All Forum Posts by: Brent Hasse

Real Estate LLC are very basic, attorneys can over complicate things at times. There are several tech companies tackling this situation, Rocket Lawyer is one. All paperwork is standard, no reason to pay an attorney to "draft customer docs" as it's probably from a template anyways.

Thanks for jumping in.  The mortgages are packed in large portfolios and sold to wall street as a mortgage-backed securities, but the 'mortgage co' who is the loan servicer would be the one doing the underwriting correct? Would we be dealing with them?

 We built a tech-enabled property maintenance and repair platform to help flatten the cost curve of owning real estate. Think of it as an oil change but for your house, it's called Flat.  Feel free to DM me and I can share more.

With rates at the current rate and assuming majority of landlords/homeowners refinanced in the 2-4% range over the last 10 years, I just started doing research on assuming a mortgage.   After reading some older forum posts here and it sounds like a lot of people try to "sneak" it by the mortgage company and actually opens up the seller to risk.  So the right thing to do is to talk through it with their current mortgage note holder and go through the underwriting process.  To me this doesn't seem like such a big deal.  

2 Questions:

Why would a mortgage company say no if you qualify for the loan amount?

Would the mortgage company allow the current owner to HELOC for the difference of the new purchase price and balance of the original mortgage?

 Thanks @John Warren

 Thanks @Nathan Gesner will do

 @Michael K. Like many of you, I rented right out of school and quickly did the math of how much my landlord was making so I knew I had to get into the business. I was lucky enough to buy a garden unit in Wrigleyville as a short sale in 2011, it took 11 months to close but got a great deal. Then we started looking for a 3 Flat with a good Owners Unit, took 2 years to find the right one and got it off market through my network. So renting the bottom 2 units out and living in the 3rd. House Hacking 101

Who are the sellers of these units?  I always find it hard to believe people would part ways with a low interest rate, rising rent, and an obvious hot commodity. 

Are they older owners who just don't want to deal with it anymore? 

@Katy Schlueter I'm not sure from a legal side but practically speaking - I think you're on the right path. You could put just the 1 or 2 guys on the lease, they are responsible for the payment and condition of the house.  Even if you have the 3rd guy on the lease, the other 2 are still just as responsible but it could be a little more messy. 

Just wanted to introduce myself, I've got 4 door in Chicago (Lakeview and Wrigley) and grew up in the western suburbs of Chicago.  I'm looking forward to being more involved in the forums here and helping anyway I can.

Great to meet everyone!