All Forum Posts by: Lee Liberman

Hey @michael woodward, Is there any chance you can publish your flip checklist (with any links or personal info removed) so that we can leverage this for our own flips?

2) when you make your bid and then foreclose on a property, you pay the remainder of taxes/penalties and the full bid price. Who is receiving that bid price? Is it the city or the previous owner/lender of the property

For those that have invested in baltimore city tax liens such as @ned carey, do you know the typical payback timeframe? For example what percent of liens are redeemed (paid back) in the first 3 months, 6 months, 1 year, 2 years. I hear that 97.5% or so are redeemed, however I would assume that rate is much higher on higher value properties. Does anyone have a checklist/walktrhough of the timing of preparing through the foreclosure process if the lien is not redeemed?

Thanks,

Still unsure if all of us being on the title and mortgage for lets say four properties means that we can not get additional fannie/freddie loans (8 more/4 per person)?

Myself along with my two brothers have begun to acquire properties. I have purchased one house by myself, and my brothers have purchased one together. We have not created an LLC and are planning to purchase a property which we will split three ways. When we buy a house that all three of us invest in equally, how many names should be on the title and mortgage? We would like to use the Fannie/Freddie (4 loans a person) approach for now. My brothers are both on the mortgage and title for their house. Are they able to get 7 or only 6 more Fannie/Freddie loans (6 due to each being on the one reducing their access each to 3 additional)? Since they are both on the mortgage, does their ability to get mortgages get reduced because they are both shown as having the full liabitility as opposed to split?

Additionally, when we set up an LLC, would we be able to add the LLC's name to the title on our existing homes? Can we add the LLC to the new homes purchased along with one of our personal names and still aquire fannie/freddie loans or does this force us into commercial/portfolio lending?

Thanks in advance for your help.

-Lee

Gathering investors is tough when starting out and finding people with lots of cash even harder. Has anyone heard of finding people to use their credit by cosigning on a loan in place of an investor? If so, what is reasonable compensation? They arent putting up any cash so their cash on cash return would be undefined/infinity. Let me know if anyone has been successful in implementing this strategy.

I am28 and have successfully rented out my house while living in it for two years. I therefore created boarder rather than rental income which is reported on my tax returns. My credit is excellent. Due to fha guidelines this income is not included for debt to income purposes and therefore im only qualified for 125k loan with 20% down. I have a bunch of cash i dont want to use to invest and cant seem to find anyone who will qualify me for a realistic amount. What gives? Do i need to move out and rent a place so i can get a loan? The rule seems rediculous in my case. I have checked with banks and credit unions but they all follow fha guidelines for conventional loans as well. How can i get approved for what im truly worth?

Awesome. It sounds like that bank isn't in the business of reselling the loans it makes and therefore has more ability to set the rules. I actually found a similar situation through credit unions. Local credit unions allow boarder income and charge rates comparable to other FHA lenders. I would suggest looking into those if you are unable to find a traditional bank to include the boarder income even if it is on your tax returns as was my case.

I have a similar situation and any loan through freddie/fannie apparently won't allow boarder income. I did find one (rosedale federal) that will allow boarder income but their rate was about 1.5% higher than a normal loan.