All Forum Posts by: Brittany Olofsson

LOl you're funny Chris Mason! I originally went with Rocket b/c their investment interest rate was so low AND they were offering a fixed loan, but now locally I am being offered 1% higher ( 4.25) and 2 points with higher closing costs.... but atleast the deal won't fall through...

With the decrease of Freddie and Fannie buying up investment loans dramatically this month, Rocket Mortgage tells me that my loan of 111k is "too little" an amount for them to loan me and is rejecting financing me on my very first SFH property! Has anyone else ran into this and what ways have you gotten around it?

Hello Newbie investor, have yet to buy my first property here in Clarksville, TN. Seems like there are not many deals to be had. Of course once they hit the MLS, they are on the market a couple days, there's an open house and they take the 'highest and best' offers by day 4. Things are going for WELL OVER APPRAISAL!! People are paying thousands over the asking price, as SO many people are flooding to Clarksville and not enough houses. How to invest in Tennessee!?!

Thank you so much. I'll call and ask my bank. 

Hello. If I want to make a bid at a foreclosure auction, how do I come prepared? I know I need to have cashier's checks, but made out to myself? And if I don't win the auction, am I able to deposit those check back into my bank account?  Can anyone explain the process? 

NO, you are making an inaccurate assumption.  I am merely asking if anyone has dealt with it in the past.. Never said I put an offer in

Hello, Just getting started in the rental property journey. meaning, we started an LLC and put one offer in on a property. Does anyone know what this entails?

This property is approved for homepath mortgage & Renovation Mortgage Financing.

They say as low as 5% down and I know the SFH requires alot of work, but I'm curious what the terms could be.

Yes I agree with the other responders. I would hold on to it. If it's paying for itself and you seem to be smart with saving the money towards major repairs, eventually this could be a retirement payoff for you in the end, or 11 years down the line, sell to pay for kids college/ wedding, etc. 

I am creating my LLC and working on my operating agreement. Never done this before... what do I put for the 'valuation'? We currently don't own any rental property, although have an offer in on one... but we really don't have any "value". I have a lump amount of cash I plan on starting a business bank account with. Any suggestions?

Hi Tom, I'm in the beginning stages of starting my rental property business north of you in Clarksville. I have , like you purchased many houses for personal use, but this is a whole new ball game. I've started an LLC, am working on my operating agreement and paperwork. Next I will open a new bank account in the LLC name.