All Forum Posts by: Elizabeth J Humphrey

Ok, will do that, thank you

Hi Mel K, I am also a Bradenton resident looking to invest and I agree it is extremely difficult to get an insurance quote in FL.  I have owned my house for 17 yrs and in the last 7 ys it has been a struggle to get insurance every year. My plan for my investment property is to inquire from the seller what company they are using and if possible what they are paying. I have not done that yet, so can't say it will work. Some properties I am looking at are built in 1920s-1950s. Please contact me and let me know if you have found a better strategy. Thanks

I will be purchasing a multifamily unit 2-4units with an FHA loan that requires me to occupy one of the units within 60 days of closing. My question is what if all units are occupied? Would they have to have new leases with me? I would assume that since I took ownership that the previous leases are null and void assuming this is not section 8 ,HUD, or any other govt assisted housing. Do I just pick which unit I want to occupy and give that tenant 60 days notice and have the other tenants sign new lease with me? I live in Florida. Thanks for any input

So here is my story, I have owned my home for the last 17 years and have refinanced at least 5 times in those 17 years. The most recent refi was actually to acquire an equity line of credit, basically because we owed only about 70k at the time of refi it became an equity line not really a mortgage per se (equity line =115K and we had 45k available credit as we still owed 70k on the home. So now I am going through the process of increasing the credit line in order to invest in income property and get a call from the mortgage lender (the same one that gave me the equity line 2 years ago) that there are 2 liens on the property and the companies have both held a mortgage on this house (ie my mortgage was sold many times). I have excellent credit, no outstanding loans or ex-husbands or kid's college loans, so I wonder how this information came about? The title was just searched 2 yrs ago with the last equity line. I have been able to speak with the mortgage lender as of yet. I just can't get my head wrapped around this, since this is my only property I have ever had a mortgage on. Anyone have ideas or had a similar situation come up?

That is a lot of good information, thanks everyone 

Does anyone know anything about new regulations starting in Oct 2015, ie 60 days to process the loan?!? This seems extremely long and puts the buyer at a disadvantage.

Ahh, clauses are the escape route. I am working with 1 RE agent that says for investment properties it is hard to get into view a property unless an offer is accepted on said property, as I will be owner occupying for the 1st year at least I cannot just buy a property on stats and drive by. I understand these properties have tenants, but there has to be some way of viewing the property inside to get a handle on what rehab or issues there are with the building. These properties tend to be older buildings, some built in the 1920s- 1950s. Any ideas?

I hear alot on BP, look at 100 properties, offer on 10 and hopefully 1 out of the 10 get accepted. That being said, how would you handle it if more than 1 offer gets accepted, but you only are prepared to buy 1 property? Say you only have financing set up for buying 1 property.  Making more offers than I am prepared to make good on makes me nervous unless I know of an immediate escape route.

Looking for a triplex or four unit property in St. Petersburg. Something that already has tenants would be nice, but not necessary. North of downtown or downtown is ideal. 

Very excited about all the information I am learning here on BP! Looking forward to buying our first investment property in Florida.