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August 10, 2009 at 5:59 AM in reply to: Don’t worry, these will only be used in an emergency. #443049August 10, 2009 at 5:59 AM in reply to: Don’t worry, these will only be used in an emergency. #443244
4plexowner
Participantgoogle “FEMA camps”
is the House bill providing cover for facilities that already exist?
August 10, 2009 at 5:59 AM in reply to: Don’t worry, these will only be used in an emergency. #443581Participantgoogle “FEMA camps”
is the House bill providing cover for facilities that already exist?
August 10, 2009 at 5:59 AM in reply to: Don’t worry, these will only be used in an emergency. #443650Participantgoogle “FEMA camps”
is the House bill providing cover for facilities that already exist?
August 10, 2009 at 5:59 AM in reply to: Don’t worry, these will only be used in an emergency. #443829Participantgoogle “FEMA camps”
is the House bill providing cover for facilities that already exist?
Participant“vehicle will be crushed or shredded onsite within 180 days of receipt of the vehicle, that all toxic or hazardous components will be removed and properly disposed of prior to crushing or shredding”
Participant“vehicle will be crushed or shredded onsite within 180 days of receipt of the vehicle, that all toxic or hazardous components will be removed and properly disposed of prior to crushing or shredding”
Participant“vehicle will be crushed or shredded onsite within 180 days of receipt of the vehicle, that all toxic or hazardous components will be removed and properly disposed of prior to crushing or shredding”
Participant“vehicle will be crushed or shredded onsite within 180 days of receipt of the vehicle, that all toxic or hazardous components will be removed and properly disposed of prior to crushing or shredding”
Participant“vehicle will be crushed or shredded onsite within 180 days of receipt of the vehicle, that all toxic or hazardous components will be removed and properly disposed of prior to crushing or shredding”
Participant“So one could keep buying live in 4-plex’s over and over without going 35% down?”
according to my loan broker at the time, 1 year of owner occupancy was reasonable before buying the next owner-occ property – I followed this guideline and moved numerous times over the years – on at least one of the properties I provided the lender with a letter explaining why I was moving out of one owner-occ property and buying another one in less than a year – something along the lines of, “I thought I would enjoy living close to the beach but found the traffic and noise unbearable”
in hindsight I don’t think anyone really cared – the bubble was in full swing – lenders just wanted to close loans – evidently even dead people were getting loans so I was a pretty good candidate for another mortgage (being non-dead)
“The guy I was talking to said that there was 100% down”
do you mean 100% of the rental income applying toward the loan? I’m not aware of any loans like that – I was happy to get 75%
I vaguely remember reading that the percentage has dropped to 50%
“Even at 20% down I would have to go hard money”
I always assume that hard money loans will be at least 18% interest – hard to imagine any property penciling out with that kind of loan
“anything would pencil until one to two years from now”
I expect rents in San Diego to drop from here – the price of multi-unit property is based on rents so I’m not interested in buying anything until I see what rents do – the soonest I will buy anything is 2011/12 and more likely 2014
“Do you know any brokers that are good at creative deals?”
look at your situation from the broker/lender’s perspective – no money down on a multi-unit property for somebody who (I assume) has never been a landlord – if you were in their shoes, how excited would you be to help you?
Participant“So one could keep buying live in 4-plex’s over and over without going 35% down?”
according to my loan broker at the time, 1 year of owner occupancy was reasonable before buying the next owner-occ property – I followed this guideline and moved numerous times over the years – on at least one of the properties I provided the lender with a letter explaining why I was moving out of one owner-occ property and buying another one in less than a year – something along the lines of, “I thought I would enjoy living close to the beach but found the traffic and noise unbearable”
in hindsight I don’t think anyone really cared – the bubble was in full swing – lenders just wanted to close loans – evidently even dead people were getting loans so I was a pretty good candidate for another mortgage (being non-dead)
“The guy I was talking to said that there was 100% down”
do you mean 100% of the rental income applying toward the loan? I’m not aware of any loans like that – I was happy to get 75%
I vaguely remember reading that the percentage has dropped to 50%
“Even at 20% down I would have to go hard money”
I always assume that hard money loans will be at least 18% interest – hard to imagine any property penciling out with that kind of loan
“anything would pencil until one to two years from now”
I expect rents in San Diego to drop from here – the price of multi-unit property is based on rents so I’m not interested in buying anything until I see what rents do – the soonest I will buy anything is 2011/12 and more likely 2014
“Do you know any brokers that are good at creative deals?”
look at your situation from the broker/lender’s perspective – no money down on a multi-unit property for somebody who (I assume) has never been a landlord – if you were in their shoes, how excited would you be to help you?
