All Forum Posts by: Christian Bors

@Cory Iannacone  When someone passes away, all assets need to be valued in order to determine if the estate is subject to state or federal taxes.  I was curious to hear what the executor decided was the value of the real estate was at date of death.  You should use that figure as purchase price since it will be the stepped up cost basis instead of backing into the 70% rule to evaluate a purchase price.

I too placed a significant line of credit on a property after couple of months.  I use that line for all sorts of things  such as; flips, down payments, repairs etc....  Its great to have access to the equity in the home so you can continue the growth of the portfolio.

Feel free to pm me.

@Cory Iannacone  What was the appraised value of the property for settling the estate?  You did a great job, but for a rental it seems like you probably could have spent 10k to make it rentable.  One of my earlier properties I did something similar, putting in granite, SS etc....It was totally unnecessary, but it did attract a great tenant. 

@Aaron Hurst What part of central PA?

@Joe P.  If you PM me, I will share who we use.

@Cassie Gray The biggest problems I have had were from inherited tenants. I believe FHA allows 60 days to occupy the property, however I am not a lender so I could be wrong. I would require the seller to make 1 of the units vacant prior to closing. I have read stories on here where tenants were suppose to move out 30 days after closing but guess what.....6 months later the new owner is paying for the eviction.

The upside to having both units vacant is your buyer can choose her own tenants.  However, as soon as the tenant vacates, your buyer will need to make repairs to make it rent ready again.  After it becomes rent ready, how long will it take her to find an acceptable tenant?  She might lose 3 full months of rental income (rehab and tenant screen) before finding an acceptable tenant.  Can they afford to cover the mortgage w/o the additional income.  Personally, I would move into the unit that needs more work and keep the other tenant.  I would renovate the unit I was living in then after its completed, terminate the other month to month lease and repeat. Before you know it, they will have 2 renovated units in a year and it will be their time to buy their next investment.

@Thanh T. Rate seems fine. You should check to see if PMI goes away once your equity hits 20%. Most will require a new appraisal, however some loans will ALWAYS have MI.

When I was a bank manager, wire fraud was always one of our biggest concerns.  Several times I saw these attempted scams.  Most banks will ask questions about how you received the wire instructions, but like the previous posters said you should ALWAYS call to verify the instructions before initiating the wire.

 I thought the exact thing.  Not sure I understand.

@James Allen If you can transfer jobs to a new state you should not have any problem qualifying for a FHA loan. However, a lender will want to see a letter from the company, 2 year W-2's, pay stubs, bank account statements etc...It's pretty simple, you have to live in the property and work locally. If you meet those 2 requirements, along with DTI, credit history, etc....it should be fairly easy to qualify for FHA. After a year, you can move wherever you want and qualify for another OO loan. If that doesn't answer your question, I am not sure I understand the problem.