i agree with you David, i watched an episode yesterday of Flipping Vegas, where a boa constrictor holds up reno, its obviously a pet, and the scene where two workers evacuate looks completely staged, not to mention, the camera man and camera watches the snake approach the house, then stays in the house and gets incredibly close to it?

JUNK.. this one had deceased cats.. a boa constrictor that was alive but must have been hibernating.. and like I said every manner of junk known to man.. these folks lived there according to the neighbors for 12 years.. they must have gone out daily and loaded up a truck load to bring home... its was something. 

A friend of mine and I are considering purchasing a duplex in Ridgefield, NJ with the following numbers: Home Address BOA Elementary School Rating n/a Max Offer Price ($) $465,000.00 Renovation Budget ($) $- After Repair Value ($) $- Closing Costs (%) 3.50% Closing Costs ($) $16,275.00 Total Upfront Cost ($) $36,075.00 Loan Purchase Price ($) $495,000.00 Down Payment (%) 4% Loan Points (%) 0.00% Amortized Over (years) 30 Loan Interest Rate (%) 3.85% Down Payment ($) $19,800.00 Loan Amount ($) $475,200.00 Loan Points ($) $- Monthly Mortgage Payment ($) $2,227.78 Monthly Misc (HOA, Garbage, etc) ($) $- Total Monthly Due ($) $2,227.78 Rental Monthly Income ($) $4,000.00 Annual Property Taxes ($) $7,000.00 Insurance ($) $1,584.00 Vacancy (%) 5% Cap Ex (major repairs) (%) 5% Minor Repairs/Upkeep (%) 5% Property Management (%) 0% ROI Annual Rent/Purchase Price (%) 10.32% Cash on Cash ROI (COCR) (%) 4.55% Purchase Cap Rate (%) 6.10% Annual Net Operating Income (NOI) ($) $28,376.00 Annual CashFlow ($) $1,642.68 Monthly Cash Flow ($) $136.89 I would use the BOA Affordable Loan option to purchase the property with only 4% down.

Now, if the tenants are depositing rent in BOA, and I am in the process of paying off PNC HELOC, I have to wait till the money becomes available at BOA, then transfer it to PNC Checking, and then pay HELOC once it becomes available there.  

I have actually had loan officers from more than one major lender (BoA, Wells Fargo, and others) tell me it's illegal to do in Texas, which is just not the case.  

In a case like this, they would make the servicer (Wells, BoA, etc.) take it back due to their error. 

Send Sheila Bair out to take down, JP Morgan, CITI, Wells, BOA.

Unfortunately, the 1st is with Countrywide/BoA and they keep putting this file back in Equator.

In fact, I can't wait to get a BOA approval so I can try the 32 day funding!!

Don't bother with mega banks (BOA, Wells Fargo, etc).