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update on house situation #4

January 16th, 2014 at 04:28 pm

Hi all,

House update #4.

I am EXHAUSTED and stressed from managing this. and working full time

(k time to be tired at all)

1. 5.5 points, 12% but wants tax returns, proof of income etc. I have (sending this am)
2. 4 points, 12%, wants above info too

(I feel these are not really accepted until they have reviewed my info.. and they want BPOs. brokers price opinions but just pulled new comps.. house may appraise higher than 450)

The below are in the works (these people appear they will be LOWER)

..basically 3 brokers.. 2 of which wnat me to send 6 months bank statements, paystub and personal financial (in the works in this am)

I shoudl hear from these lower rate 3 on FRIDAY (tomorrow)

the above 2 acceptances are being told I need a day or two to think on it (while I still feed them docs)

ok talked to my mentor (relieved and happy look)

He thinks he can help me find the money too .. was impressed with the deal (wowzer).. he can only lend at 12% w 4 points but w him, I would assume no issue with docs (not that I can not prove income just my financials have been complicated) he is ALSo going to talk to some folks who have IRAS/401ks or just $$ and see if they want to lend to me.. 18 months. Hopeful look

My mentor on the 2 flat thinks I should definately short sale it (thanks 'anotherreader') and he wants to handle it (dependent on his review of info I just ssent). If he handles it I get a cut of the profit (few grand) and he can time the short sale as we need too so I can keep collecting rent to help with costs.

NEWS From Mentor today and tomorrow
NEWS from lower rate guys tomorrow

Other (higher rate guys) are held off to tomorrow

I have $30k liquid cash and think I can get $10k more

I do not want to disturb my emergency fund for myself or the '6 homes/3 units'

Onward. It is 10:30 here. hope to have all docs/info sent by noon.

if my mentor says ok to short sale I will call bank and get that started

2 Responses to “update on house situation #4”

  1. Another Reader Says:

    At this point, the issue may be one of which lender will fund and close before your deadline. Costs are moot if they can't meet the deadline. Hope the ex is on board for the short sale. It's the best option for a number of reasons.

    You are in a tough spot, but if you get through this, you will be in a much stronger position. Low end rentals in Joliet are not for the average investor, but if you can get those to work, you have a good chance of meeting most of your goals.

  2. Rachael777 Says:

    Thanks. Homes are fully managed which is a godsend and paid off in 4 more years so can sell if need be and trade up. Homes are in good shape but 1 in particular is older..we will see.. all rent easily..I also can 'pull out fully paid off deeds' every 15 months . My first one is in September. I carry the house value as the purchase price ($45k each but they are likely worth more than that). I will talk w my manager next month about a maintenance plan (and what we need to fix/upgrade now) so it is planned out. .. also which house he thinks I should take first and then run comps across them all so I have an idea of value.

    Good point though on deadline. I will ask the 2 'accepted' ones when they must have news to close in time.

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