Dec 3, 2016|
House Plans by Countybank Mortgage
Automatically Generated Transcript (may not be 100% accurate)
Oh welcome to house plans pledge to be with us today Chris and JD and the house from county bank mortgage and glad they hear Vladimir you have JD is a Tony and in the in the extensive shoe print that we did he just was good straight January in his all the rest and holiday yep we need I am lobbying him petitioning for a after the Friday after tanks do we get straight in the years ago and I notice of her role all India has yet to December it's a busy time a year which missile is good for mountain. Well the that's any good ones yeah. I mean why should beat the tar attic Colorado's one Nassau yet a tea it was did you catch any of it. Just bits and pieces so I couldn't. Where I was certain and the bar again not see the TV stuff pull it up on my phone. They come out the second half first play from scrimmage pick six really so then they. They keep pace to point kick to him again couple plays later he throws another one Lal and shows cannot open came over surplus is the real deal signed yet whether defense played great yeah it'll be lifting see what's gonna happen in the boat and should be instinct out they did they play better and I thought their own play. And it was close in the first quarter on seven. And then now Washington is open up a little defense Donald. When you defense starch corn Yang is this target he Austin Alabama whales. Thinking yeah let's get the I don't support Iranians is better yeah our defense only a fourteen you give fourteen and then move would just go to house and when he via the exact senate. Yes it began actually got some gains today and and I don't think Alabama or cause and has too much resistance and I was I'm not in a thing about us. I think that's a moral I don't think there's too much to worry about a half absolutely but tale lots of things going on in the mortgage market we continue. To get just pounds of calls about rate Tre -- yeah I was on loan rate to make your phone was lit up all weeklong. EA you know take in a lot of before. Yeah Lotta people sat around waiting hoping for the best. And are getting the worst so I can honestly say thirty year fixed now 4%. Or higher so it's it's some yet we date still a good deal is a great idea I'll ask god I really GAAP Mac tell everybody you know. A lesson coming instilled in thirty year money in the borders mean gimme a break and it's it's a great deal and you know of it I'll say this the housing market. Seems to have really coming. Obviously C easily near this time a year slows down a little bit Bettis then still pretty darn busy yes you know it's so it's. You know it's kind of exciting about you and I can thing mean as a as. Additional as the as the workflow days usually in this part of the year than November December January February your slowest part of a year yet but it's still there's still cranking along out. We do have some. You know some numbers I think that. I've seen if I can find those October numbers that we rate and share when we're in and then of course Keith is a little under the weather today through wishing him well. Yeah I get the kind of takes the story and it not thirty or 45 minutes ago or silent. And I guess is bags now says he sees he's probably isn't easy morning prayers Sunnis and yes he needs coliseum and English don't and it soaring here and if you don't wanna pray for key break from here. How life has decided here yeah I think he's clearly out he's probably you probably get that old Elvis said yeah he's been doing insane and need is saying and the dad. Are you and of course as always we need your calls questions and comments that's what makes the show great. He can reach us on the phone at 8664147553. That's 866. For 147553. And then of course if you wanna shoot acetate sheet reaches seven wind 307. T ever really enjoyed the case on this year makes things fun at seven. War when that three seven. Catholic league I think the O listeners like it takes on as well you make an issue that takes question ever will be glad to. The only answer than questioner or or address the comment as they as they send a diverse. Hey you know you were talking about the market JD is is our call by look. A far ahead the October numbers here for their September around and you look conceived for conduct ever yet but are remembered them being very dude. And so as you said the market continues to just pop song and I think November's gonna turn out to begin with would probably have those numbers next week. Yeah I think we will and that Andy China edged thing you know pretty much have the the a year rat you know pretty much you mean you we have a feeling it was December oh alikes are being etched into USC that. And and course or some changes to millionaire. There's still a lot of good opportunity for refinances I had had a couple good. Good examples this week maybe we can talk about it at some point out I'll give our listeners some ideas on. You know even though rates are out there's still some opportunities out there for people to taking between each. The interest rates in the refinance opportunities engineering of course some similar