With SB1211, you can build up to 4 detached ADUs on an existing 4-plex.
Would each ADU be appraised at the same price per unit as an 8-plex?
Example
Property 1: 8-plex (all 1 bed, 1 bath, 700sqf)
Property 2: 4-plex with 4 detached ADUs (all 1 bed, 1 bath, 700sqf)
If Property 1 sold at $1.6m ($200k/unit), would Property 2 also sell at $1.6m ($200k/unit)?
I've seen Orion's programs -
their conventional 3% grant at 6.000% intrest costs 6.411 points...
and at 7.750% interest, it costs 0.652 points
That wouldn't even make sense to get a 3% grant if it costs 6.411 points.
What other wholesale lenders offer better priced DPA programs? for conventional? vs FHA?
I know some LOs who give quotes with just a few bits of info: credit score, income, debts, available reserves, purchase price, down payment, etc.
Some LOs require an entire loan app and credit report pulled before sending a quote.
What do you do?
I’ve been interested in becoming a business broker
I currently have a mortgage and real estate brokers license
I was looking into eXp commercial since they both business brokerage and commercial real estate brokerage
any thoughts?
Like when their servicing transfers, and when their property insurance changes? And when they have questions about supplemental tax bills
I have a client whom I helped fund a DSCR loan in January.
Their insurance was changed from Farmers to Foremost (since Farmers isn't writing new policies in California I guess).
Should I be the one helping the client with updating the insurance with the servicer and the escrow impounds?
Or do you just tell the borrowers to handle it themselves, since you already did your job (i.e. closing the loan)?