All Forum Posts by: Terry A.

Loan Depot.  Fast and good rates.  What state are you in?

We have had 1 offer accepted and close at the end of the month, then today came across another great deal on a move in ready property. Question I have is, done I am financing the first property with a co Benito all 30yr mortgage, While we are in the process with the first property can I start the process on another property? My DTI is 17%

Thank you everyone for you advice and opinions.  We just got off the phone with our property manager.  Got everything sorted and a better deal for the both of us.  We are purchasing the home through her agency, she is the sellers agent, and our agent is a member of her team.  So it benefits her twice.  Since we are purchasing it through her agency, she is giving us a 8% rate and we will split the late fee. I do not thing there will be many late fees due to it being a in military community. All of the other questions were asked and answered and we really like her.  

Here's to closing at the end of the month

We are under contract with our first property and will be using a management company.  We are out of state with the property being in Georgia and will be getting an 8% fee. I have a few questions on other portion of the contract. 

1. Is it standard for them to hold the renters deposit and collect the interest gained from that?

2. Is it standard for them to keep the late fee that is charged to the renter or should that go to me?

Thanks for any advice or feedback.

Looking at options for an Investment loan. Right now I have an option if 4.125% with no mortgage insurance or points.
home purchase is $86k with 20% down. It will rent out at $1100/month. Thoughts on this rate?

I appreciate everyone's response and insight.  So that brings me to some questions.  As an Investor if I am playing $120k+ or any amount of money for a property, I shouldn't worry about the age of very costly things (HVAC, Water Heater, Roof?) stuff that has to be replaced anyway?  It seems to me that even though it is an investment property, you would want to know as much information going in, especially if it isn't a total rehab.  I can understand cosmetic stuff (paint, floors, etc) but, knowing if something that is very costly to replace is at the end of its life should be a no brainer to want to know.

@Josh Gorokhovsky I appreciate it.  I could understand how being burned scorns them.  

As far as making their job easier, I do not know much more I can do, besides getting my license and representing myself sometimes.  I research the properties, rent, area, neighborhood, schools, etc and literally just call and say hey I found this property, can I get x, y, and z, to tie it together and make an offer. 

I guess I just have to test out a few and use new ones and keep rolling until I find the right one in each area.

@Joe S. I can understand what you mean.  We are not that type of investor

I could see that.  Usually, I say, "I am pretty confident in making an offer on this property at this moment, BUT I would like to see this information.  The owner says it is rented out, can I see the rental history/breakdown or what the current rental rates are."  Once I have all of the proper information I wll make an offer

Yes we have given the agents POF's, pre qual letters, etc. With us being out of state it is hard to walk through. If I am coming down to visit the house, I am 99.99% going to purchase. I want all information before I go.

Its just frustrating, we have even been ghosted when we asked for the information.

I have had 1 or 2 realtors provide all of the information without a problem, or even when they send the listing over, they say "Hey Terry I think you will love this property, here is all of the information, let me know if you want a walk through".