All Forum Posts by: Greg Campbell

Sorry I didn’t make it clear  I am willing to pay for the tool  Jist looking for one with the features mentioned RE separate deposits into separate bank accounts  Let me know if you have any suggestions  

Can someone please recommend a management tool that will allow the deposit of separate properties rents into separate bank accounts?  I currently use Zillow and it only allows one account to be linked to all properties.  I know this should be an easy one and I did search the forums first (a little).  Thanks in advance for your help.

I currently have 3 SFHs and a 6-unit building in Hammond, Indiana. We have one more in Indiana and two out of state (Airbnb). I am looking for investor friendly banks or credit unions to partner with in NW IN. Need business accounts, etc. for banking but looking for the best institution to partner and grow with. Any advice and tips would be appreciated.

Thanks to you all for being involved. I would have never “got off the couch” without BiggerPockets!

Thanks @Steve Morris and @Colleen F.  My wife did some further digging and after we were referred to another lender who would give us the loan for a large fee and double the interest rate we learned that the original lender had closed less than two weeks ago and was fully aware of the issue in question and that it does not render the condo unwarrantable.  The bank loaning on the property is large and we are planning on filing an inquiry into the actions of our lender.  It feels as though he tried to cancel our loan and move it to someone else.  The only thing that makes sense is that he might have received a kickback for doing so.  Not sure but it doesn't sit well. 

BP Community,

My wife and I are in the process of buying an investment property on the beach in the OBX, NC.  We have gone through the entire loan process to find out yesterday that there is some language in the condo association by-laws that allow the condos to be time shared.  We are still trying to uncover why this is still on the by-laws as not one unit is used as a timeshare and the current property management didn't even know it was there.

As we are still uncovering information about this situation, I don't have all the details.  I would like to know what feedback the BP community has on non-warrantable condo as I'm starting to get cold feet but at the same time, if we want to get this done, we need to move fast to find another lender.

I agree with @John Crosby.  My lender offered me a three month forbearance as well.  He said to call back shortly before the end of the forbearance period to see what other options are available.  My property manager received deferment where the payment will simply be added to the end of the loan with no adverse credit associated but that option was from a smaller, local bank in which he does a large amount of business.  

I plan on taking the forbearance and seeing what options are available when I reach the end of that period.  I have read a number of articles that seem to suggest there is a possibility that some type of mortgage deferment could be part of another stimulus/relief package/government directive but that is certainly not written in stone at this point.  My thought is that if I do not take the offer of forbearance now I will not have any options later.

I'd love to hear other thoughts on this and what negatives people may believe would accompany taking the forbearance.  I've spoken to two accountants that don't believe there will be any adverse effects but my concern is that lenders will look upon the forbearance as a negative in my ability to borrow in the future.

@Alan Ford - I have discussed mortgage loan deferment with my lender (SWBC) but they are only offering a 3 month forbearance where all payments will be due on month 4, including that month's payment.  Is CA offering better terms?  They do say I can call back just before the deferment ends to look at other options such as deferment. 

Thanks for posting Adam.  I have been offered a 3 month forbearance.  I was told that there would be no negative reports sent to the credit agencies but still have doubts about how lenders look at me in the future.  

I was told that there were no other options at this time but could call back just before the end of the forbearance period to review additional options such as deferment and make-up payments.  Some of which may alter the terms of the loan.

@Larmon Cummings Jr

Hi Larmon. I’m in Hammond. Let me know if you are planning on attending any meet-ups.

Greg

@Jacob Galloway. Hey Jacob. I’m investing in NWI as well. Let’s connect.