand the logic behind refunding declined applications. I have my application set up on Cozy.co. They don't even pay ME, they pay Cozy for the background/credit check. 

I'm very clear about what the requirements are for renting my property. Income / Criminal / Credit is explicitly stated. When I show the property I don't even have paper applications. If someone is interested in renting then I have a detailed discussion with them about the requirements. Then I direct them to the website to fill out the application. This has worked well for me. 

I had a few people who balked at paying $40 for the application fee, but IMHO I think it's a red flag if someone doesn't want to pay for a background check. If they don't want to pay $40, they sure aren't going to like paying rent every month!

Just my 2 cents. Good luck!! 

Hello all,

I work with a formerly-homeless population in a Supported Permanent Housing program. All participants have a Section 8 voucher and a case manager to help them remain in housing. I'm seeking Section 8 properties for rent. 

Some of the people I work with have jobs, clean credit, and clean backgrounds. As you can imagine, I have little trouble finding them housing. Others in the program have poor credit, evictions, and multiple felony and/or misdemeanor convictions. These have been more difficult. 

I'm looking for someone who has Section 8 properties for rent -- studio, 1, and 2 bedrooms. The rent will be paid on-time every month. If there are any problems with the tenant, the landlord is encouraged to call the Case Manager with details. You don't have to deal with problems alone -- the Case Manager wants to know when there is an issue and they will go visit the tenant and see how they can help them resolve the problem.

These individuals need a second chance. Anyone who may be willing to consider these tenants please send me a message here on BP. If you have a property that you would like to rent Section 8, but have never done so, I can help you navigate the process. I know the employees at LMHA and can help you get approved as a Section 8 landlord. It's an easy process.

Thank you for reading and have a great day!

Adam

Any updates on this thread? @Freddie Robinson did you ever take the leap? Curious, because, of course those cheap houses are intriguing! :)

I'm NOT a wholesaler, but from what I've read here on BP you need to have an agreement signed with the seller that acknowledges that you're wholesaling it for him and you will receive XX commission upon sale. There are a few BP Podcast episodes about wholesaling that I would recommend you listening to. Lots of great, free information. Also check out the File Place section of this site. There's probably some document on there that would be what you need. Good luck!

There are very few residential mortgages that are assumable (I think FHA may be, but I'm not sure).

I would call the current mortgage company and ask them about assuming the mortgage. 

If they say no, the only way to do it is to do a purchase as far as I know. 

Good luck!