All Forum Posts by: Marion Edwards

Gents. Thanks for your comments. Your input has given me more perspective on taking courses vs just doing it. I'm much more informed now.

Hello fellow BP members. Has anyone taken the training provided by Than Merrill's group Fortune Builders? I'm looking for any pros and cons in taking this or any "Guru" type training. Any responses will be greatly appreciated.

Jeff, its not the renovation loan. I agree, my credit union was off its game by not informing me of this "little technicality" during the pre-approval stage. I had already understood that reserves would be needed for the investment property, but six months of PITI on your residential property came as an unexpected requirement, and this notice came after my offer and EMD was accepted. I guess I can't totally blame the credit union, I should have completely researched the Fannie Mae loan process before jumping in. Thanks for your comment.

My Homepath investment deal is progressing but I learned something today about Homepath financing that wasn't in the literature. Apparently Fannie Mae has a policy on cash reserves, particularly for us investors, that requires we verify 3-6 months PITI on the investment property and 3-6 months PITI on your primary residence. Don't get me wrong, I think having cash reserves is just plain common sense, but this may come as quite a surprise for someone who hasn't planned on this. The financial institution that I'm dealing with didn't bring this up during the pre-approval phase and it only came out when it went to underwriting. Just wnated to bring this out, just in case I'm not the only Homepath neophyte out there.

Ray, thanks for the tips. I definitely want to stay within budget and doing those kind of things add value without breaking the bank. The basement floor has decorative tile so I'll just be cleaning and adding a clear coat to make it look good.

Ray, thanks for the advice. The only floors that need to be addressed are the kitchen and one bedroom. I intend to keep all the hardwood floors intact with the one bedroom floor requiring some minor refinishing. The bedroom walls are all painted different colors and I wanted to paint the whole house in one neutral color with another neutral color for the trimming. The kitchen counters, cabinets, and bathroom fixtures are good to go with just a good cleaning. The basement is unfinished and the walls are a little dungy, so I plan to finish them with a light grey paint to make the basement area more appealing. if I can do this for less than $3000, I'll put the difference in cash reserves, which I have already budgeted at 8% of the monthly rents. I'm really looking forward to getting this project off the ground and running. I'll be posting the status as things happen. Once again, thanks for chiming in. I've learned a lot from the replies that have been so generously provided.

Nick, thanks for the encouragement. The house is located in Eastpointe. The area has a good mix of owners and renters and house values are rising in concert with the many of the other cities in Macomb County.

J. Martin thanks for the advice on getting at least 2 GFEs. Robert, thanks for the encouragement. It's so easy to second guess yourself and having a pro tell me it's a good deal is very uplifting! Marion

J. Martin. Sorry about the double post. Not used to the iPad app yet Aaron, thanks for your reply also. I intend to finance up to 4 properties via Homepath and would love to gain some expertise before my next deal. I've also been looking at the MLS for deals, but have not been successful to date. I'll keep looking and making offers until I reach my goals. Marion

J. Martin thanks for the response. I hadn't considered this approach and I guess it shows my inexperience. The estimated closing costs were higher than I expected at around $3000. Is there anything I can do to help mitigate these? Maybe another lender perhaps?