All Forum Posts by: Kim Barnes

@Don Konipol

I didn't know I had to have the property in a business name and could not live in it when using hard money. Thank you. I now know for my next project.

My lender, First Home Mortgage advised me to switch my loan from a rehab loan to a 203k so I could maximize my LTV. I was approved for the loan, then had a scope of work done. The next step is to meet with the 203k inspector. If a HML is not an option as I did not put the contract in my business name, are there any other funding options?

I made my first purchase from an auction in January. Waiting for ratification from the trustee, which should be in 30-60 days. I have a 203k, but want to use HML for purchase and rehab. Can anyone recommend a HML that works with first timers.

I plan on living in one room and renting 4 others creating a income of $3200/m.

Baltimore, MD

Purchase 84k

EMD 5k

Rehab 50K

ARV 220K

@Joe Prillaman Thanks for posting! I’m also a new and fearful of making my first purchase. I’m going to real estate meetups to learn more.

Please keep posting as you progress.

My father purchased a property on 2004 but passed away over 10 years ago leaving the property in a trust. The property has been in a trust over 10 years, but it’s now in pre-foreclosure and I want to buy it from the trust. Its in need of repair.

I am one of two trustees but the other trustee has gone MIA.

This week the lender sent me a package to complete for communication about the loan as there are no living parties on the loan.

Can I buy the house without the MIA trustee?

One title company wants her to sign off on the sale. I contacted a title company but they want both trustees because the language in the trust does not indicate that dual signatures are required or not required, it does say we can buy or sell real estate.

What options do I have?

As a trustee, can I refinance the loan?