All Forum Posts by: Rich Bultema

Start looking into other lenders. I have been previously amazed at how different two lenders can be.

I had two with offices probably less than a thousand feet from each other. First one all but laughed at the idea of a mortgage on an investment property and the other set me right up and has since been my go to bank.

I have a friend who cannot continue working in their current industry who has expressed interest in becoming a home inspector. He asked me if there was demand for more inspectors but I thought you agents would be able to answer it better than me as an investor. I know a lot transactions involve an inspector but that says nothing about how flooded the market is with them already?

Do you guys and gals think there is room for more inspectors? Is it something that can produce an ok annual income? or is it more of a side gig?

This is all assuming that "current events in the news" will eventually return to some kind of normal.

Edit: PS he is in the northern/northwestern Indiana area

Its unfortunate that this got not timely replies. How did you end up handling this situation?

Aside from whether you SHOULD be doing it or not, the most direct answer is that if you have not submitted earnest money, they most certainly have not changed its status on the MLS and can pull out with little damage. If you have submitted earnest money, expect to lose that money, thats your motivation to continue with the deal. Dont ask how to get out of the deal AND keep the money. Thats a bit greasy at best.

Thats all assuming that the reason you are pulling out is not because something unexpected was found in an inspection, which would be a totally normal thing if you wrote that contingency into the offer and did in fact not like the results of inspection.

EDIT. if you have made offers on multiple properties and more than you can afford accepted, consider taking on a partner or find alternate financing rather than trying to pull out. if they accepted your offers, I would assume that numbers work. If they dont, you should not have made the offer.

If I understand correctly and she has been reimbursed after purchase then the split would be based on the ownership split of 60/40.

The cleanest way, but maybe least cost effective, would be to sell all the tools and when done, money is easy to split down to the penny. This wont really allow for arguments on what a tool is worth because the market will decide that but they may sell for less than hoped and therefore replacing them after the split can cost more than desired.

Next would be for one person to take all tools and pay the other for their ownership percentage, especially if one of you does not plan to continue in the business or plans to hire contractors moving forward. Would still have to agree on the value of the tools and argue about who takes and who gets paid.

Lastly, if you are in good terms with each other... assign a value to every tool. Add up the total and split the resulting figure 60/40 and start going shopping in the pile of tools with that figure as your budget. If there is a tool you both want, you can bid against each other above and beyond is assigned value paying the extra out of pocket with personal money. Maybe avoid that by taking turns picking tools like team captains in a high school gym class.

I have received mine. I only have one door.

Their income is all retirement, pensions and social security so they had no good reason NOT to pay but I was still nervous.

I thought it was possible that many tenants, including mine, could interpret moratoriums on evictions to mean rent doesn't need to be paid.

Glad to be proven wrong so far.

Could you elaborate on what is going on with FHA lending criteria? I just received an offer from someone looking to use FHA financing. Wanted to know what I'm up against.

 For now, it does appear to just be a waiting game. prices have not really been reduced and, im not a realtor, but as an investor, I get sent the listings and they dont seem to be increasing in volume...

but how long can a stalemate like that last before it affects values? Time will tell.

A quick look at their website is that its 'probably' tied to your house as a lien and would in fact need to be paid of at closing...but really you would have to look at the paperwork for the loan and see if it was structured that way with the property as collateral or if it was structured as an unsecured loan.

I have no personal experience with how that company does their lending.

Is there a particular reason you would not want to pay it off at closing? Do you suspect the sale price would not cover all mortgages?

well hang on, how was the loan on the roofing cost structured.