All Forum Posts by: Karen Schimpf

@Mark Podolsky the link 

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@Jon Klaus and @Will Barnard:

I had a similar situation.  The tenant was saving up their money for closing while their home was being built. I got the tenants evicted by the standard procedures since the significant other didn't file for bankruptcy.   

I bet it was a surprise to our tenants when they didn't get the loan to move into their newly built home.  Lender's pull credit the day of closing.

Anyway as a landlord you will hear unbelievable stories of why you didn't receive payment.  I had a system that if I didn't receive payment by the fifth day, I began the process of filing eviction notices, posting the notice and having sheriffs issue the evictions.  This is a business so get your systems in place.

If the deal does not cash with a mortgage than maybe you should not purchase the properties.  I agree with @Mark D.  there is no real benefit of refinancing at a later date to pull cash out.  You are assuming the values will go up and that could bite you in the end. You get a higher loan to value when you purchase than when you pull cash out.  If your investment does well, than you can put additional payments towards paying off the mortgage quicker.  I personally believe in leveraging money so you can buy more properties.

Yes, blanket loans are getting closed.  The blanket loan product is commercial loan so the minimum loan amount is $500,000 and minimum of 5 properties.  There is another product out there called, The Deed by Deed.  So for example lets say you have only 3 properties and they are worth $400,000, at 75% loan to value, 30 year fixed rate and want to close them all at the same time, you can now do this with the Deed by Deed program.  The Deed by Deed program is not a FNMA or Freddie Mac program

Commercial Realtors come together to discuss the properties they have available and their clients needs. 

Date:

TIME:

LOCATION:
Williamson County Association of Realtor

Boardroom

Address:123 E. Old Settlers Blvd. -Round Rock, TX 78664

We are the only ones in the country offering a blanket loan product with NO pre-payment penalty and no separate release clauses. Call for details at 512-354-5949.

@Dominic Wentz Blanket loans typically are 65% to 75% loan to value which will allow you to purchase the remaining four properties.  When doing a blanket loan, you need to be aware of what your strategies is going to be.  Is your strategy going to be holding these 4 properties or is it to sell them in the next couple of years?  Not all blanket loan products  allow you to sell the properties out of the portfolio, so make sure you ask the question if your strategy is to sell the properties in the next couple of years.

@AndyCollins is correct. Bankers will look at how long your down payment has been seasoned. If you are going to use a HELOC, you will have to draw on the HELOC 3 months prior to the purchase so you can provide the lender with 2 months of bank statements.

Congratulations BiggerPockets!

Recently, both CNN and CNBC released lists of their favorite financial apps (access the CNN list here and the CNBC list here).

A few apps that we found interesting are:

• SavedPlus – Gives users the ability to transfer a percentage of every purchase into a savings account, making saving automatic.
• Simple – This online and mobile-only bank charges no monthly fees and provides robust budgeting tools and mobile money-transfer options.
• Spendee – Has a simple interface that gives users an at-a-glance way to monitor their budget.
• Wallaby – Helps maximize credit card reward potential by alerting users to which card to use when shopping.

Are there any financial apps that you'd recommend? I'd love to hear about them.