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19 September 2024 | 3 replies
Next I reached out to an abstract company to update abstract but I don't know what they need to add on it from me end bc I am selling (not buying and getting a loan).I got a quit claim deed ready but I won't sign it until I get my money.Do I need to get an escrow company involved?
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18 September 2024 | 7 replies
I know i have a long road ahead of me to able to achieve this goal, but I'm very motivated to make it happen.
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19 September 2024 | 1 reply
Do you know how to read the credit/criminal background?
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18 September 2024 | 19 replies
They will know the local requirements and come up with a quick design.
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18 September 2024 | 20 replies
I would have hoped they let the person turn it on manually instead of making sure the entire email is read to know you can opt-out.
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19 September 2024 | 13 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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18 September 2024 | 11 replies
I'm over on the West Side of the state so wouldn't be able to do a meet up in Detroit but I know there are some Detroit agents around so just keep monitoring this thread and I'm sure you'll get some participants soon
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19 September 2024 | 1 reply
I had investors calling me cheering about the rate cut, little did they know it has been already priced in.
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18 September 2024 | 6 replies
You want a group or someone that knows this side of the market and will take the time to talk to you about it.
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18 September 2024 | 6 replies
The loan amount would be between 900k - 1M which means it is just under Agency guidelines (know fannie goes lower but I don't think its worth the headache).