All Forum Posts by: Josh Smalley

Yeah, it would be through the embassy. It takes hours (aka, an entire day that I have to take off of work) and it's about $40 per notarized page. Therefore, it is not feasible to do wet signatures and notarizing from Ethiopia. I can close over the summer in the US. But my question is if there are any lenders who can help me close either by digital signatures or by a third party company that does notarizing. 

Thanks for your replies.

 I'm in Ethiopia. I come home every summer to the US for 6 weeks. I'm from Seattle originally. But investing in OKC. 

I'm a teacher living abroad. I am ready to purchase another property in OKC but need financing options that work with my context. It is extremely difficult and expensive to do any notarizing of wet signatures from where I work. I need a lender who can help me but doesn't require wet signatures. 

Also, I'm wondering if there are, after covid times, services online that provide notarizing that would be accepted by various lenders. That would be the ideal option for me.

Any thoughts?

@Ryan Vernich i live and work in Ethiopia. I started my own REI here every Thursday night.

Real estate here is a huge capital gains space due to political and tribal conflicts. It's too complicated to share here. I would not invest in real estate here at all. Your own path is through marriage/blood anyway.

Ok great. Right now, because I was just calling around and not pursuing it further,  I was only getting variable options from lenders--"We can do 70% or higher depending". So, I think I just need to move forward now to get more solid numbers.

Thanks for the input.

 Thanks for the clarity, Lee. I appreciate it.

@Nicholas Covington

Thanks for the clarifications.

I had to call that many to find a few who would actually lend to me on a rental property. I have good credit and good dti. It's just that it's an investment property and not many are willing to lend against the equity in it.

Thanks for the feedback. I guess I misunderstood the process altogether so it's good I'm checking in here ahead of time. I have the terms from the lenders, and I have an idea of what I want in terms of strategy. I've called nearly 50 lenders/small banks/credit unions as I'm trying to pull equity from an investment property which is not an easy task. 

I guess I assumed that lenders, while giving you a ballpark, don't really do a hard pull on credit and give you real numbers from the underwriter until you've got an appraisal completed.

Hmmm, this might both simplify and complicate things for me. 

I appreciate the feedback.

Quick question as I've never done this before. I'm starting the process of applying with a few lenders for various products (HELOC, 2nd mortgage, refinance, etc.) that can help me take equity out of a rental property so that I can repurpose that money for another investment.

How do I manage the appraisal process? Do I just start with one lender, set up the appraisal, and then make sure the other lenders agree to this particular appraisal? Obviously I don't want multiple appraisals going on what with tenants in there right now and the costs associated. Or do I try to get everyone on board at the same time to approve of the appraisal (agree on the who and the when, for example)? I've never had to orchestrate this process.

Also, is it best to let your lenders know that you are shopping around to keep them a bit honest/competitive, or is it best to keep that information on the low down?

Thanks in advance.

Thank you for taking the time to reply. I just wonder if particularly passive options will get me to my goal within 10 years. Hmmm.