All Forum Posts by: Sebastian E.

Good morning Baltimore...

I am looking at two properties that are owned by the same owner in Baltimore City. She inherited both of them this year with lots of deferred maintenance and and some open code violations on one and several citations on the other. 

When a property is conveyed to a new owner do those violations then convey to the new owner with some sort of timeline to abate? Has anyone dealt with this? I am guessing this happens quite often in Baltimore since so many properties are distressed but i'd appreciate any practical guidance on how to deal with it. 

The citations on the one are for peeling paint, high grass etc..which I can mitigate pretty easily. The one that I had a concern about was failure to obtain Multifamily dwelling license in case that could affect the use. 

Thanks!

There are 4 properties that will be owned outright. Value of the properties is 40k each (160k total) looking to pull out 110k.

I am looking for a portfolio lender for a portfolio of 4 SFHs in Baltimore. I'd like some recommendations on some local banks / credit unions who I can approach about lending 70% LTV on the pool. Also, on these kinds of loans, will lenders require that I season the rental for a period of time before I can take out the loan? Any guidance on this would be most appreciated.

Does anyone have a short term rental contract resource or is there one floating around here that I can use? It is for a 2 month stay. Any help would be appreciated.

Seb

I just purchased a duplex that will need around 20k in your work. It is mostly materials and I won't need to use a GC as the electric and plumbing are all basically new. There was moisture issue so I will need to replace quite a bit of drywall and flooring.

I was able to purchase the property in cash and my plan is to finance the renovation on a 0% interest rate cc then back into financing using the BRRR method.

I have been researching a few different cards but I wanted to get recommendations based on some people's experience.

Are there any credit cards out there that are offering the best terms at the moment or is the move to go with a store specific card?

So this property is a little unique in that it has a lockbox on it and they are doing showings, so I was thinking once I win the auction I just go ahead and my loan officer to get started on the paperwork and I should be able to get in to do the inspection.

I am looking at a property on auction.com and the listing says: Conventional Financing Not Available.

Does anyone know if this contingency is based on the time that is required to close or whether it is just a protective clause in case there is a cloud on title and financing would not come through.

I have a hard money loan lined up for it and would plan to back into a mortgage as the property barely needs any work. 

Curious if anyone has been able to win and auction.com and line up conventional or FHA financing in the timeframe that auction.com requires to close.

Any information would be appreciated.

I am going to put an offer during the owner occupant period of a hudhomestore property later this week. I currently live in a 4 unit in a different city that I have been house hacking for 3 years and i'd like to change my residence to this new property.

I'd appreciate some guidance on what steps I need to take as far as making sure I am in compliance with the HUD rules. I am definitely going to live there and understand that I need to hold the property for at least 1 year. I will most likely hold it at least 2 years.

Any thoughts would be much appreciated!

I have been house hacking a 4 unit for the last 3 years and I want to pull out some additional equity out of it. I already have a HELOC on it and I am trying to raise my HELOC balance but the issue that I am running into is that the larger institutional banks are not willing to use the rental incomes from my 3 units toward my income in determining my debt to income ratio because the building is my primary residence.

Has anyone had any success in using the rental income from a multi-unit primary house hack in determining DTI for a HELOC?

Any guidance on this question would be most appreciated!

@James K. I should have been more clear. I knew what the monthly payment was on the loan but the seller had me under the impression that it was a fixed rate mortgage but it was actually a variable 10 year interest only loan, so a few months after I would have assumed the loan the payment was going to balloon once the payments began to include the pay down of the principal. So you can certainly take a variable mortgage subject to but you just want to make sure that your deal still makes sense given the risk of the rate going up. It could be that even with a really high rate that the deal still pencils out but in my case the way the loan was structured made it unattractive to take over.

As for the second, it was with BofA. They were owed 57k and I believe I offered 15 or 20k and they countered at 25k which is where we settled. It all depends on how much exposure they have on the foreclosure but I think I could have been more aggressive with them. The property I got under contract is in a hot market, so I was afraid to let it go to foreclosure and lose the deal. 

It honestly took a lot of time to do and I didn't make all that much money on it but I feel more prepared for the next time a situation like this comes up.