All Forum Posts by: Matthew Lindsey

Hi, 

Recently I have been thinking about buying some properties strictly for Section 8/Housing Voucher Program tenants. It would fall into the Northern Region of Georgia according to the HAD. My questions are if any landlords in GA on here deal with section 8 and HAD. Im curious to know how Georgia's HAD is to deal with? Are they slow with approving your property and tenants? Are they actually offering to pay what it shows on the HUD FMR sheets or do they lowball you? Do multi family properties receive less rent than SFH when it comes to section 8 or do they look at them the same when finalizing a rent payout? Anything anyone can share with me would be appreciated.

Thanks

Hi,

I'm new to the foreclosure game. I was hoping someone could shed some light on something I found while doing my DD on a property. The property deed was assigned 5 different times since 2015 to different lenders. It is not different mortgages but rather the original mortgage being reassigned 5 different times. The weird thing is this:

-assigned to Freedom mortgage on 2/4

-assigned to Plaza home mortgage on 2/6

-assigned to Nationstar Mortgage on 2/6

These are the last three times and they were all completed in the same year meaning 2-days apart and the last 2 in the same day. 

However, here is what I don't understand, Freedom Mortgage is the lender listed in the public notices as the one that has the full authority. According to my research they don't currently hold the mortgage. Can anyone help me understand what is going on here?  It's not a different loan because they all reference the same original note.

Thanks,

Matt 

Hi, I'm looking at a property that is 2- 1 acre lots with 3 duplexes on it. Without the property actually staked out it looks like 2 duplexes are on 1 lot and the other is on the other lot. However, the whole 2 acres with the duplexes are only accessible through a 20' Ingress/Egress Easement that conveys. I will attach a image of the lot, in red is the Easement and in blue is the approximate lot lines. My questions is does the land only being accessible through a driveway easement hurt the value and if so how bad? This would be a long term hold property for me more than likely. I haven't been in this long enough to know how much a easement hurts the value when it comes to investment property. Is a property with an easement harder to sell? This is an off market property. Thanks

Thanks for clearing that up. 

Thanks, I know when I initially looked at buying the property I actually had a well known big bank that was going to do the loan what I considered conventional. The only reason I didn't follow all the way through with it was because it would have taken to long and I was on a deadline so I had to stop it and just pay cash at the end. However it would have been in my personal name. Even though it's 4 units and under does this still fall under a commercial loan since it's in my LLC?

What type of loan would this be considered? This isn’t considered a cash out refinance is it. Thanks 

Thanks.  That might be where a issue arises. I might have to wait a little longer. This property was purchased in Early July 2021.

Hi,

I have been thinking about trying to pull cash out a property of mine. The property is two duplexes on one piece of land so technically it's 4 units. The property is paid off with no mortgage. I'd rather not do a HELOC. I want to use the cash for other investment properties down payments. What are my options to pull the cash out of paid off property. The property is owned by my LLC, is there any way to pull out cash and have the loan under my LLC so it doesn't affect my personal DTI?

@Steven Foster Wilson

Thanks for your reply. Its a difficult situation because I'm having to deal through the daughter of the owners since the owners are in their 80's and one of them is in a nursing home. On the first call the daughter mentioned they were interested in selling because of their age. The ones they are offering to sell are the least desirable out of all of them. All the others are all brick buildings and these are off the road, hard to see, lower rents and have vinyl siding. However, the way I have figured it they should still have a CoC ROI of 17-21% at the lower rents. I am very new to the game but from what I have seen that is decent numbers. I don't think they have any attachment to these as they also purchased these but the owners built most of the others. Knowing when to walk away is the issue im having now. When they went up on price I wanted to walk away but I cant help to think I would be leaving money on the table and a chance to build on my portfolio.

@Joseph Hammel

Thanks for the reply. I do not believe they would be doing a 1031. The owners are in their 80's and have owned them for over 20 years. I tried the seller financing deal and at first they didnt shoot it down, they wanted to talk with their financial advisor/tax consultant. After their meeting is when they came back and told me they were no longer wanting to sell. It is a difficult situation on my end. I sent the letters to the owners and their daughter is the one that called me back on their behalf stating they would originally sell. So I have to go through their daughter which then has to relay everything to her mother(owner). I might bring up the 2017 bill next time I speak with them. Thanks