Be a great landlord, provide timely communication, responsive maintenance and fair treatment.

This is the first time I’m seeing someone mention a 2nd position loan, I’ll have to do some more research on that topic.

I’m trying to buy a house in Phoenix using a second home loan, putting 10% down.I'm trying to understand why anyone would choose the 2/1 buydown if you end up paying the same amount of money, whether you select the 2/1 buydown option or not.

Hi folks,My wife and I have a construction to permanent mortgage loan on land+home where we intended to build.Unfortunately, we found out that unexpected foundation work due to soft soil would likely make the project use triple our contingency reserve before even breaking ground.We are exploring our options on how to transfer our current financial obligations for this construction loan to some other loan offering (as moving forward with the project is now too financially risky).

Remember, its not a conforming loan so its basically unregulated. 

Key things to agree to The interest rateamortizing or interest only loanLength of loanLength of amortization (does not have to be the same as length of loan if there is a balloon payment)When are payments due; monthly, quarterly, annually at the end of the loan etc.Are there any upfront points to be paid and other misc terms like late fees.Then have an attoney create a Note and a Mortgage (or deed of trust depensing on the state)

Here is a great example why.I recently saw this asset come across my desk which was a non performing loan where the seller was a year behind (they made one payment I believe - even though they were allegedly properly underwritten).

Assuming the schedule holds, we'll have some people from Section 8 Housing coming to share about the program and provide us with some time to ask questions.

These steps will be fare more helpful in providing the protections you are seeking.

It could have been a private money loan.