All Forum Posts by: Eric Thomson

I was wondering if those were the HUD HECM (Reverse Mortgage) foreclosures that Fannie Mae is managing...

Hey Erick,

I've done a couple of buy and hold condo investments and the biggest issue is that although the price of entry is low the condo fees really hit your income pretty hard. In my experience the difference in the mortgage of a SFH over a condo is hardly noticeable compared to the savings of having no condo fees.

I know HUD uses that terminology to qualify a structure as a manufactured home (must be at least 8 body feet wide or 40 body feet long), but I'm not exactly sure what it's in reference to. My assumption is they use that terminology to exclude pop outs/awnings/etc from RVs, etc.... Not entirely sure though.

Hey John, I have purchased one HomePath property in the past and finding financing was not difficult. I believe HomePath.com had a list of lenders that offered financing. I've looked at purchasing others but haven't seen any come up lately. Searching directly on HomePath.com I see one in my market (none in yours), but it doesn't mention anything about being eligible for HomePath financing where it used to. I haven't heard of them discontinuing the program, so I'm going to have to do some more research myself. I know Fannie Mae does manage some HECM properties for HUD and those are sold without any HomePath perks. Hopefully somebody here can shed some more light.

Hi Naeem, first off, what do you mean by not planning on using all of the funds? You're not planning on using all of the seller contributions? Is that going to lower your loan? Here in Texas if you don't use all of the seller contributions that's money that goes back into the seller's pocket, so if that's the case I'd suggest using every penny you can toward your closing costs.

As far as your numbers go, does your market support rooms for rent? This is typically a limited demographic, in my experience (ie: college students). Can you make it work if only 1 unit is rented? Are water and sewer not metered separately? I don't like paying for tenants' utilities, but I'm sure there are many investors on here who don't have a problem with it.

Are you asking on behalf of the contractor because you don't want to waste their time? I think it's a good idea to have a contractor quote the job so you'll be informed for your meeting with the investors. It doesn't hurt for investors to have multiple construction contacts, so if you've got one that you know well that you're willing to refer, let him know the situation but that you'll recommend his services to your investors.

@Rusty Mondelli HAHA!

Welcome to BP! There are quite a few of us from the Conroe/Woodlands area. Search BP members from our area and start connecting! Is your wife on board with your real estate goals?

@Austin Fruechting - Congratulations to you both!

@Dan Beaulieu, sounds like you may have made your decision, but at least for next time I would reach out to the backup offers and ask them to include in their offer that they will pay the $550k regardless of appraisal value.