dilemmas are changing and there'll be. Have they know you know Fannie and Freddie and FHA turn around and look at those numbers every year about this time of the year end. And then a make announcements as to where they're going what Purdue went. And to your point there's going to be some increases they're we're gonna talk about that and the instinct thing about that is first increase in. T in years yeah well listen we're gonna head into our first break of the day. We certainly appreciate you listening give us attacks ever 71307. Welcome back you're listening to you house plans JD Chris here from county bank mortgage we appreciate our listeners. And out phone calls and texts and you've got a question or comment give answering this morning and an 866. For four to 7553. Again SA 6644. To seventy about 53. The text line is open as well he'd like to Texas. As 713. Or seven we'd love to maybe tackle the topic the you've got pressure on your mind issued us a text at seven point 307. And out logo and discuss cent per share share. Lot of opportunities in the end things in the market obviously Chris we got our first caller souls go over to Mike in Spartanburg first. Hey Mike are you. I am doing great and enjoy your show listen to it every Saturday morning and we appreciate. Got a question where you're buying unity property you don't want to use just sort of rival. Will have about other 101000 better at its edge. (%expletive) rep or twelfth 14100 dollar or ice and black bush as. What they're getting huge though at city our server. Well I think. You know I think that's an excellent question. The real question their becomes with the KJD what is the best LTV. If you're going to finance to get the best reality what would you be looking now. Yes there really got three different levels in regards to financing for the investment properties as the same that you wanna do a thirty year lion. Simply to keep cash flow maximized and and you know sounds like he could probably pay the money back in any given time Vienna freeing clear now. But the and you've got us an 80% a 75%. In a 60% plan. And you can finance is much is a well you be taking cash else let me refresh. I'm 75%. Is going to be your number since it would be since you owned the property nail. On you kid you could take up to 75%. Of the value from now. Arm raise on their right now are probably going to be in the low for worse fourth quarter Ford three age range. Or if you do a 60% of the value then you may be able to save an eight or core point something like dad. Now we'll say this if you allow our purchasing a property. As far as his investment properties go you can do 80%. On I purchased 75%. And you can save a little bit of money on the interest rate as far as tiger's in his sixty per saying you can save a little more so it really depends on. The investment properties are really driven Ballard of value that's a very important piece of the underwriting puzzle when you're doing those yes so I think we're. I would say do you mind is is considered this. What if you were to take and get a fifty or 60% LTV loan which can you be that absolute best rate. And then take that additional cash and find another way yeah. You know so that's that's really the math that you got to do is okay. Forma 1101000. That I guiding cash now. What would it look like if I bale to yet and the end you can figure out you know god that might be worth it. Had you been on the run game before. Yeah absolutely that off. Yes so do you know that what you would consider so when you're getting out. You know in this particular case he got a sixty. LTV loan you would be pay any. Pay in EV. What they call loan level price adjustment right based on an LTV but they need to take that other Pollack cash and buy another one. And do the same thing to get to sixties and now you got even more income coming in. Yes and no the only other thing that Allen Mr. T in my case. You know duty there's a lot of tax advantages and different things you deal with the interest in all animators seem honest and in accounting was glad to get out of my talent class that they do best that's as part yeah right now he's he's laid out this morning nine here right. I'll tell you this is probably a yet good idea talked to a CPA as well or whoever does your taxes. And maybe they can help you out on that side of things and tell you may be some advantage here to financing part of it is will. But if you tried to to maximize that cash flow on the hundred and tanner 120000. Having cash. By a couple of might do it is along these you have the skills to manage it yet one thing you will wanna think about Mike is. How many can you have finance. Do you have a total well there's there's different I relays and different things you can have up to TN. Properties financing one of them has to be your primary residence. However. It really nears the road nearly certain investors that'll do that. The magic number is either four or five and can't remember Thomas had bit yup yup primary plus Fort Lewis College as far as invest in property scared to get the best race. Well one other 10 by the Oakland to a I'll retire. Right quite as student so I wouldn't affect your financially