All Forum Posts by: Benjamin K.

What are the going insurance rates (replacement cost) for a multifamily in Harris County/Houston Texas? (duplex to 4 plex)

Has anyone ran into trouble with the underwriters for the "big banks" stating that repairs must be done to a HUD property before financing can be approved? (Appraisal stated that certain repairs-such as adding a stove that is missing, sheetrock repair and touchup paint must be done before home reaches appraised value-contract price $85600-appraised value after about $1500 in repairs $97500) Original appraisal came in at $90,000 with no stipulations but somewhere along the way the appraisal was revised with stipulations. HUD homes are sold as is and no repairs can be done before closing. How do I get around this issue? I am using conventional financing (20% down) What's up with the appraisals with stipulations?

Good evening fellow Biggerpocketeers. I currently have a REO property under contract (Conventional financing). The inspection report came back recommending a structuural inspection due to foundation issues. I got a contractor quote for approximately $6000 to repair the foundation. Submitted bid from contractor to bank asset manager to negotiate the sales price down due to this issue and they countered back stating they wanted a letter from the lender stating that the foundation repair would be a lender required repair. What should be my next move? Wait on appraisal and hope they bring up the same issues as the inspection report? Should I provide the inspection report to the mortgage underwriters now for documentation purposes? What to do?

Thanks for the responses. I 'll check them both out.

Will need to purchase kitchen cabinets for our personal home soon (Due to freak accident). Where is the best place to buy good quality kitchen cabinets in the Houston area?

Great deal....what part of Houston is the property in?

Yes I do have that dreaded clause drafted into the current lease agreement. I believe the clause expires when the lease expires. Will have to re-read the lease agreement to verify.

Would I need a realtor to sell my rental to the current tenant after the lease expires? If not, what would be the proper procedure in doing so. Current lease expires at the end of next month.

What part of town is your property in?

I recently closed on my first investment property using the Fannie Mae Homepath product. I was able to close on the property with reasonable closing costs, 10% down as an investor, and closed within 30 days. I didn't pay any points at closing, so the interest rate was high, 6.25%. I used the big bank, Wells Fargo, for financing.