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All Forum Posts by: Michael Schutte

Michael Schutte has started 4 posts and replied 7 times.

Post: Possible to owner occupy a 10-unit?

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

Thanks for the info you guys. Looks like we will look more into the nicer 4-unit complexes.

Post: Possible to owner occupy a 10-unit?

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

My understanding is that a 1-4 unit building can be financed through residential financing. Our situation is such that we are qualified for a VA loan of up to $275,000. We are in the Las Vegas market and instead of purchasing a 4-unit complex for the going rate of about 100k we are wondering if it is possible to purchase a 10-unit owner occupied property for the $275,000 that we are qualified for using VA funding.

Post: Possible to owner occupy a 10-unit?

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

My understanding is that a 1-4 unit building can be financed through residential financing. Our situation is such that we are qualified for a VA loan of up to $275,000. We are in the Las Vegas market and instead of purchasing a 4-unit complex for the going rate of about 100k we are wondering if it is possible to purchase a 10-unit owner occupied property for the $275,000 that we are qualified for using VA funding.

Post: What loan fees should be negotiated?

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

We received a good faith estimate that has:

1% loan origination fee ($1254)

appraisal fee ($350)

credit report ($15)

processing fee (500)

underwriting fee (695)

wire transfer fee (450)

I have heard that all fees are negotiable and in this rough market would think that lenders would be willing to charge a lot less now. I am in Nevada (I don't know if that makes a difference) and was going to negotiate to get rid of the wire transfer fee at a minimum and try and get the underwriting and processing fee amount reduced. Do you think that would be a good idea and do you think it will most likely work? Thanks for any input.

Post: Short Sale Book List

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

Im an investor and would buying/assigning short sales. Im not a realtor.

Post: Marshall Reddick

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

My partner and I went to a Marshall Reddick seminar over a year ago. We didn't end up doing business with him but we did use his concepts (i.e. taking out a heloc...) and his recommended property management company in phoenix. The property management company is very hard to get a hold of and very hard to work with. I have the feeling Reddick sends as many people to them as possible as we are basically just a number to them. I wouldn't work with Marshall Reddick based on this alone (his bad reco). He saturates the markets he works in and its very hard to make money in his areas because there are a million people like me investing there and no actually renters.

Post: Short Sale Book List

Michael SchuttePosted
  • Rental Property Investor
  • Panama City, Panama
  • Posts 7
  • Votes 0

I'm looking to educate myself on short sales and I'm wondering what specific books I should read. If anyone is experienced with short sales and knows the name of a few books I should read, please let me know. Any other advice on how to get started and fully understand short sales would be appreciated also.

Thanks :roll: