All Forum Posts by: Domingos D.

Is Whole Life Insurance a smart investment to diversify?   No, if you inherit someone's whole life policy then it's great, but there is a lot more you can do with your cash than give it to an annuity company with the hopes of a return, especially in an environment with 2.3% 10 year Treasury Bonds.

With the $15k up front cash they want, pay for a down payment on some rental, or buy $15k worth of a dividend stock like GE.  It will definitely yield more than you will get from Northwestern Mutual.

I was wondering what websites people use to find multi-families, or rental buildings for sale.   I use loopnet, craigslist, and zillow.  I have found zillow great for single families, but not necessarily for investment properties, loopnet has limited inventory, and craiglist can be quite cluttered.  

Any others out there you would suggest?  

It depends on the terms of your rental application. You should have a contractual process you go through before applying to lease your property which highlights any application fees, required deposits(I assume it's a % of the deposit) and who pays the fee and what happens to the fee if the tenant isn't accepted. I would refund the deposit to hold the property but not refund the application fees.

As an out of stater reading about the population growth in the Raleigh area market, I am hoping to get some insight into the rental market in the Raleigh NC area and it's outskirts from people with experience in that market. I'm researching independently as well, but would appreciate feedback from anyone with stronger market knowledge. Here are some questions I have. What are the demographics of your typical renter in the area? Are they young professionals out of college looking to build enough savings to buy, retirees or empty nesters, college students looking for off campus housing, young families focused on a particular school system, or working-class families looking for a good neighborhood? Out of those where do they tend to rent in those areas and what type of property? Where are the more vibrant neighborhoods in the Raleigh area? Property Managers - who are the rated managers in the area? Any parts of the research triangle you would be concerned with renting in? What would be the low and high watermark for rent prices in the area? Thanks!

A Friend of mine is working at a startup that is looking at a new way of offering Mortgages.  They are focusing on the California Market at this stage.  If interested, please find details in thie below post.

https://www.facebook.com/photo.php?fbid=10102113144957362&set=a.10100543842591882.2536224.105339&type=3&theater

Thanks Konstantinos.

I was able to retrieve the electronic copy of the appraisal and the new lender had a process to transfer an appraisal requested by another client(ie another lender), but required a written confirmation that it was requested using the AIR requirements. This is what's stated in the new requirements. A borrower is permitted to request a transfer of their appraisal as I understand. The original lender didn't want to confirm in writing they requested the appraisal using the AIR requirements so I was forced to purchase a second appraisal on the property, which will likely go through the same appraiser. An appraisal should be there to offer an appropriate value to a property and you shouldn't have to purchase multiple appraisals to confirm an already confirmed value.

Thanks for the replies guys, When I look at the latest Appraiser independence requirements, it does have a clause on transferring an appraisal from one lender to another, which appears to be a newer code of conduct from 2010.  To me this reads as though you can transfer your appraisal between lenders as it is an appraisal that you purchase.  There seem to be guidelines on how it woudl be done though.

, https://www.fanniemae.com/content/fact_sheet/appra...

"Transfer of Appraisals A Seller may deliver to Fannie Mae a conventional Mortgage with an appraisal prepared by an appraiser selected by another lender, including where a Mortgage Broker has facilitated the Mortgage application (but not ordered the appraisal). The Seller delivering the loan to Fannie Mae makes all representations and warranties to Fannie Mae regarding the appraisal set forth in the Mortgage Selling and Servicing Contract, the Selling Guide and related documents, including the representation that the appraisal is obtained in a manner consistent with these Appraiser Independence Requirements."

Has anyone tried transferring an appraisal between Lenders well enough to detail the process?  

I noticed recent regulations on Home Valuation Code of Conduct and was able to get an electronic copy of the appraisal I paid for.  I had trouble transferring this appraisal to another lender.  

Doing so allows you to save on paying additional appraisal fees if you decide, or need to switch lenders prior to close.

Hello World!

I'm happy to join a community who hopefully like me, want Bigger, Deeper Pockets.  

I was introduced to biggerpockets by a webinar offered to me by @Brandon to teach me how to invest in real estate while working a full time job.  This was of particular interest to me due to my passion for real estate.  

I work in Financial Technology, managing the systems used to price, trade, and value financial products.  This gives me a great understanding of pricing and valuing assets.  I also offer web design, development, and digital marketing services in my spare time.  

I have made 3 real estate purchases in my lifetime.  I've since sold one of those properties and rent another.  I've learned a lot and gained invaluable experience through those transactions.  My first property was a condo which I completely renovated by myself and have rented since moving out after three years of residence.  I took that experience to my starter home, which I completely renovated as well and recently sold.  

I hope to learn new methods to finance real estate investments with Private Lenders and Cash Buyers.  I also hope to build a network of like minded people and offer advice when I can.  

I am open to hearing about opportunities in the area that fit my real estate goals.

Thanks!

Dom