All Forum Posts by: Bill Hamilton

What you didn't mention, which is really needed to suggest a direction, is how much are the houses worth and what is owed? Lenders that might consider this will need to know to know the appraised value of each property and how much is owed on each property. Also, do you have enough cash flowing through either your business account or your personal account to make the Debt to Income ratio be acceptable?  

Get a good mortgage broker. Not all underwriters will look at your overtime the same way. Write a good "Letter of Explanation" (just like you did above but with documentation) showing that you have worked 60 hours per week for more than 2 years. It may not work but some underwriters are more flexible than others. Also, if your dad is willing to pay $3,000 to Nissan, see if instead he would be willing to give you that money as a gift with no strings attached. Conforming loans pretty much always allow for gift funds from an immediate relative, for a down payment.

In general, most municipalities don't have regulations on mold from the landlord side, other than requiring they attempt to remediate whatever may be causing it. I would do your own research on state and local laws/regulations but from there, I would just do A) whatever the law requires you do and then B) do what your conscience guides you towards. But based on the link below, what I have read, and what I have gone through with a mold issue, I don't think you have a lot to fear.

http://www.nolo.com/legal-encyclopedia/mold-rental...

@Andrew Postell I actually was thinking about it in a different light/scenario. Just goes to show the problem I am trying to solve may not be the same one the other person actually has. I do know how the Delayed Financing program works (mostly...may have been significant changes since the last time I looked) but I was thinking along the lines of someone buying a home for $200k, dropping $100k on rehab and now it's worth $400k. At that point (assuming I am keeping the house rather than flipping) I might want to pull everything I put into the house back out i.e. $300k. But on a conforming loan, I have to wait at least 6 months before I can do a true, cash out refi and be able to use the new, appraised value. But good point about the Delayed Financing, which can be a great program for some situations.

I'm not going to do the research on Oregon laws, but in general it is not a real estate deal if there is no land attached. It is a chattel sale (i.e. the same as selling a car) so whatever your vehicle laws are would apply (including needing to be licensed by the state to sell vehicles possibly). If you don't have experience in this area, I would either find someone who does or walk away before you end up in a bind.

I believe what @Andrew Postell was saying is correct. But, understand that you have to wait 6 months before you can pull that cash out, based on the new or current appraised value. Otherwise, you will be limited to 75% of the purchase price plus closing costs i.e. $127,500 plus 75% of closing costs. Rates will probably be in the 4's if it's an investment property but you may have trouble getting rates that low if it's titled in an LLC. I don't know if Fannie/Freddie allows lending to corporate structures and I doubt most banks will, under conforming rules. I am going to page @Chris Mason at this point as I have been out of the industry for quite a while, but keep in mind there are other options. They just probably won't be as attractive from a rate standpoint.

Also, keep in mind that you can't just be a real estate agent to be a PM. Your broker has to be okay with you doing PM or you have to be a broker.....and you have to work as a RE agent, under a broker for at least two years before you can apply to be become a broker. And a lot of brokers don't want anything to do with property management so if you want to gain the experience and go down that path, make sure you land under a broker that will train you in the nuances and legalities.

Yep. By definition, a private lender is not, and doesn't work for a bank. Scam.

Yeah....probably not going to happen. You are looking at a 2nd position mortgage at a 75% CLTV. Not enough room to make it secure for a lender.

Uhh. Depends on the rest of the language in the contract. Do you have an inspection period and an appraisal clause. If so, it gives you an out if you find things that you think are unacceptable. "As Is" more simply means that they are not insuring that there is nothing wrong with the property and you need to perform whatever inspections and appraisals you find needed. You probably need to get a real estate agent or lawyer involved in the process if you don't understand these terms, especially as the way courts look at them vary from place to place.