able at all. Your well Lessig I agree that's a that's a great question. Yet depending on what your debt to income ratios will allow based on your income in the Desi had yes it could affect. Which you guy dies on as far as investment properties you know one of the things and a lot of people don't realize. Is that most Freeney and Freddie Mac when they are looking at cash flow analysis. And when they're looking at. You know figuring debt to income ratios and what you can afford the U underwriting. You have to have managed properties for at least two years on your tax returns. To be able to count the re going common offset that payment that you may have on that investment property. And as always you can prove that two year. You know I think its schedule. Honor history is on as you've got a two year history humorous is time we gonna had a little bit of a positive cash flow or maybe it. Maybe AM breakeven. On the and also adding that payment in that would be importing in when naval that would enable you to. Maybe purchase more properties that way but yes. They the short answer is yes they're gonna do the cash flow analysis and denting the ratio of figured on that. So I will tell you this though the good news is you can do we can do all that math before you send the done yet. So you know in other words we could look at it do the math. And say yes this will qualify for the us on could you about one could you about two could you back three and what would that look like. And then we can do all that math before you ever order an appraisal before we ever do anything you know that cost you any money. And so you know we we we always refer to that as it customized mortgage solutions that we would be willing to run those numbers. For you yeah just reached JD outside this year. Absolutely you can always email me ask JDS AS KJD. At county bank mortgage dot com in the county in the bank in the mortars are all spelled out and then dom or you can just call us during the week it's 331. Home. Titus 3314663. Anytime Monday to Friday and be glad to new distorting influence on. Such as Charlotte you'll come back that you used could somebody should men have bought that property for a 100000 dollars an hour turnaround and show that for 250 usually what you paid a big mistake and but several what are your brain engaged they were you sure about to blow. That area that's. Yeah well listen thank you great questions we appreciate it we can help ya give us a shout. Thank you yes we waited that went on I think about those lives. Somebody that's exactly as Dario lives there tell the story JD has it guess considerable body. Yup and says his mother's sales rose they don't Dana violent yes and she column this week we opened our regional company in Jane you wary of 2001 and as she called us about march so we're ninety days the end. Are here so just figure fire zone fire is going crazy he sees is JD. Would you like about two deep water lives they're 75000. Dollars apiece and Beno island dia and you and I both did Julio. A lot of money laying around and our money in our business she knows she says just a nanny or borrow the money. Yeah well in the world right exactly how thousand dollars for her search yeah yeah and two years later I think they sell for your fears DNA can India glory later it was fourth beastie via competitive I get like 600000. Did. Iowa of course we're a solid like a 100000. And I wanted to take a joint batter Ryan. Kind of crazy but it you know might try sometimes you look back on again mean. He now and then again so you know that I guess the more you know which you wanna talk about on that story there is. How can you maximize. Your cash flows. Own bad. 100000 or 120000. That you have been best or 150000. You know how can you maximize the cash flow on that particular. You know amount of money right and when you can borrow money it. You know 44 and a half percent. It it might make stance here might not but I might make sense especially right about two or three. Well and it sounds like you he said a 1101000 dollar property rig for twelve to fourteen. Outing as a gimmick calculator to figure out that they did the all right daresay gap on news and more others you can line up there are out of the better off you're gonna because there'll be a positive cash flow. Yeah love yourself and didn't do. Need to remind people though when you're doing that cash flow analysis especially in the state of South Carolina you need to make sure were. We had this happened last week you need to make sure that your calculating. The taxes. Based home 6% plus percent that's the first thing in the second thing is. And in the state of South Carolina have point of sale. So if you're buying a property. It's gonna the new taxes are going to be based owned what ever be the purchase price is my own thing as along as you know that is a an arm's length transaction to be an example. We had a guy Abbas at home this week down the late king Greenwood. In the folks that live and Maine home. They they have a discount and says he looked at the reality actually hit that they own most their primary the end okay and so. He figured will ESCO Luke. At what the non discounted