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23 July 2024 | 6 replies
If they are not passive and are in fact active members of the general partner structure, then each lender will look at their specific criteria such as:Do you have credit, net worth, and reserves to meet their underwriting criteria?
22 July 2024 | 0 replies
The landlord gets a confirmation message, and if the issue is confirmed, a message is sent to the repair technician.
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24 July 2024 | 4 replies
Does it have enough reserves, any special assessments on the horizon (could be extra thousands in additional fees), when is the next big expense coming (like roof change, elevator replacement, etc), the rent cap and what rents options are available.
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23 July 2024 | 12 replies
And also, pricing at 7% with that low of a FICO is highly unlikely, unless I am missing something here@Robin Simon I'm not familiar with the quote but confirming our minimum FICO currently is 640 however if there is a partnership (multiple full joint and several recourse guarantors) we currently take the higher of the two median FICOs if equal ownership % Also - 7.625% is certainly in our ballpark currently - doesn't seem unreasonable with our rates right now!
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23 July 2024 | 2 replies
I am guessing probably not but want to confirm.
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22 July 2024 | 8 replies
With 30% down your options are thousands of lenders.Why is it unwarrantable- master policy not enough coverage; low occupancy rate; HOA reserves; cannot be rebuilt or repaired; pending lawsuit in the less than 10 year after built for construction defect; flood zone with no flood policy...?
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24 July 2024 | 26 replies
Confirms my choice to only use black vanities in my rentals.
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22 July 2024 | 9 replies
Lenders will want to verify you have 25-30% down and 6-12 months of reserves + closing costsEverything else is straight forward.
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26 July 2024 | 37 replies
It entirely depends on the market and your cash reserves...Could you buy a house that rents for $4K a month with $50K down-but it is very unlikely.
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22 July 2024 | 2 replies
I'm leaning towards selling before I need to dump a bunch of money into the property, but I'm second guessing myself because I'm sitting at a 3.25% interest rate and cash flowing close to $1,000/month before reserves.