All Forum Posts by: Randy G.

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Four bedroom house in a quite neighborhood. The house is ready for renovation in a great Fort Wayne real estate market. The roof has already been repaired. Golden Ln Pictures

@Chase Jenkins just be aware that it isn't that easy or cheap to refinance in texas unless you are using the property as your permanent residence when you look for financing. Many banks just avoid doing this on an investment property altogether in Texas. Look for financing now before buying is my suggestion.

@Patrick Scott I like this area too, but as I see for now is that the 77008 (Heights area) has overbuilt (townhome style homes), so until that stops, I can't see the 77009 taking off like the Heights did. I think this area will continue upwards once oil climbs up, so this is a good long-term bet for a buy-hold-rent strategy.

@Terone Johnson I like the 77009 area closer to the Heights for multi-family homes. I would be prepared to do some rehab in that area. 77003 (EaDo) is trying to be a decent area, but the prices have been climbing up quickly.

Andrew is right about the two things he mentioned about the UH area.

@Brian Person thanks for the advice. I still have a LOT to learn.

@Brian Person The Loan Officer and Real Estate Agent told me the reason for the POA is that I'm currently working out of the country, so I will need someone to sign the closing papers, which was never mentioned on the foreclosure that will close this week.

I didn't accept his underwriter's reason and have challenged him to get creative as you mentioned. I may just need to switch loan officers to get this done. The underwriter just wants me to have a US address that I call my permanent residence. I really don't see how this rule reduces the risk for the bank. I just need to crack the bank's code on getting a conventional loan on an investment property from overseas. I didn't think I would have any issue, but I guess the days of giving anyone with a pulse are gone.

@Andrew Postell  Thanks for your explanation on the subject. I sent you a PM.

I am attempting to get a conventional loan for my 3rd rental house property, which will be located in Fort Wayne Indiana. I received this feedback from my loan officer's underwriter today;

"We cannot use POA for an investment transaction (see page 15 of our conventional guidelines). Also, all borrowers must have a present US address to be eligible. If the Houston property is currently being rented out, and the borrower does not otherwise maintain a US address, he would not be eligible. (A relative's address cannot be used if there is no evidence that the borrower is actually maintaining residency in the relative's home.)"

Has anyone seen this issue in Indiana or other States?

James,

Is $14,000 the correct asking price? Seems to be missing a 0 :)