All Forum Posts by: Dennis Wasilewski

Totally understand. How about closer to UVA?

Is the issue that you can’t get approved because of your credit score & the unsecured LOC on your report? Or you don’t have the money to close? If the later, how short are you? Just trying to make it clearer to anyone else that comes along and may have ideas.

I don’t like that MF deal. I think it cashflows because you are buying it with $60k of your money. I have a 6-unit under contract at $190k that rents for $3200 (5 tenants under market by $75-150/mo).

Great stuff! Just saw a YouTube video for a guy building tank-track based wheel chairs for all terrain mobility. Love you guys making the world a better place!!!

This issue isn’t as simple as a ‘mortgage score’ and ‘consumer FICO’ score. The credit bureaus and financial institutions are 100% to blame. Each bureau offers TONS of scoring models that they market to financial institutions. Not to mention custom scoring options as well as decisioning-as-a-service for hosted 3rd party applications. Scoring options range from auto-adjusted for improved automobile underwriting, region-based scoring, yearly updated FICO scores, etc. On a yearly basis my company probably adds twenty new score models into our loan origination software to keep up-to-date. Including legacy scores models, I would guess we have 20 variations on FICO alone. It has also been my experience that very few financial institutions pull a tri-merged report. Most have a primary and then back up credit bureau for outages or customer credit report disputes. Credit pulls cost money and require disclosures, if credit can’t be granted, so there is an interest in limiting pulls. I’ve spent many years working with the top banks & CUs in the country to implement origination software and re-work the board lending policy into an automated underwriting engine. Including automated credit pulls, identify verification, etc. Admittedly, our system processes consumer loans & 2nds... not 1sts.

Most anything in those two counties that isn’t overpriced is going to get snatched up instantly... great, appreciating communities. The properties I’ve seen on the MLS are sitting there because price is way high. I’ve had a few listing agents tell me the owners are quite content with the cash flow so not willing to price low for savvy investors to snatch up... I guess just waiting for suckers?

Interesting. I’ve often wondered if trash cans invite more litter or solve it. Glad you worked it out!

Congrats! Very exciting!!

Thanks!

I received a quote of $1200 for an inspector to walk 6 2bed/1bath units and I am curious if that it a competitive bid. This is in southeastern Pa. This inspector comes highly recommend so as long as that price isn’t outrageous then I am inclined to go with it. Thanks!!