Jon Schwartz
Assignment of leases and rents to the bank? What's this??
Hi all,I'm considering a fourplex in a secondary market, and while researching the property on the county website, I found an assignment of leases and rents to the bank. I'll go into more detail below, but I'm trying ...
Chris Seveney
Using your servicers attorney
Curious to get others opinions but has anyone EVER had a desirable outcome from using your servicers attorney?If I was “forced” to use them I find they are:1. Lazy2. Lack communication skills3. Extremely slow4. Rack u...
Brent Wickersham
Contract for Deed vs Deed of Trust
Looking to possibly sell a rental house to its current tenant using seller financing in MS. My initial thought was to do a contract for deed. My understanding is that foreclosure would be easier and less expensive i...
Devan M.
FHA Approved Properties?
Hi, a friend of mine recently told me that to get an FHA loan on a property, the property needs to be FHA approved. It is the first time I have heard of it, but I had been under the impression that as long I was qual...
Amy Atnip
Private lender for flip down payment
New member and fairly new licensed contractor looking for advice. I'm almost finished with my first flip. Another property has become available that I'm interested in flipping, but I don't have the cash for the down p...
Susan Howard
Agency lending opening up a bit for investors
In early May I started researching rates for cash out on one of my properties only to be told by several that they aren’t doing investor cashout refis but to check back in a month or two. Recently I found four willing...
Rebecca Van Diest
Is Subject to a Good Idea as a Seller?
I have a rental property and I'm wondering if doing a Subject To is a good idea if my renter wants to buy the property from me. She is an amazing renter and this could save us both some money. Anything I should be con...
Chris Seveney
Why jr. Liens can be problematic when in 1st position
This was a great question. Somebody asked me yesterday. They asked, “why do you care about junior lies when you are in first position?“There are several reasons why this is important:1. It typically takes away your ex...
Steven Line
If a borrower fails a draw inspection...
Hi - I'm a hard money lender. I've done about 60 deals and all went well instead for one back in 2013. On that deal I showed up for a draw inspection and they hadn't done much work. I had already forwarded the draw ba...
Alice C.
Quit Claim Deed
Hi Experts,I loaned money to a borrower to purchase a property via a private lending mortgage broker. The loan was secured by 2 properties in Chicago.In the closing documents, there's an Escrow Agreement which says th...