All Forum Posts by: Jared Fisher

An agent in Indianapolis sent me a Buyer/Exclusive Agency Contract and it states, "BUYER AGREES and acknowledges that Buyer has no current Buyer Agency Agreement with any other real estate broker(s) for the same scope of work. Buyer represents that if Buyer previously entered into any conflicting Buyer Agency Agreement that such agreement has expired and/or has been terminated. A conflicting Buyer Agency Agreement is one that overlaps in scope, time, and/or conditions with the current Agreement" but also includes the condition, "Buyer reserves the right to work with multiple agents."

Can a lawyer please let me know if this means that I can work with an agent from another brokerage or should I request to have the condition about agreeing to no Buyer Agency Agreement with other brokerages to be removed?

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Can any investors in the Indianapolis market please help by referring me to an agent they have used to buy properties that they were satisfied with? Thank you in advance!

1 Vote

Indianapolis, Indiana

Hello,

I'm a new out-of-state investor in the Cleveland market and wondering if any investors have used any property managers in the Cleveland market that they recommend.

Thank you in advanced!

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Cleveland, Ohio

Thank you David!

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The result for a background check using Zillow Rental Property Manager's site came back with a result of "N/A". Does that mean the applicant had a clean criminal record or that the 3rd party wasn't able to screen the applicant?

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Quote from @Robert Portal:

The main things that you need to keep in mind are seasoning and status of the home. Conventional guidelines will ask you to have owned the home for 12 months before you can do a cash out refinance. Additionally, you have to qualify by submitting all your documentation (tax returns, W2s or 1099, paystubs). The new debt will also be accounted against your DTI. Lastly, the home needs to be rent ready so it can pass appraisal (cannot be under construction). Other than that, the timeline should be give or take 30 days.

Another route you can look into, is refinancing into a DSCR loan. This loan will qualify the property itself, without the need of all your personal documents (as mentioned above). Just have to make sure the rent can cover the mortgage (this is where you assess rents in the area or ask your agent for rent comps). There are programs where they don't require seasoning and you can refinance as soon as you're done. The process can take between 30-40 days.

Thanks Robert! About how much higher of a premium interest rate can I expect to pay on a DSCR loan compared to a conventional loan interest rate?

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Thank you!

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What is the process like for refinancing a hard money loan into a conventional loan? Is it easy to accomplish within a short period of time like within a couple months?

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How do you finance pre-foreclosure lead? I'd imagine there isn't enough time to get a conventional loan approved for the property before the auction date? Thanks in advanced!

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How do you finance pre-foreclosure lead? I'd imagine there isn't enough time to get a conventional loan approved for the property before the auction date? Thanks in advanced!

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All Forum Posts by: Jared Fisher

Jared Fisher has started 18 posts and replied 29 times.

Post: Exclusive Contracts with Agents (BAA Form)

Post: Recommended Agents in the Indianapolis Market

Post: Cleveland Property Manager Recommendations

Post: Zillow Rental Manager Background Screening Results

Post: Zillow Rental Manager Background Screening Results

Post: Refinancing a hard money loan

Post: Refinancing a hard money loan

Post: Refinancing a hard money loan

Post: Financing a property in pre-foreclosure

Post: Financing a property in pre-foreclosure