All Forum Posts by: Becky Crocker

Hi Emilio,

It is true that FHA is more strict on property requirements. For example, the property can't have any peeling paint or unpainted areas inside or out. Most of the time foreclosures tend to be in tougher condition, but maybe you'll find an anomaly. You could potentially qualify for a conventional loan with only a 3% down payment requirement if you have good credit and your income is under the area median income. Conventional financing tends to be a bit more lenient on property requirements, it does still have to be livable with nothing unfinished or unfunctionable.

This isn't necessarily correct. Fannie Mae allows for transfer to an LLC, provided that

• the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and
• the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).

We have a short term rental that we are leasing for four months to a business who will use it for their employees who are coming and going throughout the lease term.  They want a copy of my insurance certificate.  The request was prompted because I have a clause in the contract that limits them to just the subject property for recovery of any judgments against me and protects my other assets.  I don't think I should have to provide them with my insurance information, but also can't think of a good reason why not to.  Would you provide your insurance information?  Why or why not?

We have an offer in on a mixed use property with one retail space, one residential apartment above and two office spaces. The four spaces are all rented. Upon receiving our offer, the current owner sent out new lease agreements to the existing tenants to protect them from our being able to increase rent after purchase. Three year terms to each of the commercial tenants, and a one year term to the residential tenant. As is, rents total about $2600/month and our PITI would equal about $1800/month. When I estimate building maintenance and other costs, I think we would loose approx. $200/month at current rent amounts. The property was attractive because current rent values are significantly under market value. I estimate market value rent to total around $3500/month. Should I back out of this deal? Am I bound by these lease agreements between current tenants and previous owner? In WA State. Thanks for your advise! This is our first commercial purchase.

AIO does work best in a positive cash flow household. If you make extra payments to your mortgage, you will not be able to get access to that equity unless you refinance or take a HELOC, which will incur additional expenses. Also it combines the personal banking mechanism to put your monthly income to work for you while it's sitting in your account. You can achieve a similar idea using a mortgage and a HELOC if your only goal is to pay down your mortgage faster but AIO combines it all together - pay closing costs only once and you won't have to take a HELOC later to get access to your equity.

true, but the faster you pay it off, the faster you can use it to invest again!

Have you explored an All In One loan for your primary to gain access to your equity?  It combines personal banking with your mortgage in a banking mechanism that allows you to pay off your home exponentially faster while maintaining access to your equity.  I know many people who have used this product to purchase multiple investment properties using their All In One credit line on their own home.  Thus avoiding closing costs on additional mortgages by paying cash for investment properties.  

@Shawn Q. I agree, you could roll over the 401k and take a loan against it for your down payment.  Are you a current homeowner (probably a silly question)?  If not, we could explore down payment assistance from WA State.  Or we have a new proprietary product, Home Fund Me, that allows you to crowd-fund for your down payment - with free matching funds available!

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