tax rate woods yet yet and that non disc yeah it can tax rate was 5600 dollars. And then you would do. A third of that is what they were paying right okay and two greens so you made the assumption that I'm by on the second home. My taxes are going to be 5600 dollars a year well they had not. They they both the house a won't come again and he was kind and a lot more forward than they were paying for and so because of the point of sale. And the value of the property changing the taxes are gonna go of the 6% rate is going to have 5608000. And they had a column paramedics yeah Gazprom Passat yeah. And I had probably two or three college and we sinner tax or out from from Carrie bank to our clients. You're telling their bye hey check your bills make sure he's right. Alana had probably know a lot of people I think negated that would weigh in in when that statement changes after a pregnant say they gave you know Obama sits down the first year. Yep you know it they date in as crews are set out with this many are sure then that that tax bill changes you just because indeed changes or. The point of sale which I think is is really changed you know a lot of a lot of suspicions bag he's going out and and now had two or three examples were people like you know my gosh man escrow accounts upside down yes you know how how can fix is what's going on in a couple over 6% should be more right you other wins hard you know you've actually had people kolbe had the wrong card trading and that's and that company Tom shipment in Tennessee where the point of sale. On the estimated tax you know when the attorney was figured out the estimation what are quite right yup so maybe they were for 500 dollars upside down Salinas forty dollars a month plus this plus the shortage yeah now we're also. This though if you do wind up in that short situation it is true that there will adjust the new payment to that number. And you gotta make up the shortage. But it's an interest free loan debt and I was charge you interest on enemy is not fun to be upside down right but at least they can't charge you interest on what they were upside down yes it would your fault now that's right yes right just like if you're in church went up. A tea on something else happened this week we spent a long time since we've talked about flood. And when we get back from the bottom of the hour break on the backs out of let's talk a little bit about fled because I had something a little unique system floods plane knows this this well this is Lisa knows now on not a dollar OK so maybe you've got a story to well yes you came in a city do we have figured sultan Al news this week in regards to fly it was kind of different subject like art when will look at that tea. And then of course as always we wanna take your calls questions and comments you can reach us by text at seven wind. 30771307. Carrying give us a shall an 86644. To 7553. That's 8664147553. To eighty you had mentioned loan amounts. Changing so I think running hit on that get about a minute before the the bottom of the hour in the Al east so. The Fannie Freddie and FHA set loan limits. And the hand and change. To those conforming loan limits and FHA loan limits in TN year again a maximum amount to each of our and is an early in the conforming yeah program and says the the conforming limit is going to 424100. I'm glad they stuck the next 100 AME you know why not gusto. And then of course the FHA limit in Greenville county. Every county has her own number but most of the counties in the up Stater in the same yep yep that's tries to 75665. I'm glad that pathetic about. Oh yeah and you never know when you made it that in Iraq yes we'll talk a little bit about that maybe some of the impact that may have gone on someone some opportunities. For people as well so you've got a question or comment just give us a reading 86644. To 7553. Or shoot us a text at 713 or seven. We're gonna take a break here at the bottom of the hour will be back right after this. That's right if you got a question or comment you listened to you house plans JD Nelson and Chris Roberts. Both here from county main mortgage we'd love to hear from me today. I've got a question or comment again 86644. To seventy about 53 the text line is open as well at seven point 307. She is a Texas 713 or seven we do two do you see your tax question here let's sit video loan limits more time Jerry ouster saying what what. Different doesn't play well you know it. The conventional bombs the conforming loan limit used to be forced seventeen. And it just means if your breath had a loan amount of lesson 4171000. You're gonna qualify for a little better rate than what we call a Jumbo rate. Which is going to be any balloon over 417. On the phrase that amount of four to 44100. To then make a huge difference. But you can't borrow more money now under a conforming rate in the different so that's about a half point so. Instead of paying four and a half he might pay for a thirty year fixed your avatar I had him. I don't rate. And also who the number of products that out they're just about any of the investors that we sell to about conforming loan right but when you start looking at Jumbo