All Forum Posts by: Shalane Latiker

Thanks for the suggestion! 

Thanks for trying to help. May I have the name of the HML you use? I'd like to flip some houses within the next few months and perhaps they would be able to help me when it's involving a deal that's not quite as complicated as the duplex property.

 That's true, but I guess I'm hoping that a local lender/appraiser can be used who knows the area very well.  For instance, this particular deal I'm currently involved with is located in the Unincorporated Lake County area. It has a Gary mailing address, but there's a different school system and the values of real estate are higher than those inside of Gary city limits.  The comps that were used were all duplex properties inside of city limits and they had significantly lower sale prices.  Since it's a multifamily property the comps are harder to find, but there are a couple of comps in the Unincorporated Lake County area that have a Gary address, higher sold prices than the comps listed in the appraisal,  and are closer to the subject property than those used in the appraisal, thus being a more accurate portrayal of what the duplex is actually worth.  The only thing the subject property has in common with any of the comps used in the report is a mailing address.

Greetings,

I'm currently searching for a hard money lender who is lends for properties in the Northwest Indiana area. I currently have a deal on a duplex that's under contract and I've run into some appraisal issues with the current hard money lender I'm using at the moment because they're using appraisers who are not familiar with the market of the local area. I'm currently contesting the results of the appraisal and I'm waiting to hear their response, but I want to make sure that I have a contingency plan lined up just in case things turn sour. The LLC that I have established will be purchasing the property, which is one of the main reasons (among some others) on why I'm using a hard money lender to get the deal done. Any info provided would be appreciated.

I currently own two rental properties and I'm searching for a rental management company that offers rental management services to homes in the city of Gary. What I have learned recently is that there are several management companies in NWI, but many of them don't offer services for Gary. With my busy life as a full-time teacher and a part-time real estate investor, I simply don't have the time (or patience) to keep self-managing these properties, especially since I'd like to venture into house flipping and purchasing multi-units and transition out of my current profession soon.  Does anyone know of any property management companies willing to work with the Gary area?

I live in NWI and I recently got my broker's license. In the state of Indiana, anyone desiring to become an agent must take the 90 Hour Indiana Broker Pre-Licensing course. Obviously there are some fees involved in obtaining the licensure (course, exam, Realtor dues, etc) but you're definitely not stupid in my opinion. I did it for pretty much the same reasons you have mentioned (full MLS access, etc) and I don't regret it. I work for a brokerage part-time (you have to in order to gain full MLS access) and I have enjoyed being able to schedule my own showings for potential investment properties I'd like to buy and not having to align my schedule with an agent to gain access inside of various properties. I also feel that I do have a much better understanding of the various contracts involved. If you'd like, I can message you with additional details on how to pursue licensure.

I currently own two rental properties and I'm searching for a rental management company that offers rental management services to homes in the city of Gary.  What I have learned recently is that there are several management companies in NWI, but many of them don't offer services for Gary.  With my busy life as a full-time teacher and a part-time real estate investor, I simply don't have the time (or patience) to keep self-managing these properties, especially since I'd like to venture into house flipping and purchasing multi-units and transition out of my current profession soon.

Purchase Multifamily Unit

Greetings,

I'm currently paying rent for a very nice duplex I'm living in, and the owner is planning to sell the property in the next 30-45 days. The plan is for me to buy the property and continue living on one side for another year after the closing while renting out the other unit. I have been doing research and I know that FHA financing is the best route for me to go right now since I'll only have to come up with 3.5% for the down payment. The asking price for the property will be $119k, and the property is valued at around $150k. The seller is also willing to cover my closing costs.

I currently have 2 other rental properties that generate decent monthly rental incomes after expenses, and along with my full-time job, my combined monthly gross income from all sources is $5380.00.  My monthly expenses are around $1500, so my debt-to-income ratio is around 28%.  I have a few questions before I begin talking with various local lenders:

1.  Can future rental income from the unoccupied unit be considered as income for FHA financing?  I read somewhere that it could be considered (up to %75 of future monthly rent), but it seems like the unit should be occupied first.

2.  Does the borrower have to have cash reserves of at least three months' worth of mortgage payments?  

3.  What is the max DTI (debt-to-income ratio) for FHA financing?  

Any information provided would be appreciated!