All Forum Posts by: Kent Verge

Also, if you plan on living in the new property as you finance it, the Fannie Mae Multiple Financed Properties limit doesn't apply. However, that doesn't mean that your bank couldn't use tighter underwriting limitations.

See https://www.fanniemae.com/content/guide/selling/b2... for the guidelines.

Kent

You can have more than one loan in your names. Depending on your bank and your location, the limit could be as little as four to ten or they may have no limit at all. If the bank uses Fannie Mae guidelines (so they can later resell the loan), it's either six or ten depending on the underwriting method, but I also know that lenders I talked to in Florida were using a more conservative limit of four. If you can find a bank that holds its own portfolio of loans, they likely have looser guidelines than Fannie Mae and may not even have a limit.

Kent

 It was disclosed in the previous sale ten years back, and we have had a deep snow since then. There's no evidence of damage below, but the contractor didn't trust standing on one of the joists without taking a much closer look into the damage.

Your answer pretty much confirms what I was thinking: this isn't in the remediation folks' area of expertise, and those who have the expertise wouldn't want to certify it without a whole lot of costly exploration. Because the remediation wasn't what they would do today (spray over the soot, etc.), the contractor was worried that the other repairs may not have been complete.

It sounds like at some point I'll have to make a calculated decision. That decision may also have longer term implications when we later sell.

We are in the inspection phase of a purchase (offer pending inspection) and found evidence of an undisclosed old fire in the attic that had been repaired. When I asked the seller about it, she said, "Oh yeah. I just saw that on the disclosure from when we bought the house and forgot to disclose it."

There's obvious repair, but my inspector said that he couldn't assess whether or not it was repaired properly; he said that I would need someone who specializes in fire repair. This evening a general contractor came by to price out the remodel, and when he saw the damage/repair, he expressed similar concerns (I should have a professional look at it).

Question: because it's very old, there is no odor in the attic (even sniffing the soot or very slight char on a few old rafters. I plan to enlist a specialist, but should I find a remediation person (think Servpro) or a structural engineer? My fear is that the former will recommend a bunch of smoke remediation (sealing, etc.) that is no longer an issue. I'm most concerned that it has proper structural repair.

Kent

 We're now in the market for our third service provider (the first closed shop and the second is having deposit issues). I would gladly pay if it meant a more stable service.

Kent

Wrong forum... 

If you don't follow all of the correct processes for an LLC (documented regular meetings, separation of funds/expenses, etc.), an attorney working for someone suing you could pierce the LLC quite easily anyway. Those things are hard to do correctly as DIY without some form of professional guidance.

Local banks are going to be your best option, and some are more flexible than others on the types of things they will loan against.

If I could turn back the clock and be 20 again, I'd want to read the post titled 'How to “Hack” Your Housing and Get Paid to Live for Free' here on BiggerPockets.

Kent

This is just my opinion (others will chime in), unless you have access to free business accounts, I would open a checking account for business operations and a savings account for deposits held for your tenants (you need to separate these funds). Deposit their monthly payments and make your mortgage payments from the operating account. 

Kent