Larry Flanagan
Seasoning for FHA buyer
What are FHA's seasoning requirements? I bought a house 2 months ago from HUD, rehabbed it and listed it for sale. I have an offer from an FHA buyer, just wondering if there are seasoning issues that will come up.
Chavi Fettman
How to Get an Old Lady to Sell Her Vacant House
So I live in a Toronto. Houses in my area are selling for a minimum of 1.3 million dollars. Crazy, I know. There's this really sweet old lady who owns a house in a super hot neighborhood. Its vacant. Free and Clear. S...
Eli Rods
Neighbor has no credit history- being denied mortgage
Hi fellow BPers,Need your help for a friend of mine.He was denied a mortgage loan by Citi Bank because he is self employed. He has 3 weeks left to find another mortgage since he’s in contract. Used to be an investment...
Matt Hazlett
Didn’t know how to answer this.
I’m new to being a landlord and didn’t know how to answer this question from a friend. Thought it would be good education for me to seek an answer here.
“Our pipes have been frozen since Christmas Eve. The tub works....
Benjamin Cowles
Why does it matter if a preforeclosure is "under water"?
When qualifying a property, why does it matter how much it is under water if the bank will still only be able to get the highest bid at auction? Isn't the bank just as likely to accept a short sale vs going through a ...
Joe Gemma
Rent loss coverage on a vacant property?
Hi all,I'm closing on an investment property in 3 weeks and have run into an issue. The lender is requiring that I have an insurance policy with rent loss coverage. The property is going to be vacant initially as I ne...
Christopher Dru
Why would a seller specify "cash or hard money only"?
I'm reviewing some multifamily properties on the MLS and running the numbers for practice.A seller of a triplex has the phrase "Cash or hard money only" in the property description.Why would a seller accept only cash ...
Judy Paley
Commercial Financing with 30 yr Amoritazion
Found a nice property but To make these numbers work, I’ll need a commercial loan with a 30 yr amortization. I’ve called a bunch of banks/ credit unions/ brokers etc but I’m hearing 20 and 25 yrs. I know they exist s...
Account Closed
Strange FHA Loan Eligibilty Question
Hello everyone,I cannot seem to find the answer to my question through research, although I may have gotten a bit lazy in my search knowing the knowledgeable people of BP might have the answer. Here's my situation:In ...
Sky Cornell
What does a proper partnership arrangment look like?
I am a Realtor, Contractor, LTR/STR Investor and Property Manager. I get asked all the time by friends and family to "go in a property together" but I can't seem to find a scenario where that makes sense to me. I kn...