product which could be anything above that. It changes things yes I'll kind of a wacky and of course FHFA. Is is really it's not just first come home are some right thing that. But if you got a little being here loathing manor yes sometimes FHA will be the way to get. Yep and that B 275665. As we mentioned. That's up from 271050. And so you can now borrow another five 600 dollars or so. Under the FHA got my name Gladys supporting you know got to deals right now I told you during a break Chris. One of them I've got a client has by and about 298000. On a purchase. And their Clinton that he's got to do FHA got to get SHR cause of this door yep yep he was painted on the 27 he wants an out like Akamai RO. To 75 is to the 270 wind and it the man is a little more than three and a half percent. So now you know he can generous streak shrink is down payment down here they don't when he would do we get the same deal. In and of course have got another client he's doing a FHA cash out. Transaction. Condo well we know our cash out the the LP these lower ranked. 80000% certain on that say his house appraised for my 340s got so 85% at 340 fire memorize like to a partial answer anyway. He can borrow now an additional four or 5000 dollars you have to use torch plane also credit cards and that kind of thing so you know it's a win win for both of their Cheniere halves. Was alien and of course we got a question you're you're gonna mention the tax on JD we got a question about. Could we talk a little bit about insurance on rental properties yes I will say part of the county bank. Family is county bank insurance and we have had revealed the show before and we've talked about that. And as our call there's really two things that you need to be aware of one of the house is occupied and you need to make sure that you have. It covered but that you also have a significant amount. Of a liability insurance just cover you if something were to happen on the property. And then the the other mistake that I remember Rudy point now is people. Not remembering when my house goes vacant. Two with agent known because these you have to change the. As I assure you she got out and say you know I think a lot of people don't realize. That assurance companies actually have people they drive around and look at different houses. Looking at to have it was a they had in Sheridan and do inspections not only on your primary residence there especially on a rental property. You know if it's vacant and they found out and and you've got it the wrong type of policy. Near their situations where something happened you would not be covered right so you need to make sure that they're the type of coverage that you have. Matches up with the truth Nam you situation is going on its property in this sort of things are years at a different things and type of coverage you need in the amount. Absolutely so if you do have that property this vacant in between tenants you need to talk to your agent in make sure that your covered. For any of that stuff that might happen especially during the winner yes you know you'd you would hate to find out that. While it was an occupy. A waterlogged for news or something bros share and you are not covered because you didn't tell him so if it's vacant for any point in time each call your agent let him know. And then of course you know who you wanna make sure you protect yourself. In case there is some liability if something goes wrong then and so you wanna make sure you planning a liability coverage and you should talk to your agent about. How much is enough yet that's right that's right so it could be. You know it could be an issue on a one of the things they recommended for me for instances I have an umbrella liability policy in the Sunni unity get it rental properties. And you get to children driving instead of amaze you really need to hear. Yeah well in India this all goes back to what we've talked about before Chris which. You know it's at time a year when you need the marine you'll mortgage cheque no dal and any insurance is part of that insurance is part of that India we can hook you I would say insurance agent and county bank. We can look at your whole situation birth home odd though. Umbrella the type of coverage you have the deductibles that you asked. And and we may or may not do business by at least get a second set as on just trying to look at what you got to make sure that you're you. Which you wonder what you need what you want you out all that together ex yeah is is is yeah well a pack doesn't play its. Its price and yen coverage right you know is not just. You know he's just like when I talked to my agent about lookup ankle won't this this size deductible on my car and Chileans shared you know their light won't let me explain you what that means to say that there's no food and misconception later and the so you know it worked out fine for a president that's what I wanted to David you gotta check those. And so you know I would check the coverage at chase the deductible and I would take the premium just make sure you're getting the right discount him. One other thing we're trauma changes coming up one of the other changes is a big I