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16 April 2024 | 0 replies
Directly North is still A market-Shawnee)It looks good with straight investor metrics using Fannie Mae conforming loans (25% down, 7.1% rate with a few points) and easy ARV monthly rent of $1700/unit ( I get this number based on the exact same floor plan in Raytown with complete rehab placing a tenant at $1500, and Raytown gets lower rents than Roeland Park KS.)
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16 April 2024 | 4 replies
If you choose to buy another primary you can use Fannie Mae and only need 5% even for a 2-4 unit.
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15 April 2024 | 6 replies
@Madden Telles no, conventional (Fannie Mae and Freddie Mac) require the loan and home to be in your name personally as well.
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21 April 2024 | 240 replies
If only I could get a dollar $ for every time an investor asked me that question.You see guys, it's quite simple.Since our price points are super low (Only $60,000 - $80,000).Most of our investors have more then enough cash to purchase quite a few homes fairly quickly.Thus, we don't have a need to wait for 6-8 weeks to hopefully get the deal across the line via financing.To be honest, we also hate working with lenders and appraisers.Most of them drag their feet and appraisers are super conservative these days due to the Fannie Mae guidelines that were introduced after the fiasco of the Global Financial Crisis.So they are known to intentionally use foreclosed comparable sales to under-appraise properties just to protect their own A$$.This isn't genuine and I've always believed that if you can't fix something or make it better.You need to eliminate it.That's why we have eliminated all financing when buying through our company.I'm sorry.Now, for all of you thinking that you are getting a turnkey property as a "safer" investment for "fair value" just because the turnkey provider offers financing.Think again.After being in real estate for 10+ years and buying/selling over 500 properties world wide.I have seen all of the dirty tricks.An easy one is to influence the appraiser by smudging their eyes with supposed work performed on a house that never really was.Like a "converted attic", "newly installed HVAC", or a "rehabbed garage", etc...Most are too lazy to check these items and will just mark them on the sheet as "done".All of these items would unjustifiably increase a properties value in the thousands if not tens of thousands of dollars.At the end of the day, there are always going to be bad apples no matter what.Your job is to find the good ones.No matter how you decide to invest (With cash or financing).Find the right team and you will do well.Find the wrong one and it will end in disaster.I wish you all much success and thanks for reading.ps.
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11 April 2024 | 3 replies
Keep in mind Freddie Mac only requires (1) month Banks statement but Fannie Mae requires 2 months.
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11 April 2024 | 20 replies
Fannie Mae has also changed their guidelines with buying multifamily homes with only 5% down if you occupy the property.
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9 April 2024 | 3 replies
@Matthew MeizisGoogle Fannie Mae security instruments.
10 April 2024 | 5 replies
Here is the proof, it is Fannie Mae's guideline but Freddie Mac's guideline mirrors Fannies on this issue.
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8 April 2024 | 8 replies
Since each one you sequentially buy will be a primary residence, even the Fannie Mae cap of 10 financed properties will not apply.
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8 April 2024 | 39 replies
HELOCs are for personal residences and CAN be underwritten by Fannie Mae.