All Forum Posts by: Chris Igard

This is our first rental property and we are going to go with a property management place. They ask for a $200 retainer for minor repairs and anything larger then that they’ll ask permission prior to fixing it. That amount will come out of the rent. I’m wondering if it’s better to use home shield instead with a small monthly fee and pay the service fee. I’d like to use both with the small stuff being done by the property manager and the larger issues being completed by home shield. We have new appliances but an old hvac, old ac unit, and old water heater. I’m just concerned of getting hit with a 1500 dollar charge to repair on of those items. If anyone could share what they’ve done or some advice I’d appreciate, thanks.

Thanks so much @Christopher Brainard, would you suggest a conventional, FHA, or arm seeing as we would not be there long? Thanks

My wife and I purchased a foreclosure 14 months ago for 75k and we’ve found a really nice short sale in a much better neighborhood at 244k but the other homes in the subdivision with the same square footage are selling at 330k. We will move out of the new place in 3-5 years as our kids get older. I’d like to keep the home we bought last year and rent it out as other rentals in the area fetch about $1100 to $1200 a month. I’ve got several questions, should we sell or keep the old place, i believe we could get about 125 to 130k for it. Should we put down the minimum down payment or 20 percent to avoid the pmi payment and additional interest on the new place. Would it be better to do a 15 year or 30 year mortgage if we did put 20 down knowing we would be moving? Is it even wise to buy a short sale knowing you wIll moving 3-5 years?

If you know where I can find the literature on this inaccuracy by my lender I would greatly appreciate the point in the right direction.  

We purchased a HUD foreclosure and picked up a 203(b) Escrow Hold back loan. We had the subcontractor ready to roll in and repair the items and our lender tells them that all work must be completed before funds can be dispersed. Has anyone ever heard of such a thing for a REO HUD foreclosure with a 203(b) escrow loan. If so what contractor out there is willing to work for free?

So you're saying on an reo hud home I can finance repairs and roll it into the loan?

We are going to purchase a HUD home and will be using an FHA escrow loan to fix a few things. I am aware that the maximum amount that can be used is 10k, but here is where I have a hang up. My lender has informed me that the money used to repair the home is taken out of my pocket in order to make the repairs. I was under the assumption that it was rolled into the loan. So if the house we are buying costs 100k and we have 10k in repairs we have to come out of pocket at closing with the down payment and an additional 10K. Does that sound right? I've read that it is rolled into the loan. Thanks for the help

Hey @Greg H.what do you think the chances are of just terminating the sale and reapplying for it?

I bought a HUD home at 83K and the appraisal just came back at 80K. We would have to come to closing now with an additional 3k. This is an owner occupant. Any advice would be greatly appreciated. The house needs some repairs in the area of 6-8 thousand. The plan was to live in it for a year and then rent it out. Thanks

I am on that @Christopher Phillips although it is now 10K for the 203b as of october of last year.  The part that I am not clear on is what qualified repairs can you make under that amount?  Can I pay to have the entire house retexturized? new flooring? insulation?  IF those are all yes answers then who determines it.  Thanks