Posted by Jen- LA on May 24, 2000 at 07:19:37:
I will call you- It’s actually going to be an investment property for us, which is part of why it seems to be causing probelms- and believe it or not, it is actually rented right now for 1100 a month. The catch is that it’s rented on a month to month basis- not yearly. That may also be a problem. At any rate, I will call you as soon as possible and you can ask more questions. Thanks,
-jen
Ed Garcia - Posted by Jen-LA
Posted by Jen-LA on May 23, 2000 at 20:46:49:
Hi Ed-
We are trying to purchase an apartment here in Baton Rouge- we have a purchase agreement for 45,000 subject to getting 90% financing. It is fully furnished and presently rented month to month as an “executive” apt. for 1100 a month. The mortgage broker we were working with, who seemed to be the only one I could get in touch with who would even ponder being able to get 90%, has just informed us that none of his 53 lenders will do the deal.
Now he’s said that they don’t like it when more than a certain % of the apts. (in the complex) are owned by one person- which this one is, and they also don’t like for more than a certain % of the association fees to be overdue, which they apparently are. I can understand all this, but what I want to know is if you think you could possibly help us out in this, or is this just a general no-go. We just can’t do it at 80% and are wondering if we should let it go.
The lenders seem to be suspicious of the fact that it’s rented for 1100 a month (understandable I guess), even though we’ve given them an entire years worth of rental agreements which show proof of income at that level.
I can give you more info if you think you can help-
thanks a lot,
-Jen
Re: Ed Garcia - Posted by Ed Garcia
Posted by Ed Garcia on May 24, 2000 at 01:43:36:
Hi Jen,
You have given the reasons that this deal is going to be a problem child to get funded.
Jen this should concern you because, if you are having this kind of problem buying it,
you can expect the same when it comes time to sell it.
You didn’t say it, but for some reason I feel that you plan to live in this unit if you buy it.
Jen, in your post you refer to them as apartments, I’m sure you mean condo’s.
Jen, you mention that many of the condo’s are behind in their association fees.
You don’t mention if the unit you are buying is one of them.
I’ll go along with the lender when it comes to the rents being bogus, It seems that this deal
reaps with inconsistencies.
Jen, I’ll tell you what my suggestion is, I suggest that you call me at (909) 944-0199 and we
can discuss your deal. There are just to many unanswered questions, and I would like to talk
to you not only to ask the questions, but to make sure you fully understand your deal in
answering the questions.
Ed Garcia