All Forum Posts by: Ryan Weimer

@Shaun Weekes Citadel is still funding owner occupied loans in process so they are not closed down. How can I get my earnest money back? I am in breach of contract past my contingencies.

@Clint Rostedt man that is rough... the difficult part there is you could start the process again with a different lender and end up another 14k in the hole.

@Jay Hinrichs it was a private lender called Citadel via broker (portfolio lender).

I just signed closing docs last Thursday for a 4 plex off market 20% under market that was supposed to close last Friday.  Got a text from my portfolio lender today at noon that their funding supply was cut off and they couldn't fund... even after everything was signed and I was cleared to close

If that's any indication of how cautious big money is right now - we can surely expect less investor buying in the near near term, which will definitely have a downward impact on prices in competitive markets.

@Brock Mogensen thanks I will definitely do that.  I'd at least like to be able to get my earnest deposit and any other fees I've already paid for if I can... we'll see

Was supposed to close on a 4 plex Friday 3/20.  Final closing docs were late getting out to me but were signed on 3/19 evening and shipped the next morning.  Disbursement date on the docs was 3/20.  The docs did not arrive in time to title to close on 3/20, so I got a 2 business day extension to close (3/24).  As of this morning, everything was set to close today according to title.

As of an hour ago - I received an email and a call from my lender that they were suspending funding to all loans because of COVID19, including my file.  I am going to lose this deal and wanted to know my rights here (if any) for legal action.  I have never heard of a situation where I am cleared to close, final docs are signed, and the lender just refuses to send the wire.  Any thoughts out there what I can do?

@Rob King anytime.  Let me know if you have any more questions, especially about the Boise area!

@Rob King It's just a phrase used for closing on the property, taking ownership, then re-listing it shortly after - like a quick flip.  In a hot market you can get a higher return by doing this instead of wholesaling at the beginning.

Investment Info:

Single-family residence wholesale investment in Garden City.

Purchase price: $184,400
Cash invested: $8,101
Sale price: $227,500

Contributors:
Corby Goade

Not a wholesale but a "Wholetail", I found this property via direct mail (handwritten letters) and helped the woman perform a 1031 so she could get her granddaughter in the school district she wanted. In the due diligence period - my awesome agent & partner Corby not only handled the 1031 but got me a free brand new roof on an insurance claim from previous hail damage prior to closing. We put 4.5k into the property to make it appealing to both investors and families alike before listing it on the MLS. 2 offers within 7 days in the "off" season! Massive Success on our first Wholetail!

@Barak Schafer talk to @Corby Goade, he's a one stop shop for success and an awesome guy!  I am also out of state and owe all my success to him - he'll get you set up.

Regarding sub 200k price point - that's going to be really difficult unless you're buying a major fixer, which is super competitive.  Even the Caldwell/Nampa areas have appreciated so much in the last few years you can't find much under 200k.  Any way you can qualify for 250k purchase?  That would give you way more options and if you're buying turnkey (or close to it) you won't need 10k for emergency repairs.  As long as the roof has enough life you can be fine with 3-5k to start in my opinion. 10k is also extremely high for closing costs on a conventional loan... Or did you also mean that's your down payment?

@Sue K. My utilization is < 10%, and no accounts are near their limit. The only reason I can reasonably think of is there is some ambiguity involved in determining how fast I can accumulate properties under Fannie/Freddie that I nor other lenders are aware of...