All Forum Posts by: Shannon Cannon

The seller wants to sell 2 houses as 1.  I'm not sure very many lenders would be willing to do a mortgage like that without doing a blanket mortgage. I've never done a subject to purchase before and not even sure the seller would consider it, just looking at all my possible options. Open to any suggestions! Thanks for the help so far everyone!

Can anyone recommend an attorney and/or title company who is familiar with subject to financing in the Baton Rouge and surrounding areas? Looking at a property that could potentially be purchased this way, but will need a good attorney preferably experienced with this. Thanks so much!

Shannon

I live in Denham Springs and from what I understand, unless you do all the work, each contractor will have to pull their own permits, so you'll have to have the building permit before they can do that. Even if you did all the work, I don't think you could have any utilities turned on without proper permits. That has been my experience with remodels and new construction in the area. Haven't dealt with a flood house, but think the same would apply. Call the permit office in Livingston, and I'm sure they can help you more. Good luck!

125%!!! Wow, that would be great, however probably unlikely here in the Baton Rouge area. But will start asking around. Thank you so much!

Hello! We have about 100,000 equity in our personal residence. Will banks lend 100% of that equity these days or only 80%? We are trying to free up some cash. Thank you so much for your help!!! 

Shannon

Ok, thanks so much!

Ha ha! Yes, it's my real (married) name! Hard to forget though, so maybe that'll come in handy! 😉

Ok, so have I misunderstood when people say you can get from 4-10 mortgages? Is that just conventional?

Hello! So I feel like I'm finally making some traction with buying rental properties but not sure where to go from here. My husband and I just purchased 1 side of a duplex with cash. We are looking at 4 more units that are for sale. We have a personal home mortgage with about $100,000 equity, but we've only been in the house a couple months and dont think we can draw on that cash for 6-12 months, and would need more money than that anyways. I've read that we can get several FHA loans, but will they look at debt to income ratios? Would it be 3.5% down? Trying to see what my options may be. You guys are so great on here!! Thanks for the help!!

Shannon

Hi, Jason, I think I just PM'd you, if I did that correctly, but yes, any recommendations would be great, thank you!!