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7 December 2024 | 11 replies
The data is undeniable that there’s so much existing and future need for more capacity.
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11 December 2024 | 2 replies
The provisions in the second contract govern the final close so you have to check for discrepancies that would invalidate your contract's provisions with the seller.
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13 December 2024 | 10 replies
Or so close to zero it will feel like zero when the check comes.
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15 December 2024 | 14 replies
Check out these two articles that provide a good overview of the factors that affect qualification and loan amounts:DSCR Loans: What Are They And How To Get The Best Termshttps://www.biggerpockets.com/...DSCR Loans: How To Use Pro Strategies To Save More And Make Morehttps://www.biggerpockets.com/...
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11 December 2024 | 2 replies
I plan for a time when they can be there and check in and make sure there aren't any maintenance items they haven't told me about.
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10 December 2024 | 4 replies
Double check on permits if the previous owners has done a remodel.Do not rely on agents representation.Do not work with a dual agency as a buyer, the agents first commitment is to the sellers.Allow at least a year of seasoning before determining the profits of an investment.Happy to share.
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11 December 2024 | 8 replies
Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.
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14 December 2024 | 22 replies
Definitely check out multiple options!
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11 December 2024 | 11 replies
Definitely be sure to check the meetups section on BP to attend some networking in the area
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2 December 2024 | 2 replies
I am still looking through the data so hopefully I will have some more.