For people that are just starting out, there’s nothing better for finding income and expenses than having separate bank accounts for business and personal.

Since I plan to use the FHA program, is it better to just go to a bank directly than to use a mortgage broker?

Title report via escrow on this property showed a junior lien taken out at the same time as the senior lien from the same bank (Country wide).

I'm a little bit different, I don't use banks, I don't worry about ROI, I usually get built in equity when I buy, I always get $500 or more per door monthly cash flow, and I don't have to worry about Cap Ex or deferred maintenance.

There may be a lot of fraud (especially here in South Florida) but for a homeowner who has this vacant property that they don’t know what to do with, I would still think overall that completing a short sale (with acceptable terms from the bank) and having their credit reflect a settlement on their mortgage would be the more safe route.

Fortunately, she has indicated that at her age, she will not need to purchase another home.I assume, I'll need to have her quit-claim the deed, put me as a beneficiary on the insurance, and give my attorney any information and authority necessary to deal with the bank in the future, should there be any problems.Has anyone done this before?

We knew that you had to ensure separate financial records, bank accounts and shouldn't purchase items for the rental properties from our personal accounts.

Banks won’t lend a loan on 10 different llc in a portfolio loan .

That's really going to be a waste of your time.What I do is ask for 6 months of Bank Statements where the rent was paid so I can see if the rent was paid on time.Basically, if they can't give me proof they paid their rent on time, I go on to the next candidate.If you even get a few checks, you can see who got paid if you really want to call the current landlord.However, doing the employment, tenant credit, eviction and background checks along with having them providing Bank Statements corroborates their story of being good, prompt paying tenants.BTW, I'm a NYC Broker/Landlord.... it is REALLY important I don't put in a bad tenant.

Especially in hotter markets like Sacramento.Back during the crash, banks were dying to get this inventory off their books and recoup what they could, and so you could buy them for pennies on the dollar.But eventually banks got hip to the idea that the public started to think REO's were automatically a good deal, and combined with a booming housing market they're selling at full market value now.