Paul Shepherd
Cash out Refi - Cleveland, OH
Alright BPers. Clearly it may be an attractive time to refi. I’m looking to cash out refi a small single fam rental I own in Ohio City that is to soon become my primary residence. I m looking to use the cash to spruce...
E Omar
Current Time to Closing
With all the difficulties caused by corona virus and requirements for social distancing, are people scheduling longer times to close? How hard is it to get appraisers in to appraise properties and are loans taking lon...
Cornell M. Dayne
how much is too much?
I've noticed, as an appraiser, that a lot of people in the DC metropolitan area are severely upside down in their houses. For example, I once appraised a house where the owner had refinanced in 2005 in to a neg am lo...
Joe Manning
Selling Cost - Industry Underwriting Standard?
I often see a 2% selling cost subtracted from a residual value in the direct cap or DCF valuation method for commercial deals. Is this realistic? 2% seems low. Anyone know how this became a standard - the methodolo...
Jean B
New REO Time frame
Trying to purchase a reo for my own home. Interested in one, but it seems like it is taking forever for the owner/bank to get an appraisal on the books. Keep checking Zillow and have called the listing agent but she k...
Josh Cohen
Is Selling a house to yourself legal?
Hello BP,Question for all the BP experts. If I buy a house for cash under my LLC, can I sell the house to myself (as an individual) for more money through a conventional loan? I know this would have to appraise high...
Jordan Yefriadi
Basement lower than 7ft buy or no-buy
I’m in the process of closing 4bd 3ba, the 1bd being finished basement. Everything is good by inspections and appraisal guy. Except that the electrical required some fixing, so owner fixed it and another inspector fro...
Mike Cartmell
Wraparound Mortgage vs. Lease Option
I will be selling my primary residence to move out of state. I am into this house for $178,000 (Purchase Price $168k + $10k Rehab). A recent appraisal shows the house is worth $190,000 even thought the tax appraisal...
Account Closed
Tax increase and multifamily
So the current appraised value of a property I'm in contract in is 1.8mm but my offering is 2.5mm. If I buy the LLC ill have to use the current depreciation schedule costing me thousands a year and in recapture taxes,...
Kimberlie Rodriguez
Has anyone used their VA LOAN for flips /rentals ?
Has anyone used their Va loan for flips or rentals ? What are the stipulations, pros & cons ?