think it's a big big change in course we haven't. Seen how it's gonna happen but based on the conversations. That I've heard with Cheney about what's coming down the pipe is. You know when we run alone through Fannie Mae. We run it through a product called the year you just how does or underwriter and that desktop underwriter really tells us hey this customer qualifies. Based on these things are you have to you have to validate or make sure that what you told us about this this in this are right. And one of the things that they're gonna do. Is in this next versions. Ten point oh it's coming now in in DC amber that Tina. They're gonna there's supposedly going to increase the number of refinance transactions. Debt are going to be subject to a PIW. As a property inspection waiver which means no appraisal. And that'll save clients you know if you're refinancing and and will we expect Chris you know is probably if you have a property date or when that your refinancing. And you're in a neighborhood or there's a lot of sales data. Comparison data than you right around your house. Rom and the computer model is comfortable with the value has been putting in a strike. You're gonna get a situation where you'll get their property inspection waiver. Which are safe for 500 dollars and Gary oh yeah I mean I can be seen. She could and and so basically what that means is Fannie Mae has Aniston statistical. Analysis of what. You said the value was. You the customer because customer that's part of the application is tell us your worst. And then of course we always do some research to make sure that numbers right or or close right and then. And then when you run it three it'll come back and say based on the number you putting him. And based own the statistical data that we have we will accept this as the day unique and move for without an appraisal Leah and say who. Does does what I've heard is that you're you're gonna see a tenfold increase. And in the number that you're gonna get that eligibility on now. I think your point you made earlier is is really right in not gonna get disappeared out in the middle of the woods right. Now I think Jesse and I think it's all about the sales comparison dated they have varied and they I have they have been collecting data on these appraisals now for how long I mean this is invent a couple years yes they've got an in with the race when they were in all the purchases and all refinances. In all these different things that they've been collecting data on they got a pretty good idea you know anyway and. I think it's gonna save some customer some money gonna make the process a little quicker make it a little easier. Now one thing that they did switch to use it as you used to be able occasionally. To get a PI the Villa on a blue loan to value purchase and they're not gonna do that but because they're gonna won't be appraisal. And the purchase data yet to help them continue to collect data about when to give it. Re used to they used to be if you bought a house for 400000 you were plenty fifty down. You know I financed and when it did say you know what we're good word he had and it ended in matter. You know what was out there said he could you know we talk about saving 500 I mean you know that's that bastard doesn't cease and yell at you realize that. Anyway we'll listen we're gonna head into our final break of the show. Stop and runs a little quiet text lines low quietly we love to and get some more questions if you got a question or comment give us a ring at 866. For four to 7553. SA 6644. To seventy about 53. Of course it takes one as open as well she does it taxed at 71307. If you got a question about buying selling anything to do the real estate. We're gonna be back right after this christened JD from Kelly being forty journalists in the house plans. Right after this. Welcome back you listen now house plans JD Chris county main mortgage. We are here we're taking your calls were taking your tax state 6644. To 7553. Takes line 713 or seven the phone lines have lit up and we're gonna go air strike the phone. We had Chris and mark we're gonna get a Chris first the abbey marred by a couple seconds Chris are you. What are got more. Yeah how low budget or you are some. Problems look at a house. Probate. Those. All of my tiger I'm out. Probably I would and there locally they get out on the court it out art. Lamar up. We itty bitty I don't let. Yes when you sail lien on my house tell me which remain are you talking about there's a mortgage along the house. Oh dummies like we got a mortgage and all night long gone by that your mortgage they are bad they're going to get it out by it. It. Okay yes so armed. There there. Let me give a K suit if they deeds to property deed. Where and how you doing and eat the you know you don't buy it from them they do is deviate do you mean you take ever the payments. When you do that you basically assume all the lanes that are owned the property when you buy so. You are now the new owner of that of that wing. And so you always need to be careful of that because you know one of the things we talk about his if you if your financing if you don't private financing for folks. And then