All Forum Posts by: Mark Douglas

@Upen that's a great turnaround.   I can wait a few days, but certainly not this long. 

Thanks everybody !! 

 Thanks a million, Chris !

Thanks George, certainly will do.

Thanks guys, 

I can be impatient sometimes, but I knew this was not this case in this situation!

I wish I knew.  I was easily approved with another lender back in April, but the deal fell through, and I wanted a clean slate with a different bank.  It's going on two months, and I haven't even been pre-approved.  I'm looking to move out of my apt in December. I know there's some time, but I'd hate to be rushing to find a property at the last minute.

I'm thinking it's just the particular lender, but I was just curious about some other options.

-Mark

Hello all,

I'm in the (dreadfully slow) process of getting approved for an FHA loan through a conventional lender, and am wondering if it would be better, or maybe easier/quicker to just try and go through a portfolio lender?

How different is the process?  I know they won't just accept every proposal that comes in, but are they noticeably more stringent than a conventional lender?

It may or may not be helpful to know, but I'm in Nashville, TN, in case anyone has had a positive experience with a portfolio lender in this area.

Thanks so much BP !

- Mark 

Hello all, 

I'm in the process of searching for a duplex in Nashville, TN.  I've found a few properties so far, but am noticing that the majority in my price range (< $100k) are in need of mild repairs. I'm staying away from the obvious repair-intensive properties, but I'm expecting to put in a reasonable amount of work to fix one up. 

That being said, I don't have thousands to sink into repairs after the purchase. I've called a few local lenders in the area to ask about doing an FHA 203k rehab loan. The ones I've spoken to have told me they don't do those.

Are there any reputable lenders that finance MFRs using 203k loans?  Why are the lenders so hesitant to underwrite them?  

Thanks so much for the guidance!

-Mark    

@luke  Murf and Smyrna aren't bad at all.  I guess me, since I'm going owner occ, and work in Nashville I'm looking for an easier commute if at all possible.  But prices drop considerably out that way.

An offer per day, never thought about that.  Sounds like I need to be more assertive.  That would definitely get some momentum going!  Thanks. 

Mark

Hello, 

I'm hearing a lot of people mention that they're only interested in buying in Class A or Class B locations.  I think I understand why, I'm just not sure how it's possible to find a good deal in a better than average area.  Wouldn't the price reflect the area the property is in?

I'm looking for MFRs in a fairly competitive market (Nashville, TN) and am running into wall after wall, trying to make a smart buying decision. Properties in the "right" areas are grossly overpriced, many of which still require a good amount of work. The ones I can afford (going FHA, owner-occupant) aren't getting the rents I'd like; not to mention the areas are less desirable.

Any advice on how to acquire a good deal in an overpriced market?  Am I being too picky with the areas I'm looking for?

Thanks a million. 

-Mark