All Forum Posts by: Jennifer Rudolf

After losing a few properties to very minor higher bids, I now always give a strange highest and best offer - like @Brandon Sturgill I will give an offer that is $101,127 - just in case the other guy only gives $101,100. One thing to consider, is if you are using traditional financing, the loan may be for a weird amount like $80,017.50. I'm in the process of getting a loan right now that has that. You need to be meticulous when reviewing the price information (as well as everything else) - as it is often listed wrong. My learning is that when financing, weird offer numbers make for difficult math. 

Good Luck!

Has anyone used POP money for rent collections? It looks pretty convenient and passes  the cost onto the tenant.

@Markus March

Going forward, I would put a rent escalator clause in the contract. That way, every X period you can raise the rent by X% without further reason. I don't currently do this today, but I read it in an investment book recently and thought it was a great idea.

If this person is in section 8 housing, do they also get food stamps, and assistance from WIC? If so, I would recommend that your tenant contact them for replacement food stamps.

For all the comments regarding thermometers and testing the fridge - depending on how good this tenant is, for all you know, they may have accidentally broken the 1st fridge. That would explain the time between it breaking and them informing you.

@Jean Bolger - I agree that a different posting with "Canadian financing" in the title would probably be best for Leanne.

@Leanne Shum - In the US, you would need to provide the lender with tax returns, including all schedules, mortgage statements, bank statements, paychecks, credit scores, etc. to get pre-approval and a loan. Investment properties often have different down payment requirements than primary residence properties. Further, if you were to apply for multiple loans at one time (which can be done if you have enough assets/incomes), you would need to provide each lender with the property address, good faith estimates, and approved contract. But, not sure if same/similar holds true for Canada.

I would start by launching your own investigation on the property - using the internet, public documents, as well as driving by the property to see it yourself.

Could be a great deal, or not, hard to say before you do your homework.

As far as marketing for wholesale, once you have the property under contract, you can use a bandit sign for marketing and just general networking with local REIA family/friends/peers/other current tenants/etc.

Why are you trying to raise the rent after only 1 month? Are you trying to get the current tenants out? Is the rent currently below going market value?

I'm not positive, but if you currently have a year lease with the tenant, I don't believe it's lawful to increase the rent before the 12 months are up.

@Eric - Thank you for the hope! I continued to research banks that night and called some more on Friday with much better results. Maybe I just needed to weed out all the bad ones first.

@Karen - This was written a day after I spent 3 hours researching and calling banks that are home path qualified. It was the most frustrating day I've had in a very long time. The issue isn't with my name. It's with people not understanding how the law works. Plus, complicating loan securement was the new laws passed in January regarding Safe Harbor and RESPA.

Finally, I was able to get in contact with 2 banks that support home path (although at 20 or 25% down - NOT 10%). Both understood the WI marital property laws, and said that it wouldn't be a problem to have 1. the loan in either my or my husband's name only and 2. to have up to 10 loans in one of our names.  This is the first that we've attempted to go through this process - what a trip! There is a BIG gap between what we know can be done and finding someone that will do it!

I live and invest in WI. Currently I have 9 properties - with 1 loan in my name only (pre-marriage), 1 loan with my husband (primary residence) and 1 loan in my husband's name only (pre-marriage). I recently found a home path duplex investment property under $70,000 and am looking to finance it. One lender told me no, because of the "state high cost guidelines" and others tell me that I can't put it in my name only as WI is a marital property state. Further, I'm told that because of marital property law, all loans - his and mine count against me - and most banks will only allow 4 loans (despite home path program allowing up to 10 for 1 person). Any recommendations? 

Does anyone have more than 4 mortgages for their investment portfolio?

How do other's get around marital property?

 Has anyone been denied a loan (despite amazing qualifications) because of "state high cost" laws?