I ran title prior to bidding and it showed a mortgage was taken out in the early 90's and I saw he paid a small amount for the condo back then so I assume the mortgage is for that small amount.  

Be sure to include an option for inspection and an addendum for financing)2) Notify my mortgage broker that we have a signed contract and to start his process & order an appraisal.3) Get in touch with a title company or real estate attorney to work up the paperwork.  

(The potential UDFI tax can be mitigated with all the traditional real estate tax write-offs; mortgage interest, depreciation, etc.) 

In the 80's and 90's 30 year fixed rate mortgages were in excess of 10%.

I hail from the mortgage industry (MLO) and have been interested in Real Estate for a long time.

The pet friendly rentals are always older more run down and cheaper. 

The banker I have worked with has required me to provide a personal financial statement, copies of past US tax returns, work contract showing my present income and other documentation (foreign mortgage) to show my monthly cashflow.Hope this helps.

As a contractor myself I can tell you that everybody's overhead and profit schedule is different and you may find a cheaper price elsewhere.

Hi Kristi,Any time I have an analysis that includes an HOA, I act as if it's part of the mortgage and thus the purchase price when analyzing for the 1% rule. $300 a month in a 30 year mortgage payment equates to around $60,000 of home value (depends on the interest rates).

If anything, their 1st position mortgage (75% of ARV) will have even more equity due to the 5 star rehab this property will be receiving.