All Forum Posts by: Mark Bookhagen

Property should be vacant at closing or walk on the account of thew water bill (due diligence).

No problem. Good luck. 

Strict. It is fraud if you aren't honest on your application. Work around "...at least 3 years full time experience as a real estate salesperson, or equivalent experience." See part 7 for the point break downs of the equivalent. experience here: http://www.legislature.mi.gov/(S(fze5zbuyizxzyfhnbixpdsid))/mileg.aspx?page=getObject&objectName=mcl-339-2505

Get the buyer to sign something saying that he'll pay before you disclose the address.

@Juan Alvarez here you go (select search by address from the dropdown): https://taxonline.tarrantcounty.com/taxweb/accountsearch.asp

@Karmin Jones

Foremost

Yes 20 is usually the max term a commerical lender will do. Another note on that: the interest rate will reset every 5 year and there are prepayment penalaties that decrease the closer you get to each reset period. The further you are away from the proceeding reset time, the more the pre-payment penalty is. So year 1, you have a high pre-payment penalty, year 5 is low, then year 6 is high, and so on.

So won't you be non-conforming regardless if it is before of after Jan 1?

@Jane Lewis - Yes, it is basically correct. You're closing costs will probably be somewhere in the 8-15k range. Investors tent to overestimate expenses and mortgage interest rate to be safe (instead of underestimating).

One thing I would caution you about... you are putting ALL your eggs in the single tenant. That's very risky. If they go bankrupt or decide to move, you're scrambling to say the least.

You'll also want to make sure it is a true NNN lease, and if there are ANY expenses the landlord is responsible for.

I like https://people.yellowpages.com/whitepages/