All Forum Posts by: Sean Thomas

Thanks for all the responsesame and advice. The prospective tenant was able to get a 3bd voucher using a medical waiver. 

So the inspection is next. 

The inspection checklist says exhaust fans need to be in the bathrooms. 1.5 bathrooms. Any inspection advice or experience on fans in an old row home? 

The attic was converted into finished space, with lights operated by wall switches. But, NO electrical outlets. Could this be considered NON living space to pass inspection? 

I have a prospective tenant that showed up today with a 2Bdr voucher and my house is 3Bdr in Baltimore City.  I suppose this voucher is only good for 2 Bdr and getting this changed isn't going to work?

I have an advertised price of $1200 I'm asking for rent in this house.  Does Housing authority consider my requested rent or do they just pay whatever the fair market rent is for the property?

What if the fair market rent is greater than my asking price, do they reduce it to what I'm requesting?

Do I get fair market rates from HUD website?

https://www.huduser.gov/portal/datasets/fmr/fmrs/F...

Once I get the fair market rent for my area, I take 70% of that number.  Is that the amount I get from Housing?

Thanks

The wholesaler needs to close in about 5 days.  Is that enough time to do a title search?

I am closing on a deal with a wholesaler for a property that's happen to be a HUD property. The wholesaler is running out of time before needing an extension. How long does it take to CORRECTLY do a title search? I don't want to close faster than an effective title search could be done.

Thanks

I am closing on a deal with a wholesaler for a property that's happen to be a HUD property. The wholesaler is running out of time before needing an extension. How long does it take to CORRECTLY do a title search? I don't want to close faster than an effective title search could be done.

Thanks

Hey Lamar

Is this property available? Email me the details Please.  [email protected]

Sean

Recently I was denied a mortgage loan by Quicken Loans for excessive debt. I was looking to purchase an investment property. Here is some background. I have 644 credit score, 125K salary, have 30k for down payment. My debts are 69k student loan, 12k car loan which I plan to use my bonus to pay off this year. I have 3k credit card debt which I plan to payoff with same bonus. I have $1400 state tax lien on credit report, that has been paid off and I have the documents to prove this is paid. My wife and I have a house, she is on the mortgage and we are both on the title. The investment property was 79K, also I had a late payment on student loan 22 months ago. No late payments of any other kind on credit report.

Was I trying to get a mortgage with the wrong lender?

Will paying off my credit card and car loan get me to appropriate debt to income ratio?

Any help is appreciated

Thanks