All Forum Posts by: Account Closed

I'm closing on a property in Douglas County, Colorado subject to today. This is my first sub2 purchase. I'm trying to confirm if a signed POA along with a signed Auth to Release Info sheet is satisfactory for accessing the seller's mortgage in the future?

Any success in Lubbock folks? I'm about to purchase a 4 bed 2 bath sub2 next week there. Airdna shows $55k for this property... it is newer with a swim spa... I am shocked as it's airdna estimate is the same as one of my townhomes within 15 minutes of two national parks in Utah! I'm hopeful, but generally I'm very negative towards Texas. It has been nothing but messes for me in the past. 

@Erick Caffarello my CU will do 10% down with a 15 year ballon with no MI however 1.4% in points. They will allow you to have 2 of these loans if your a noob and - 3rd if you have more than 1 or 2 years of rental management experience.

Rates did not come down this week for this product unfortunately, actually was quoted .25% more on this product today than two weeks ago.

I'm in a similar situation right now, I just had the drive-by appraisal done on one of my 3 properties. Drive-by appriser used totally irrelevant comps and had over 11 comps for $200-300k over his apprised value within the last 3 months. An annoying process when you have plenty of MLS data to support.

If a property is not cash flow positive when rent is multiplied by 75%, then how would a conventional lender add this calculation into your DTI?

Example $4000 a month 12 month lease signed, actual monthly debt is $3271 a month including P&I, Tax, Insurance, *no HOA. Multiplying rent by 75% would equal $3000, but total monthly debt obligations for this property are $3271.

(This property is a future tear down, a land development play for the future.) I'm wondering is there's a way to easily figure out how conventional lenders would factor this into our DTI calculations. I have another property that might be in the same boat (again, plan to bulldoze and build a spec at a later date,) it's 75% ratio is only $1.09.

Any insight would be greatly appreciated. 

Thanks 

If I have a property that my spouse owns ( I am not on the deed), am I able to lease that property under an LLC that is owned by my holding company? LLC would conduct STR out of the property. For qualifying for future conventional mortgages would a lender accept 75% of this lease it offset his DTI or would they consider it as a full liability unless it had more than 2 years of STR history?

I told a prospective tenant that we would love to have her move in. I prepared the lease and she has not signed it. It’s been over 24 hours and the unit has gotten 6 more inquiries since I submitted the lease to her via Dotloop.

At what point in time would it be appropriate for me to retract the lease and my tenant offering?

Am I at any risk of breaking any tenant protection laws or subjecting myself to a lawsuit if I retract my lease?

Hi Stacy, I think I saw your listing on Airbnb in Cut Bank, how's that investment going for you? I've been looking at listings and am thinking of buying a few units there. Would love to connect! 

@Megan Arzt I just moved to town and would love to connect! 

@Joe Mercer you will also see on Zillow or HAR a difference when people have claimed their homestead expemtion vs. non owner occupied years, so that can be puzzling to figure out if you aren’t aware