All Forum Posts by: Sid Montero

@Jason D.  What's the downside of going fannie mae?

@Patrick Menefee investing in a SFH

My lender says I have to put down 25% because it's my first investment property.   Is he correct?  I thought it was only 20%.

Looks terrific!! Thanks for sharing.

Are these smaller banks also requiring 20% down like the big banks for investment properties?

@Laura Shinkle yes got it.  Everything now scheduled. Thanks!

@Thomas S. I appreciate the reminder that this is a business, not charity. I will feel them out once I meet them and proceed accordingly.  Thanks!  

@Alex S. They are month to month and have been in the property for 2 1/2 years.  My understanding is that they were interested in buying the home at one time but couldn’t get financing.  I’m not sure if it was due to credit or legal status.  They really like the house.

>Do I get the deposit the tenants gave the present owner at my closing or do I have to request a new deposit?

> I plan on raising the rent by $100. Even that is under market value.  Do I let them know now before closing (seller giving me the phone number) or do wait a couple of months then raise it?

@Raul R. Thanks!