All Forum Posts by: Jaime Penix

@Justin C. what is your estimate on repairs?

@Charlie Miller what counties does your PM service?

So I called them and they are telling my that they offer private financing for investor properties. The loan requirements is 75% LTV, minimal of 500k loan, and a minimal of 5 "doors". My thing is how am I going to get at least 5 properties under contract at once. It is tough for me to win one bid let alone 5 at once. I buy very select properties and with competing bids, I would think my careful buying strategy would be compromised. Maybe the terms are different and I am just not understanding them. Also the representative seemed a little turned off when I told him that I wanted to complete my 10 investment property quota with conventional loans, then entertain the this commercial loan opportunity. Then he mentioned that the loan would be under a business entity. So does that mean I will have to create a company specifically for the loan? There was not an APR listed. Also I did not see the life of the loan. Is anyone familiar with this loan and help me out. I guess I will have to call him back to get more details.

I buy in the Ghetto, not purposely, but if the deal is worthwhile I do it. Going in I already know that someone might be late here or there with the rent. Or may not pay at all. But these deals are usually so directed in my favor that I don't have to depend on every monthly payment. Also I don't buy shacks, I buy the block tank looking ugly houses, ones that look like mini forts. I never buy wood or manufactured houses. A physically sound structure is very important to me. I tile out the floors. I don't add any extras like microwaves, ceiling fans, dishwashers, trash disposals, etc. And when I go to the property I walk up like I am not afraid of anything, even if there are suspicious folks out front. I look at them and in my mind I try to relay to them that "I am not a victim, nor prey". I am not sure how successful that tact is but it has worked so far. If you don't want to deal with it at all, just get a property management company. Someone is willing to do the work. I will say that if I see open market prostitution or drug operations then I probably wouldn't do the deal. I will feel bad renting to a family in a area that I know that there is open market activities such as those. 

With that being said, I have a friend that rented his townhouse in Baltimore for a law student who turned out to be the worse tenant ever. Apparently she used her knowledge of the law to her advantage to tie up his place for months. Additional she attempted multiple unprofessional and incomplete renovations to the property that costed thousands to repair. 

I am still trying to make that first million. So when I reach there, I will let you know.

@Jacob Elbe in central florida, from my experience, the Condo fees usually range from the high 100s to 400. It is just a ball park figure but generally from what I see it falls in that range. I don't mess really mess with condos unless it is a hell of a deal. Because if you want to be hands off you can simply just hire a property management company and they will charge you like 10% a month or some even do flat fees like $75 a month. I think homes are easier to rent and the families usually don't like to leave once they move in. Just my 2 cents...well 1 cent.

I see, I guess I was not understanding what homepath is...I was believing homepath was solely the financing responsibility of Fannie Mae. I did not realize that they did short sales either.

So what you are saying is that Homepath is dissolving but Fannie Mae itself will continue to sell houses

Well it is listed by Homepath, so who will be the listing agency now? I have bought several Homepath/Fannie Mae homes, but I didnt use homepath financing. Thus I purchased it from Fannie Mae. So when homepath disappears am I still purchasing it for Fannie Mae? If not there must be a differing agency and then in fact a different listing will be required.

I have had my eye on a few Homepath properties, waiting to perform a precise strike of them. However within two days, a significant number of them have been drawn from the market. I have been following Homepath for over a year now, I think this is something new.