Participant“So one could keep buying live in 4-plex’s over and over without going 35% down?”
according to my loan broker at the time, 1 year of owner occupancy was reasonable before buying the next owner-occ property – I followed this guideline and moved numerous times over the years – on at least one of the properties I provided the lender with a letter explaining why I was moving out of one owner-occ property and buying another one in less than a year – something along the lines of, “I thought I would enjoy living close to the beach but found the traffic and noise unbearable”
in hindsight I don’t think anyone really cared – the bubble was in full swing – lenders just wanted to close loans – evidently even dead people were getting loans so I was a pretty good candidate for another mortgage (being non-dead)
“The guy I was talking to said that there was 100% down”
do you mean 100% of the rental income applying toward the loan? I’m not aware of any loans like that – I was happy to get 75%
I vaguely remember reading that the percentage has dropped to 50%
“Even at 20% down I would have to go hard money”
I always assume that hard money loans will be at least 18% interest – hard to imagine any property penciling out with that kind of loan
“anything would pencil until one to two years from now”
I expect rents in San Diego to drop from here – the price of multi-unit property is based on rents so I’m not interested in buying anything until I see what rents do – the soonest I will buy anything is 2011/12 and more likely 2014
“Do you know any brokers that are good at creative deals?”
look at your situation from the broker/lender’s perspective – no money down on a multi-unit property for somebody who (I assume) has never been a landlord – if you were in their shoes, how excited would you be to help you?
Participant“So one could keep buying live in 4-plex’s over and over without going 35% down?”
according to my loan broker at the time, 1 year of owner occupancy was reasonable before buying the next owner-occ property – I followed this guideline and moved numerous times over the years – on at least one of the properties I provided the lender with a letter explaining why I was moving out of one owner-occ property and buying another one in less than a year – something along the lines of, “I thought I would enjoy living close to the beach but found the traffic and noise unbearable”
in hindsight I don’t think anyone really cared – the bubble was in full swing – lenders just wanted to close loans – evidently even dead people were getting loans so I was a pretty good candidate for another mortgage (being non-dead)
“The guy I was talking to said that there was 100% down”
do you mean 100% of the rental income applying toward the loan? I’m not aware of any loans like that – I was happy to get 75%
I vaguely remember reading that the percentage has dropped to 50%
“Even at 20% down I would have to go hard money”
I always assume that hard money loans will be at least 18% interest – hard to imagine any property penciling out with that kind of loan
“anything would pencil until one to two years from now”
I expect rents in San Diego to drop from here – the price of multi-unit property is based on rents so I’m not interested in buying anything until I see what rents do – the soonest I will buy anything is 2011/12 and more likely 2014
“Do you know any brokers that are good at creative deals?”
look at your situation from the broker/lender’s perspective – no money down on a multi-unit property for somebody who (I assume) has never been a landlord – if you were in their shoes, how excited would you be to help you?
Participant“So one could keep buying live in 4-plex’s over and over without going 35% down?”
according to my loan broker at the time, 1 year of owner occupancy was reasonable before buying the next owner-occ property – I followed this guideline and moved numerous times over the years – on at least one of the properties I provided the lender with a letter explaining why I was moving out of one owner-occ property and buying another one in less than a year – something along the lines of, “I thought I would enjoy living close to the beach but found the traffic and noise unbearable”
in hindsight I don’t think anyone really cared – the bubble was in full swing – lenders just wanted to close loans – evidently even dead people were getting loans so I was a pretty good candidate for another mortgage (being non-dead)
“The guy I was talking to said that there was 100% down”
do you mean 100% of the rental income applying toward the loan? I’m not aware of any loans like that – I was happy to get 75%
I vaguely remember reading that the percentage has dropped to 50%
“Even at 20% down I would have to go hard money”
I always assume that hard money loans will be at least 18% interest – hard to imagine any property penciling out with that kind of loan
“anything would pencil until one to two years from now”
I expect rents in San Diego to drop from here – the price of multi-unit property is based on rents so I’m not interested in buying anything until I see what rents do – the soonest I will buy anything is 2011/12 and more likely 2014
“Do you know any brokers that are good at creative deals?”
look at your situation from the broker/lender’s perspective – no money down on a multi-unit property for somebody who (I assume) has never been a landlord – if you were in their shoes, how excited would you be to help you?
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