You know, I've always wandered when this would happen....and why banks or even listing agents were accepting a loan committment from a non-regulated lender.Sorry to hear your deal fell apart.That will really put the funding brokers holding themselves out as lenders in a bind until they figure out how to restructure and when they do, they better keep in mind SEC regs.

The adjoining business actually has 5 contiguous lots on the next street over. 3 (zoned for business) contain the existing business operations and their parking.

When I purchased a duplex, I decided to keep the existing management company in place which may have been a mistake as I didn't spend much time checking out their reputation.The monthly fee charged to LL seems to be 10% but this can and should be negotiated to a lower amount of 6-8% depending on the number of properties managed.

Sean, 2000 dollar actual single family homes exist!

Hi Naveen...thanks for the reply.....You're right $200000 is non existent in our area so Im actually looking out of state...Going to Austin on January 30...I understand the trends are very similar to the Bay Area...lack of inventory,multiple offers so on...that doesn't scare me away ;0) For my dolling up and reselling goals I do have a larger budget so will look here in the SF Bay Area....Love your email....What ate your goals?

Contract states that due diligence does not begin until I have given my written notification that I have received all requested documents.During due diligence I request the following documentation:P&L Statements.Seller's Tax Returns and Bank DepositsLease agreements and rental receiptsCopy of current management contract and payroll registerCopy of insurance policyCopies of service and advertisement contracts (Trash, Water, Util, etc)Confirm any existing liens.WHAT IS THE BEST WAY TO GET TAX RATES, SINCE THEY MAY CHANGE AFTER THE SALE?

For those looking to learn more about our new securities environment this is an excellent read:

For those looking to learn more about our new securities environment this is an excellent read:

The articl...

That means any coverage you bought would remain intact with you still as the insured.If a defect were discovered that existed prior to you taking title, then the LLC would sue you and the title insurance would cover you.If you created the title defect after you purchased it or during the transfer to the LLC, you essentially still have no coverage.

Dana is correct, Fannie, Freddie, USDA, FHA and VA will assume to be QM following those respective guidelines.Ratios can still go to 50% with compensating factors and there are exemptions for regulated lenders where the assumption will be made that a mortgage falls in the QM guidelines or they may originate a high risk mortgage with limiting loan conditions.

And shooting to replace my existing work income with real estate income in the next 5 years.This is a fantastic sight and I hope I can contribute to it as much as possible!