All Forum Posts by: Randy King

@Steve Babiak

I just looked at the 1031 Corp web site. Like you said, tons of info. Have you used them? Or know of any others experience with them?

Once HUD excepts your offer, you have 48 hrs to get them the contract package including proof of funds. So you will need quick access to proof of funds letter.

I also use National Real Estate Insurance Group / Affinity Group. I like their 1M liability per property. I have not had to file a claim. Has anyone filed a claim with them and what was your experience?

Currently I have a personal umbrella. Would this cover me on properties titled in my LLC? What are some good sources for umbrella policies covering LLC held real estate?

Who all have gone this route. For those who have, how have the loans been set up? Do you obtain a blanket loan where properties can be added and deleted? What are the terms that you have gotten (interest rates, interest only, etc.)? Loan to values? Any help would be appreciated.

I am buying REOs for cash. I will soon run out of funds. I know that private money may be my best option, but I would like to investigate commercial loans. I am not borrowable yet, not long enough track record of rental income for FNMA. I understand that the smaller local banks are my best chance. For those who have gone this route, how have the loans been set up? Do you obtain a blanket loan where properties can be added and deleted? What are the terms that you have gotten (interest rates, interest only, etc.)? Any help would be appreciated.

@Bill Gulley

That is a con. However, I am not talking about filing false documents. I am talking about a line of credit, etc. Legitimate docs.

What are the pros and cons of recording a mortgage on a free and clear property for asset protection.

Hey fellow North Alabamians,

I live in Madison and invest in the Madison and East Limestone counties.

@Kirby Allen

I also grew up in Russellville. We lived in the house on the hill across from the ball fields by Sloss Lake. Grew up fishing on Sloss Lake.

Good luck to all. Roll Tide or War ??? I just can't say it.

@Marina Wong

HUD only cares about net to them regardless of new loan or paying cash. No difference to them. Regarding inspections, you can get one but they will not pay to have utilities turned on and if it is winterized, you have to pay to rewinterize. To my knowledge, they will not renegotiate based on inspection and if you are an investor you will loss your earnest money if you do not close. Investors are supposed to be "knowledgeable". Don't know about O/O.