All Forum Posts by: Brian Ashby

I own a number of LLC's which are declared qualified opportunity funds. Is it possible to sell these properties/ LLC interests to 3rd party and have the QOF benefits transfer to them? The properties are post construction and stabilized.

Thanks,

I own a number of LLC's which are declared qualified opportunity funds. Is it possible to sell these properties/ LLC interests to 3rd party and have the QOF benefits transfer to them? The properties are post construction and stabilized.

Thanks,

    I have brrrr'd two duplexes from full gut renovation to above rental grade finish apartments.  We have received unfavorable commercial appraisals on the refinance compared to what similar properties are selling for in the market.   Would it make more sense to get residential appraisals on these types of properties so we can be valued by the comparison approach rather than income approach?  I have a triplex im getting ready to refinance and dont want to make the same mistake again.    Has anyone experienced the same problem?

Can anyone run me through the steps of acquiring unclaimed land where the owner is deceased or unresponsive?

Thanks Wayne!

I am doing a 203K loan for a duplex I am buying in Philly. My loan officer has told me that I need to hire a 203K loan consultant for the renovations. However, I have spoken with other brokers who told me that it is not required. It’s very expensive And I feel like I am being raked over the coals. Can anyone weigh in on this?

Hi, 

Can someone please explain if there are any benefits to getting a mortgage with the same bank as the sellers mortgage company? 

I have applied for a 203k loan.  When doing this I made my broker aware that I had an fha loan for another rental property about 30 miles away.  At no time was it discussed that you cant have two fha loans in that close proximity.  I was told it wouldnt be a problem.  We get to a few days before closing and suddenly it is brought up that I have to refi out of my current property into conventional.  I made them aware that the property would not have enough equity to do so.  An appraisal is never done.  Another closing is missed.  They now start working toward a fanny mae homestyle loan.  Go figure, there is another issue, and we miss the third closing.  My seller is fed up and ready to pull out. As of today they are working back toward the 203k and refi of my current property.  I have a strong feeling it will not appraise for what is needed and with closing in 5 days they are going to blow this deal. which I may not have even started the process on if I was given good information in the first place.  If i fire them, i lose money on the appraisal. If the deal doesnt go through, do I have any recourse?