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28 January 2025 | 12 replies
Ensure that the mortgage is assumable, and confirm that there are no due-on-sale clauses that could trigger the full loan balance.
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20 January 2025 | 5 replies
The most important thing is to ensure your loan is covered in the event of a loss.
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29 January 2025 | 21 replies
However, deeds in lieu of foreclosure can be subject to judicial attack by their grantors and their grantors' creditors.Grounds for attacks on deeds in lieu of foreclosure include the following:• That the deed was an equitable mortgage - that the parties intended the deed to be given as security for a debt and that the deed was not an absolute conveyance.• That the deed is either a preferential or fraudulent transaction within the purview of the provisions of the federal Bankruptcy Act or any other related state law.• That the deed is a device to clog a mortgagor's right of redemption.• Unfairness of the consideration.• Coercion, fraud, oppression, duress, and undue influence.• That the deed is not subsequent to the execution of the mortgage but contemporaneous with it.• That the grantor/mortgagor was insolvent at the time of the execution of the deed.An estoppel affidavit (executed and acknowledged by the grantor/mortgagor, attesting to the fairness of the transaction, the consideration exchanged, the value of the property, and other factors showing an intention to make a genuine transfer) or a recital (inserted directly in the deed) are supporting documents used to forestall challenges to these transactions.State law and local title standards must be consulted in regard to the consideration and treatment of deeds in lieu of foreclosure.What a GREAT post!
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19 February 2025 | 23 replies
I was able to secure a DSCR loan that allowed me to put no money down on the property.
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27 January 2025 | 3 replies
Some lenders offer creative solutions, like a cross-collateralized loan, where they use your existing equity as security without refinancing the duplex.Another idea is partnering with private lenders or exploring a second-position mortgage, depending on your lender's terms.
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23 January 2025 | 39 replies
Updated - I've been in the 100PF MAP program for over a year now, still have not secure my first multifamily unit.
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2 February 2025 | 9 replies
Not that it really matters.No institutional lender will give someone a loan that doesn't have:1) Credit history2) A social security number3) Income3) Employment historyYou'll want to research Wholesaling and Land Contracts.
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31 January 2025 | 121 replies
Because I'm not an accountant or versed in tax code and law wouldn't I want a CPA to ensure everything is legally tight and as advantageous as it can be?
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20 February 2025 | 33 replies
You also want to ensure that your conversion rate is good.
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4 February 2025 | 14 replies
Was it indeed just locked, or did the latch mechanism fail, which often happens with bedroom sets that have plastic components in that mechanism; or did the screws that secure the latch into the door come loose, allowing the latch and/or the screws to prevent the door from opening...also not an uncommon event.