All Forum Posts by: Kristy Farmer

@Rachel Pervis and @Donald Dickerson: Thanks for your suggestions.  It's a gated community.  I will discuss with my realtor about putting the sign in the window of the condo (only seen by condo tenants and their visitors) or on the street.  I could do both.

Thanks for you comments. Actually, several condos were on the market for $1,600 when I got the mortgage. So, I have dropped it considerably. I am just now having to pay mortgage and HOA in October. I may try to get a renter for a few more days at this rate. I hesitate to drop it to where the ugly ones are just because I'm freaking out. Instead I have reserves. This condo has premium appliances and was completely redone. So it does have much better amenities. My thought was that it's not being marketed locally within that community enough. Honestly, I wouldn't go to Har.com to look for a condo rental.

Hello everyone-

I welcome any advice on my condo that you can provide, especially locals that are aware of the market for rentals.  Check out the link to the add on trulia below:

http://www.trulia.com/rental/3241217254-781-Countr...

I have reduced the rate from $1,600/mo to $1,495 over the last few weeks.  I have had many showings and no applications.  Should I be marketing elsewhere or hire a property manager?  My realtor has been listing it everywhere.  Trulia, Zillow, CL, Har.com, Hot pads, etc.  We have not received an application.  Tomorrow is day 45 of being listed.  It couldn't be shown until day 15 of those days but was listed.  I didn't have the gate key after closing so we couldn't show it initially.

Thanks for any advice!

Immediately with a signed lease it what the seasoning period of 1 day is referring to...so it depends on the lender. Find someone that underwrites their own, and they will use the guidelines. Other lenders tack on additional requirements.

@Michael Mullins: I posted it here but realized that I thought you were the original poster on this thread.  There is a branch in Cedar Park, TX as well.  Refer to my previous post.

Certainly.  Caliber Home Loans in Houston.  Here's the link to their office page. 

https://www.caliberhomeloans.com/Caliber-Branch/texas/houston-TX

Lynda Bunker is my mortgage broker assigned.  She definitely thinks outside of the box.  If you don't find what you need, I can PM her information directly if you want.  Just let me know.  I am not sure where they extend to as far as their branches so that you deal with someone locally.

It sounds like you need a different mortgage company. I would try local and smaller banks too. When I discussed my options with my lender she has used market rents to show projected income. Other mortgage companies have not done this in the past. Your personal income plays a role in that the rented house can be added as a part of your income, but I was told that's immediately after a lease is signed. I'm not sure if this part differs state to state. I think it's straight from Fannie May/Freddie Mac guidelines. My mortgage broker also underwrites their own loans and don't tack on additional rules. Good luck and keep trying!

Hi @David,

Please add me to the list! [email protected].

Thanks,

Kristy

@Mike Fisher: I would like more information on this property.  Please feel free to PM me.  Are you responsible for property management as well or just wholesaling the property?  Do you have any pictures of the rehab?

Thanks

Kristy

@Ariel G.:  I looked at the website and it's pretty cool.  I thought about using Airbnb for the same concept a while ago.  I just purchased my first condo in Houston.  I certainly will get a full-time renter for now.  This is a great idea for a future option.