All Forum Posts by: Trevor Kearns

I did end up leaving and renting out the unit. I did however end up having to refinance. when applying for the 2nd loan it was noticed and I was told then by WHEDA I had to sell property or refiance 

Hi,

I am looking for recommendations for an insurance agent who specializes on rental properties in or near Watertown WI (bonus if they are familiar with house hacking).

Any help is greatly appreciated

@Rachel Imhof watertown is about 2 hrs from chicago. Yea I figured it would be high but definitly not that high. He said it would take 3 men a day so I figured if its 3 men a day that should be roughly $600 in materials + $900 labor. I was guessing $2k - $3k based off of that plan

@Frank S. Thanks for the response. The flat part kind of confuses me. Wouldn't I want the drain tile slightly sloped down towards the sump?

@Rachel Imhof I have been having a hard time finding someone willing to take on this job. The company who quoted$10k. The salesman even had me pay him $50 personally. (Kinda shady)

Has anyone ever installed drain tile themselves. I have a property that needs 45lf of drain tile installed. I received a quote for $10k (waiting on 2and quote). Materials are approximately $600. So I figured I might as well do it myself.

I have watched a bunch of diy videos on it and it seems simple enough (labor intensive but dosent seem overally challenging)

Just wondering if anyone has done this themselves and what was your experience when you did it.

@Ana Contreras thanks for the feedback. Yea I think I am just going to take their word and move onto the next. It's really frustrating that both my loan officer and WHEDA officer say that it is fine, but then the contract says otherwise

@Ana Contreras I have not done the refiance yet. To try and find the best solution I contacted WHEDA directly and asked them if they have ever experienced this issue before.

I was told by the phone operator that if Imove for work related reasons Ican move out of the property and they are fine with it as long as the mortgage is paid on time every month. (This was all done verbally and they will not put in writing).

So right now I am considering should I refiance or just take their word and move into another property that is better for my life situation.

I currently own 1 duplex (live in 1/2) my plan was to house hack and purchase a new 2-4 unit every 12 months for the next few years.

I am 6 months in to my loan and discovered that a WHEDA loan must be owner occupied the full length of the loan. Originally I had told my lending agent of my long term plan to pick up a new house hack every 12 months. MY lender pushed me towards the WHEDA saying it would fit my needs (I should have looked more into it.) After I made the discovery of the issue, my lender has been zero help, and other lenders don't want to refinance it because they are unfamiliar with WHEDA.

Has anyone else ever had this problem or know of anyone who went through a similar problem?

My plan is once I find a way to refinance is to use Fannie may/Freddie Mac loans to snowball my house hacking plan.

Any help is appreciated.

Do Not do it.

I did a WHEDA loan for my first duplex. I did not do my due diligence on reading the fine print of the loan. WHEDA loans must be owner occupied the whole period of the loan. My lender initially told me that this was not the case and that it's the same as conventional. Turns out that is not the case.

(If anyone else has ever re-fiananced out of WHEDA loan, I am all ears. As I am currently trying to refinance and having issues finding another lender willing to work with refinancing out a WHEDA loan.)