All Forum Posts by: Dana N.

Hi BP Community,

Please advise:

I'm in process of purchasing a house with a FHA Loan.

History: Offer was accepted on 10/5/17, contacted the mortgage brokers who gave me a pre-approval, they gave me 2 one for conventional and one for FHA, was told FHA would be a better option. (Now that I'm in process, not so sure about that). Here it is 12/1/17 I still don't have a closing date, every time they asked me for a document, I gave them same day turn around. I received the Loan Estimate (LE) on 11/22/17. Then I received my 2nd appraisal on 11/28/17 and noticed that both my appraisals were done by same appraiser and notified my lender, (2 different companies out sourced to same appraiser). By this time my file went for Clear to Close review (CTC). I received and sent back the electronically signed Closing Disclosure (CD) form on same day on 11/29/17. The closing date indicated on form stated 12/4/17 (Monday). I thought I was going to receive my CTC at least by 11/30/17 (the date on purchase agreement for closing and date Lender told my home insurance agent). When I asked loan processer if we can still close on Monday, here was her response:

“We wont get a clear to close unless the underwriter clears the conditions, the CD is a separate part, that just helps get the waiting period out of the way, right now we need to wait to hear from underwriter on 1. If appraisal is ok 2. If she accepts and clears all other conditions., I know its tough, but we need to be patient. Thanks”

From my knowledge the CD is all part of the CTC. Isn’t this suppose to be a 3 day process from receiving the CD?

I know there is an issue with the appraisal due to same appraiser, but the lender/loan processor picked both companies and I had to pay for both appraisals one for $700 and the other for $485. I’m already upset about that. I hope they don’t think I’m paying for a 3rd appraisal. 

I have been learning about the TRID process and from my knowledge, thought once I receive the CD, the CTC would follow. 

Please advise.  I think I’ve been patient long enough!!

Thank you,

Dana

Hi @Sean Carroll, yes I have money for the down payment, but not sure what "Construction Financing" requires.  Is this like a 203K loan?  

Thank you.

Dana

Hi,

I found a property that the builder could not finish, it is basically a shell. Seller states "currently construction financing". What is construction financing and how can I go about obtaining this type of financing to purchase/finish this home. 

Thank you. 

Dana

Does anyone know where I can order a pdf or e-book version of The Real Estate Rehab Investing Bible?  I like to read my books along with the audio version, but I want to be able to store books as e-read and print chapters and pages to study from, but don't want to carry around entire book.  I found wiley.com, but never ordered from them and don't want to get scammed or download a verious on my computer.  Has anyone ordered from wiley.com before and are they trust worthy?

Thank you. 

Dana

Hi @Rob Suhai,  thank you for responding.  As I am researching the area, it does seem to be a nice area.  I have been looking for a home to live in for me and my family in New York, but that's not working out for my budget, so we are expanding our search and fell upon Montague.   What I do want to research, is the laws for landloards in NJ.  It seems that I have to register with the town if I rent out or even have a vacancy.  I have to look into this more. If you have information, please pass it on.  Thanks for reaching out. It is greatly appreciated. 

Dana

I would like to know if anyone invest and/or live in Montague, New Jersey. I plan to purchase a 2-family house as a house hack and eventually rent out the other unit. If anyone can guide me on the landlord laws and about living in Montague NJ. 

Thank you. 

Dana

Hi James,

I don't mind you asking.  We are new investors and we live in NYC, but invested in NC.  We did that because it was more affordable to purchase in NC and since we were learning how to get into RE Investing, we didn't want to take the risk in NYC.  NYC is just toooooo expensive.  Our goal was to hold for 1 to 2 years and then if it goes well, we would sell and start investing closer to were we live.  So, we are just following our plans.  We really want to manage our own properties, so once we sell, we will invest about 2 hours from NYC.   

We also plan to purchase a home for our family in 2 to 3 years and want to be near our investment properties.  Also, we still want to be close to NYC.  So plan is to move about 1 to 2 hours away from NYC.

Thanks for asking.

Dana

How do I sell my rental property?

We had property for 1 year, built in 2004. It's in great condition.  It is tenant occupied. 

- How do I go about offering property to tenant to purchase?

- How do I offer it to other investors and the market?

Thank you BP Members in advance for your advice. 

Dana

Arthur Edmund,  

Great, didn't think of that, I will ask about repairs or concerns the tenant may have.

Thank you for your advice.

Dana

I would like some advise on how I should go about handling an annual home inspection.

My rental property is in another state and it is managed by a Property Manager. This is our first rental and only had it for a year.  So, since I will be in the area on personal business, I planned to do a home inspection.  

Do any of you do your own home inspection even though you have a Property Manager?

What do you look for during the inspection?

I would also like for my Property Manager to be present while we do the Home Inspection.

Thank you in advance for your advice.

Dana