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19 June 2024 | 32 replies
Both FNMA and FHLMC permit this, under the following circumstances: Notes: For all such transfers affecting mortgage loans purchased or securitized by Fannie Mae on or after June 1, 2016, the transferee is not required to occupy the propertya limited liability company (LLC), provided thatthe mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, andthe LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements.Citation: D1-4.1-02: Allowable Exemptions Due to the Type of Transfer (04/13/2022)Now, you will still have the Note and reporting in your name individually and will still be personally responsible for the mortgage and most likely, the manner of transfer will enable any litigant to pierce the veil of your LLC, but you'll have what you wanted, for whatever reason.
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19 June 2024 | 2 replies
- Security deposit transferred over with interest?
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19 June 2024 | 10 replies
I use to collect a security deposit but decided it was more hassle than it was worth.
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20 June 2024 | 7 replies
Lenders offer many flexible solutions to help investors secure a mortgage.
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19 June 2024 | 3 replies
It would be considered a seller carry back.The buyer would have to come in with some down payment money, you create a note, and the buyer would have to secure bank financing.My good friend Bill Ham wrote a book called Creative Cache.
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19 June 2024 | 7 replies
Hello I am local to Cleveland/Akron Market and also beginner in real-estate looking for connection that i can work with to secure my first two investment properties .
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20 June 2024 | 23 replies
It's the same terms as a normal purchase, just finished after you cash close (to secure the property fast) with a 30-yr term.
19 June 2024 | 6 replies
This might be a workable scenario for me.Lack of experience would not kill this deal for us but it would depend on a few things.Usually the biggest challenge for newer investors is in the amount of equity you have available to infuse into the project.You need to have a cash down payment to secure financing.With 25% Down you would be in a multiple financing offer situation where we're just fighting to get best deal possible and batting off Wholesale Account Execs left and right.
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20 June 2024 | 7 replies
He says "she is dealing with personal issues, her ex boyfriend tried breaking into the unit several times /sending her threats and shes not available".I have replaced the locks for her and beefed up her security in the past.
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19 June 2024 | 4 replies
Here's an article that explains the law: https://www.payrent.com/articles/wisconsin-security-deposit-...The max you can charge is equal to one month of rent.