All Forum Posts by: Jeremy Jones

Hi all, BECU (Boeing Employee Credit Union) offers HELOC products on rental properties. I believe it is necessary to either live in Washington, or have a family member who lives in Washington, to get an account with BECU.

Hey @Gilbert Ross Jr, in your Profile Settings about halfway down there is a place where you can enter a URL (aka web address) to your introduction video on Vimeo.  You can create a Vimeo online and then download the Vimeo app to your phone.  That way when you film your member introduction video on your phone, you can use the Vimeo app to upload it to Vimeo.  Once it is uploaded, you can get the URL and paste it into your Profile Settings.

I hope this helps!

Hey @Chris A., on 4-units and less you can get residential loans under Fannie Mae / Freddie Mac programs, with 30-Year Fixed rates, which is pretty sweet... you can lock in a low rate right now and it won't change until the loan is paid off in 30 years if you wish.

On 5-units and up, the only loan products I've found so far are commercial loans that are fixed for 5-years and then vary with prime.  (There may be longer fixed-rate products, I'm just not aware of them yet.)

One advantage of 5-units and up, is that the appraisal will place more weight on the Income Approach.  This means you can build in value to your property by getting more income.  Residential properties of 4-units and less tend to weight the Comparables Approach more strongly, so there is less opportunity to create equity through intelligent management and maximizing the gross monthly income.

Good luck and go for the glory! :)

Hey @Chris A.

 Thanks for the breakdown, much appreciated!  So, to summarize, do I understand correctly:

- The County "records" property ownership by documenting when Deed are filed, but the County does not perform any checks to see if the transfer of ownership is "ok" based on existing Liens and their stipulations, etc.

- Two parties can agree to sell a property and simply notify the County that the sale has occurred.  At that point, if any existing Liens wish to perform action in response to the change in ownership (such as exercise a Due on Sale clause) it would be up to them to do so.

Question: In a "subject to" sale, does the transfer of the property generate any event that would cause the Mortgage/Bank to become aware that the property has changed hands?  Or they would be blissfully unaware as long as they get their monthly payments accordingly to schedule?

Hi @Ron Steele thanks for the definition of the "C Property" I get it the analogy now :)

Today I listened to (and very much enjoyed) Podcast #70 today which focused on buying properties "subject to".

One aspect that I feel unclear about: How can a property be sold without satisfying the existing mortgage Deed of Trust which would be attached to the Title?  Don't the lien-holders have to be satisfied in order for the a property to change hands?

For example, if I get a hard money loan on a property and they have 1st Position, I thought there was no way I could sell the property without satisfying their loan first (and thus they have secure collateral for their loan).  But the idea of buying a property "subject to" and closing using a real estate lawyer (not a Title company) seems to imply that a property can be sold without satisfying the underlying lien, and without contacting or involving the lienholders at all.

Can anyone help explain the mechanics of how the ownership can change hands without paying off an existing lien?  Usually after setting up a Purchase & Sale agreement it seems like the Title company immediately runs their title report and starts inquiring about any existing Liens and requests payoff information so they can be satisfied before filing a new Statutory Warranty Deed which changes the ownership of the property.

I'm not familiar with the term "C property", what does that mean?