All Forum Posts by: Dell Schlabach

@Brian Gibbons man of great wisdom, may have some insight

@Tomasz Banas curious if your lender/title co was able to pull it off or if Fannie decided to give you an extension last minute? 

Hope everything is coming together for you. 

Welcome to Bigger Pockets @Josiah Barkman, always good to see more NE Ohioans joining. Great resource for all things real estate. 

We are in the Buy Renovate Sell business, if I can be of any help don't hesitate to ask. 

You referring to the new closing disclosure, that replaced the HUD?

We have closed quite a few houses, with three different title companies, rehabbed owner occupied sales, rare to get disclosure three days, maybe other areas follow the new rules better. 

 We were told about the new requirements requiring CD  three days prior to close. But I have seen that happen maybe two or three times in over a dozen closings since then. One last week we never saw CD prior to meeting mobile closure. Supposedly if there is any error it is required to be delayed another three days. 

There were multiple errors on CD and we wouldn't close, we got the revision next morning and closed via email. Reality and revised rules don't seem to be too congruent. 

I don't suspect that the new rules will be the cause of the delay. 

Have you have had that experience with Fannie Mae? 

I am aware of that with HUD properties but have not experienced it with Fannie.

If you find a good realtor, I would be interested as well. Here's a fellow I was going to contact the next time I come to Ocala. Appears to know the rental and rehab game, but I can't vouch personally.

https://www.biggerpockets.com/users/DavidMidgett

We have a rehab protocol that is working quite well here, my nephew started similar one in Virginia and is doing. 

We run a couple partnerships, looking at expanding to Fla this winter, Ocala or Sarasota Bradenton 

I would be riding someone pretty hard to keep up their end of the contractual obligation to close on time,  why cant the title co or the bank deliver in the next three days if everything is in order? 

Typically there is 100 per diem for not closing on contract due to fault of buyer. Can't imagine Fannie walking for a three day delay.

Maybe we have some Fannie Mae REO agents that have some insight in the probability.

 Everyone starts at a different place, everyone has different objectives. It's difficult to give anything but generic answers without knowing what someone wants to accomplish.

When you ask for tips for new investors, then you mention such as a POF letter. If you are an investor you already have funds, and you can just run a copy of your bank statement, or have the bank write one up for you. I sense you want to be a "wholesaler" that's not an investor and the strategy or tips for the two are very different.

The best generic advise I can give is to decide what you want then find out what you need to learn, study, get trained in to accomplish that. That may be through formal education or working for someone who is doing what you want to do. 

Study and work harder then anyone else in your chosen field, after five years you should be well on your way, and way ahead of most. 

It took the remediators I believe a week, maybe 10 days.

Then we did renovation, they came back in at the end for clearance testing. 

And yes we could have done roof at the same time.

We did exterior work, deck repair, landscape cleanup, paint etc during remediation.