All Forum Posts by: Jim Blackburn

@Allen C Herring

99% of the time the appraiser will appraise the property for the price on the contract.  If it appraises for less, you can renegotiate with seller before proceeding to move.

Structure your offers with never reducing the credit, but only bumping up the price.  This way you strategically keep $8k in your bank account - "since cash is king" and you get to finance the costs and escrows into the price.

Example:  

Suppose 204k was the sellers bottom line. 

a) 212 with $8k credits towards buyers closing costs & escrows = 204 net to seller

b) 204 with $0k credits towards buyers closing costs & escrows = 204 net to seller

Seller nets the same either way, so just explain to seller that you want to raise keep the credit, and bump the price to whatever price he needs to do that.  

Happy investing! Ask anything.

You can only get an FHA loan for her if she is on the loan. FHA for you will not work since you are pegged as an investor.

@Gregg Heminger

Congrats buddy! I'm curious, did you buy it with 3.5% down or 25% down?  

Yes.  You buy now as second home (if 100 miles from your home) investment if not... Work on your mothers credit for two years.. Then she can refinance the note into her name.  

For primary residence, it's easy to get HLOC immediately after closing up to max 89% CLTV.

For investment, I do not know of any banks that offer HLOCs.  

If anyone knows, please pass on the lender info! 

Typically with commercial properties, only the income and the equity is considered for qualifying.  

@Christopher L.

Never heard of tri/fourplex loans at 90% LTV unless it's primary residence with 3.5% down.  

Would you mind sharing the name of the  credit union so we can add it to our lender portfolio?

Make sure to identify the risks and worst case scenario in the short run and long run. 

Tina & Alex are awesome! 

25% down for investment multi family.  There are some programs with just 15% down for investment if single family or condo.  Also there are some programs with just 3.5% down for 4 unit but only if primary residence.  

so for this you are looking at 25% down plus closing costs 6-7k.