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All Forum Posts by: Jeff N.

Jeff N. has started 30 posts and replied 129 times.

Post: Emergency SOP

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Thanks guys. I made sure to show the tenants where the main water shutoff valve is for the home, so they should be able to mitigate a late night plumbing emergency themselves.

Concerning the heat, I like the idea of having an electric or kerosene option on standby.

Thanks for everyone's input.

Post: Emergency SOP

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Most of my rentals have PM's, but the most recent property I purchased and rented I'm managing myself. What is your procedure for handling a tenant calling you on a cold Winter day at 2AM on a Saturday saying the heat went out and they have no alternative heating method.

1. Do you call a 24hr emergency service?
2. Do you wait until morning to check it out yourself and leave them in the cold.
3. Do you immediately go check it out and access the situation?

Post: Turnkey property Investment

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Never heard of them, but went to the website and got a laugh. Check out their Facebook and Twitter link. Links to facebook.com and twitter.com

Post: Still Waiting On Hyperinflation...

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

I predict a QE3 in 2012. The dollar is really gaining ground on the Euro at 1.29 right now, which doesn't help with exports, but eases inflation fears. This may help justify a QE3.

I just don't see how we are going to pull back the spending in the long run that actually makes a difference, even if the GOP takes over the Senate and House. Use the Payroll Tax cuts as an example, once you give people money, it is extremely difficult to reign it back in without political suicide. With the number of people in the US on government subsidies increasing each day, you would assume we are going to continue on the same path for the next few years without much change. So I'm hedging on the side of QE3,4,5 and 6 = inflation at some point.

Post: loans

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

George, it's dependent on the type of loan you are trying to obtain. The majority of residential mortgages in the US are conforming Fannie Mae/Freddie Mac government backed loans. You can google Fannie Mae or Freddie Mac lending guidelines to get a quick snapshot of typical lending criteria you will find at most banks for conventional 15 or 30yr loans. FMAC loans allow you to hold up to 10 mortgages, however, once you hit 4 the pool of banks willing to provide funding for 5 through 10 gets smaller.

I don't have much experience on the private lending side, but you will have your work cut out for you finding an investor willing to lend to a person that resides outside the US.

Post: DTI and rental income

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Joe, I just financed a 30yr investment property using a conventional loan (FM/FM) and the requirements were exactely as Jon stated. For income to count, you must show records of 2yrs of rental history for the property and they will count 75% less PITI&HOA. They will not consider future expected rent as you stated. You can google fannie mae / freddie mac guidlines to get more details, if that's the route you are going.

Post: Hiring Carpenter and his brother with no insurance or business

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Good question, I would like to hear past experiences on this also, especially on tasks that do not require a city permit pulled, such as tile and carpet work. I'm assuming the primary risk would be a law suit against you in the event of injury or death if the worker is not insured. If the worker cuts off his finger on the wet saw cutting tile, what would happen?

Post: 600k to invest any suggestions on the best strategy for leveraging?

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Tyler, I couldn't disagree more. Lending is not tight if you are looking for a conventional mortgage. I agree with Chris, if you are looking conventional financing on properties 1-4, have documented income and meet the FNFM cash reserve, DTI requirements almost any bank will be tripping over themselves to loan to you. Not much has changed in this type of financing that you will notice on your side from pre-bubble, unless you are looking at the condo market, which has slightly tighter requirements.

Post: Your Welcome

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Thanks George for the grammar reminder. I tend not to use apostrophes when typing sometimes.

BTW, stopped over again this morning and windows were only cracked open, but heat was off. I would have bet money they would have did the same as yesterday and left windows wide open with heat at 70. Or, maybe they are using a lookout now and shutting off the heat when I get there.

Post: Your Welcome

Jeff N.Posted
  • SFR Investor
  • Virginia Beach, VA
  • Posts 150
  • Votes 36

Stopped over at one of our rentals yesterday to check on the painting contractors. It was 47 degrees outside and the windows were wide open throughout the house and the heat was cranked up to 70. I turned off the heat and told them if windows are open, heat is off! One of the painters told me he was cold, while he stood there in his T-shirt.

So, your welcome for keeping all of you a little warmer yesterday on my dime.