All Forum Posts by: Chris Shipman

Good Evening,

I have a tenant living in a unit in which the HOA does not allow for "farm animals" to be kept on the premises while the city passed a law allowing up to 6 fowl on the premises. Before I fight for my tenant one way or another I would like to know if an HOA bylaw can superseded a municipality law? Has anyone ran into an issue like this before?

Thanks

Chris 

The rates seems a little high but maybe not depending on your area and the type of loan you are getting. Since it's not a typical FHA loan that may be what you have to pay. Try shopping around to get other numbers. Two additional way to look at it: - The tenants are the ones paying down that debt so that may be an easier way to stomach the interest amount. - If you make additional payments on top of your slated mortgage amount you can pay it down faster, thus paying less interest in the long run.

Concerning the interest: Yes with the above numbers you mentioned that is how much you would be looking to pay. Look for a loan calculator online and use your numbers and you can see a breakdown of how much you'll be paying on the premium as well as in interest. Concerning how much equity to pull: Depends on more of where you want to take your investing. If you need more cash flow then the lower LTV seems to be more appropriate if you want a big pay out to try and reinvest quickly then the larger LTV refi may be a better idea.

@Adrian Tilley 

Thanks for all of the great info. How reliable are any of the "zestimates" that show up on on sites like Zillow and Trulia?

To start off I have not done any investing as of yet but I have been looking and noting on prices so hopefully in the near future I will pull that proverbial trigger. 

When searching Zillow I found this apartment for sale at $149k with an estimated monthly payment of $805. (with 0 down and 5% @30 years)

After living in the area for a while and seeing that there is a 2/2 property very nearby being posted for $1700/month, it would seem like this would be a decent investment with good cash flow.

Barring any kind of MAJOR issues with the property, what are some of the issues that I could not be seeing? It says it has been on Zillow for almost a month and a half so could that possibly be a red flag? 

http://www.zillow.com/homes/make_me_move/Golden-CO...

@Hattie Dizmond @Jackie Lange 

So there is no real issues when dealing with the lender to pay off a loan even though the mortgage isn't in my name?

I was going through the Broomfield, Colorado foreclosure motions and noticed a few nice homes in very nice locations that will be going to foreclosure in November. 

It seems like my next course of actions would be to contact the current owners and see if I could work a deal out with them prior to the motion being heard in the court. 

Is this correct? What options do I have to help out? Section 2? Can I do seller financing with him? Outright buying the home from them in a short sale/other options? Any other ideas?

Thanks

Chris Shipman

Recently I have been looking into subject to properties. I haven't found anything about what happens if you were to sell the home prior to the loan being paid off. 

Say I were to get into a subject to agreement with a seller and instead of seller financing/renting it out I chose just to sell it (hopefully there is some equity within the home) since the mortgage wouldn't be under my name once the potential buyer goes to pay the bank is something going to look fishy if I try and collect the positive difference?

Also are you able to refi a subject to home? Or would that have to be something the mortgage holder would have to do?

I have been reading and absorbing as much as I can over the past month and would really like to get out and see what actually goes on in some deals. I live in the Denver area and would love to get out there with a wholesaler or someone who is in the process of closing a deal and just kind of sit back and watch how it happens. If there are any investors in the Denverarea willing to let me tag along it would be much appreciated. I am also looking for someone who is in the process of flipping a house that I could donate some of my time in exchange for any knowledge they would be willing to pass on. Thanks. 

Chris 

@Denver

@Darren Budahn What if there is a previous appraisal on a home lets say $100k but you are able to get the home for $75k, can you refi on the $100k or would it be off the $75k??