All Forum Posts by: Shalabh Jain

i tried HSBC, but they could not help either. sorry :(

Thanks much Eva. writing to your contact now.

I am looking to buy a property with following characteristics:

a) Investment condo located in King County, Washington State

b) purchase price = 150K USD. i can put 20%-30% down.

c) I am a non-citizen of USA. here on valid H1-B visa.

d) Owner occupancy is about 42% as of now.

I have solid credit and few other rental properties (all conventionally financed). My current lender is willing to lend me, but he has issue with d) above. Hence he is quoting high interest rate.

He mentions that Fannie Mae guidelines dont allow owner occupancy less than 50% for investment property. If i were to buy it as primary home, d) would not be a concern.

Can you refer me to any lender who would give me a loan for the above property ?

Thanks Will. Had to start somewhere, so JAX sounded good enough to me :)

What other cities do you recommend ?

I talked to an agent for property management and he quoted 15% per month + 50% of first month rent. that sounded too much to me.

Hi All,

I own some rental condos in WA. Now i am looking for similar rental properties in Fl.

I feel Jacksonville might be good as its a big city, so more rental pool, yet not as expensive as Miami to own.

I have following questions for anybody local:

a) what are typical property management fees there. Being out of state, i would need one.

Typically in WA/CA, its 5%-10% per month only. No additional fees.

b) Do the condos there have rental caps? They are quite common in WA

c) Do the condos frequently have special assessment ? Again, quite common in WA

d) Any advice on Jacksonville specifically ?

e) Any other word of advice from fellow investors for such out-of-state properties ?

Hi All,

i am in escrow for a condo purchase. I had an inspection contingency in my contract. I hired a licensed inspector to conduct the inspection and he prepared me a list of items that needed to be fixed. I sent that list to seller in Form35R.

My agent informed me via email that the seller agreed to do all the items. Now, i have only 2 days left to closing and so i conducted a walk-through to check on inspection items.

To my surprise, many of the items are not done. The seller has been reluctant to fix the items and even my agent is pushing me to accept it as is. My agent tells me "its my only choice to accept it as is". I am shocked to hear this from my own agent and i dont feel this is right.

If the seller did not wish to fix things, they could have declined my inspection report and request to fix everything.

What option do i have now ? 

Would i lose my escrow money in this case, if i chose not to sign the closing papers ?

Should i go consult a real estate attorney ?

Shalabh

Hello Richard, 

That is a very comprehensive answer. Highly appreciate your response.

I will get in touch if i need anything.

I showed the lender, enough fund for upto 30% down payment.

I also offered to show regular income that will make the monthly payments.

but he has refused all that. just sticking to "we want 50%+ owner occupancy ratio"

Its in Kirkland, Washington.

My lender refused with even 25%+ down.

I am looking to finance an investment property (condo) purchase in Washington State.

My offer is accepted and now I get to know that owner occupancy is less than 50%

Can anyone suggest any lender who would finance such a property ?

Thanks !