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18 November 2024 | 16 replies
@Philip Jones we've helped our clients do over a hundred.As some of the lenders posting have pointed out, the challenges are:1) Property value and corresponding loan size2) Appraisals have much better comparables than 5 years ago, but may still be an issue.3) Property condition can be an issue via the appraisal4) Ownership seasoning - most lenders looking for 6+ months or incredible documentation for cost of improvements made.5) Most DSR lenders require professional property management.Always try a small local bank or credit union, but most will expect you to transfer your business bank accounts over to them.
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16 November 2024 | 12 replies
Here are some numbers: Current PITI: $3,970Estimated rent: $4500-$5000 (there are several homes within 4 blocks of mine that owners have turned into rentals and I've been able to compare online pics to our home, so I am confident this is a good estimate)Sq ft: 1790Estimated sale price today: 1150000-1250000Mortgage balance: 612,000I would self manage.
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14 November 2024 | 3 replies
Get the inspection report and check comparable properties quickly for condition and then go to the seller with your proposed reductions and be able to point out condition-comparable properties in keeping with your proposed price reduction.
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16 November 2024 | 6 replies
Where does that rent compare to market rent?
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14 November 2024 | 25 replies
I hate full blown Landlord Software because I only have about 10 units and hate the fees...I am a big fan of the "Lite" Landlord Software and the only one for rent payment that can be 100% free for the landlord and the tenant WITH automatic late fees is apartments.comI actually did a whole video about this on my YouTube channel comparing the must have features of any rental collection tool!
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18 November 2024 | 14 replies
Of course the co-signer should be significantly stronger in ALL areas as compared to the applicant...usually this is a parent or relative, and they should be well established, with ownership of real estate for years; long and stable employment; no, or very distant, criminal and traffic court records; well funded SAVINGS/IRA's or stock market accounts.
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17 November 2024 | 16 replies
It’s typically less risky and easier to manage compared to a fix-and-flip or mid-term rental, especially if it’s your first time dealing with property management and rehabs.
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13 November 2024 | 4 replies
Each option has different costs and terms, so compare them based on your transfer amount.
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15 November 2024 | 10 replies
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
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12 November 2024 | 4 replies
They're practically giving them away compared to 2021 prices.