All Forum Posts by: D Higgs

Hi BP. Figured I would throw the question, or in this case...questions here before I started researching the answers.

Any help would be appreciated! Thx in advance.

Questions:

Who pays back past due mortgage payments?

What if the current homeowner tries to refinance? Can they back out after contract is signed? Can someone share experiences how a court looks at Sub To agreements?

What is the average timeline for them to move out?

Closing costs associated with Subject To?

How should I handle homeowners insurance? What if something happens?

Is it recommended to get Power Of Attorney with seller? Any advice how to overcome objections if he/she has concerns?

How exactly does title transfer? For example, if someone did a title search in the future, I'm assuming my name would now appear as owner... correct?

Good to know @dennis yosco . Thank you

Could anyone assist with some ideas, strategies, and/or guidance around determining a property's square footage in New Jersey? Not sure if other markets are the same or not, but i am finding it VERY challenging to see a property's square footage here (specifically Northern NJ). But why??! Is it a law or something why other markets publish this info on their listings but NJ does not? Thx in advance.

I've checked:

- tax records

- MLS

- public sites such as zillow, realtor.com, etc

Reason sq ft is needed:

- rehab and construction cost analysis

- comps

- determining ARV

@Mike Hoover

Lol.. I hear you. 11/2 is certainly not the most attractive terms but unfortunately that's looking like the rates/terms for a newbie like me. (Or close to it) Apparently I would need more history, experience, and a track record for the terms to be better. Makes sense I guess.

I'm open to settlement companies, as well as the remainder of my team to be honest. I've went back and forth communicating with a couple lenders, attorneys, contractors, etc but I'm still building the dream team up.

The figures I used above are just from a deal that I'm analyzing at the moment. I know when a deal actually comes across my desk that I would need to collaborate and agree on the ARV. I was just trying to understand the logic aka the process.

@CP Chou

Great point. Especially because speed is the name of the game (in most cases).. at the same time it's worth it to interview lenders and go with recommendations. Can't imagine the horror stories out there dealing with the wrong lender and losing the deal

@David M.

Yes... makes much more sense thank you.

@Wayne Brooks

Got it. Thanks. Yes.. of course; the additional funds I can calculate and budget for but I was confused at the initial closing. Thanks for the clarification!

Question- the 2 points wouldn't come off the total loan of $156k?

Sorry for the confusion.. my question is re: the timeframe for a non-QM. Seems like you answered though that you're not entirely sure. I guess i could call around to continue the research and ask actual lenders. Appreciate the feedback @David M.! Thank you!

Need help determining my out of pocket costs (at closing) for this fix/flip deal below. I am confused on what i'm bringing to closing. Can anyone help? Thx in advance.

purchase price: $141k

arv: $240k

rehab: $30k

Hard Money Loan terms: 65% ARV + 11% interest + 2 points + $4500 closing costs

Buy closing costs (inspection + appraisal + title search + title insurance + attorney) : $3500

That makes sense @David M. thank you. What's interesting is that i've seen videos & online sources that promote non QM as a competitor tp HML. Essentially targeting investors to consider them over HML. Of course the rates/terms are much more favorable... but what about time to closing? Considering the range of HMLs is at 7-14 days all the way up to 30+ days for conventional. Where would non QM fall?