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All Forum Posts by: Daniel Pugh

Daniel Pugh has started 7 posts and replied 16 times.

Post: Looking for Property Manager in Grand Rapids

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4

Hello all - I am under contract for a SFR in Grand Rapids. I am looking to get in touch with a quality property manager. If anyone has any good recommendations, it would be greatly appreciated.

Thanks in advance!

Post: Preferred Lenders for Primary Residence in Florida

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4

Thanks a bunch! I will be sure to pass this information along!

Post: Preferred Lenders for Primary Residence in Florida

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4

Hello - This is not investment related.. However, my in laws are looking to purchase a condo in Manasota Key. I wanted to ask around and see if anyone could recommend a good lender for this area. Any and all referrals would be greatly appreciated

Post: Financing for 7-Unit Acquisition

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4

Hello all - I am under contract for a 7-unit property in the Chicago area and am looking to finance the property using a construction loan and a supplemental hard money loan to cover some of the remainder of the acquisition costs. 

The property is well kept and in solid condition, but units could certainly use some modernization.

Purchase Price - $450k

Construction/Rehab Costs - $100k-$150k

Please let me know if anyone might know of a good contact to reach out to for either source of capital. 

Thanks in advance!

Post: Assumable FHA Loan Transaction

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4
Quote from @Dave Skow:

@Daniel Pugh- thanks - yes most FHA loans are assumable ...you would need to bring in a down payment to make up the diffreence of the sales price and the loan balance ...the present lender will need to approve the assuption ..these seldom work but good luck

 Thanks for your input, @Dave Skow

Post: Assumable FHA Loan Transaction

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4
Quote from @Jonathan Klemm:

Hey @Daniel Pugh - I think @Paul De Luca - meant FHA loans are NOT assumable.

What leads you to believe this particular loan is @Daniel Pugh....maybe @Bob Floss II has some insights?   Maybe @Brie Schmidt?

I have a couple of attorneys that I can recommend as well I will send you a PM.

 Thanks for your input, @Jonathan Klemm . I would love to get in touch with any attorneys that you may be able/willing to refer me to in hopes to unpack this. 

The seller is insisting that he will only share the loan docs from attorney to attorney, so I am actively in search of representation from someone with someone who has familiarity with the matter.

Post: Assumable FHA Loan Transaction

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4
Quote from @Brie Schmidt:

@Daniel Pugh - FHA loans are assumable, but the lender has to approve it. I have never seen it done before or a lender willing to lose tens of thousands of dollars.

So in theory it can be done, but it isn't realistic

 Thanks for your thoughts and insight! @Brie Schmidt

Post: Assumable FHA Loan Transaction

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4
Quote from @Corby Goade:
Quote from @Daniel Pugh:

Thanks Paul. I appreciate the response.

I am actually a licensed broker in the state of Illinois and will be representing myself on the transaction. I was hoping to get in touch with an attorney who might be familiar with the matter. If you know of anyone, I would greatly appreciate the connection.

Thanks, 

Trey Pugh

I know every state is different, but in most cases you can sit down with your favorite escrow officer and walk through the details. We do these deals all of the time and my escrow officer works magic for us, so much more knowledgable that we are. 

As a broker, I'm sure you know, but in order to qualify to assume an FHA loan, you have to qualify for that loan yourself. 

Best of luck!

@Corby Goade I would love to utilize your escrow officer for this if it comes to that point. As of now, the seller is insisting that he will only share the loan documents to my attorney representative, therefore I am in search for an attorney who is able/willing to assist in unpacking the loan and determine whether it would be worth moving forward and pursuing with this strategy.

If you know of anyone who might be able/willing to help out in that regard I would greatly appreciate it.

Thanks!

Post: Assumable FHA Loan Transaction

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4
Quote from @Caroline Gerardo:

Send me the note and riders I can read it for you for free. Not all FHA loans are assumable and ONLY to owner occupied buyer. You need a job in the location of the property or a letter from employer that you can work remote for 36 months in the future. It's full documentation (past 2 years IRS taxes, credit, bank statements... the whole novel) What is your income and the sale price/loan amount?

@Paul De Luca link is not from HUD it's an advertisement

@Caroline Gerardo The seller is requiring an attorney representative to share the loan documents with, therefore I am in search of an attorney familiar with the matter in order to unpack the situation. Would you happen to know of anyone who may be a willing/able candidate for this?

Post: Assumable FHA Loan Transaction

Daniel Pugh
Pro Member
Posted
  • Chicago
  • Posts 17
  • Votes 4

Thanks Paul. I appreciate the response.

I am actually a licensed broker in the state of Illinois and will be representing myself on the transaction. I was hoping to get in touch with an attorney who might be familiar with the matter. If you know of anyone, I would greatly appreciate the connection.

Thanks, 

Trey Pugh