you do the deed in lieu of foreclosure is the very same thing any liens that are on the property you're the lucky winner of those two. Say I'll do rule to try to avoid that. I know are possible it's a lot cleaner. To just buy the property from the home yet and don't you combat lasts and probate that's not a problem I'm we've done that a lot. But you you would you would say you once you take title you noticing. All the lanes that are on the property. Getting an attorney involved in doing it tiles are just full title surged to figure out what's on the air ads 'cause you could do you could end up with a 100000 our house a 180000 dollars in liens and you don't want to act yes I can tell you one other thing that you would want the title search for team. Is if anybody in the chain tidal passed without a real yeah I had children. The way that the property in South Carolina us Leah without we'll. Makes it very cumbersome so if you pass without a week old and you've got say three children the spouse gets happy you're half. And the children get a third piece of the other half. So now you got to have them signed to sell it if emea that got me guest. It can be a nightmare yes and so do you definitely want a nice nine mayor here you definitely want attorney involved. You definitely would want to make sure you get a full title searched he would definitely wanna make sure you about title insurance. To make sure that nothing came back by chief. And I looked at college are you real quickly Mike back patio that get back. Eight but they're gonna follow up. Yeah it. Yes I give you two examples. It's like let's say that when you did the title search they missed that lean that you're talking amount they tourney just missed it completely. They knew Bob the property. And then all of a sudden the people have the Wayne come to you and say well there's only you don't hear you I was this money. That title insurance. Would the end potentially pay off that queen because they missed. And so basically what the title insurance is doing is is it saying. This title search that we did for you was right in you own this property would only these liens. And so if anything comes up later or for an error comes back and says well well owned part of this property. The title insurance protection when that happens. And I've been doing in this 25 years and I've had. Three or four planes over the years. And it doesn't happen often but when it does happen is send nasty affair yet. Okay but it now and apple are about to meet your updates being beat up it'll probably more out. I'll pop it up so big they are in. Our. Problem. Yeah. It is it is very likely that in that mortgage can Matt knows it says if they changed titled that they have the ability to college did. And that is something that you would want to check. I've seen situations for people have made the payments never missed payment it's never been a problem. But I but almost out and almost guarantee you that inside the no no mortgage it does say that if they transfer title. That that the no no mortgage your days in you would not wanna be in that situation need to much cleaner if you get your own yet. There won't get you get are a number already but here it is part but it. It the ability to fight Al optic and LaMont much. Be had a probability. Would be yet. No because that lien is is tied to the property and say would have to pay that lean office whale. Are there any to get clean title only you would have to pay off all liens that we're currently own the property. The only way to extinguish those wings that I'm aware of is to be to have the house foreclosed on in the U would buy I don't missteps weenie furry yeah. Al there aren't all the diplomatic issue. Yep that's right and of course. Sometimes is better than 1000 and not get a competition yeah. Are you comment on the pride in that not say whatever and what is it like quite a buddy. It below property she thought there might be looked. Number a lot of worked out. Yeah but I happily the map may still work for yen. You know we talk a lot about that only shows in the unit did do that cash flow analysis. And make sure when you do it that you take into account the higher tax rate that the new price that you pay. Out there apple got out now are. All right now. Are you. But the kidnapping is a good doing it and they have. Thank you Chris great question good luck. Thanks Chris trichet told sales go to march NT RK mart tell you how are you were great thanks for Holland on the air after really appreciate it. I really enjoyed the show got two quick questions well. Warren says talked about Leo or file in it you might actually the question love it here I'll. All file how to that your lab out of an investor. All of does that is that for file total art do you have additional Elena please letting creature known liberal. Funniest is funniest properties. Now and a Fannie Freddie gab line has actually TM yeah financed property yeah. And then you can always a new primary is always allowed right. I knew primaries always allow that's correct and so the key there is financed and how you count those if you have properties. That are an LLC. Better not only your credit report with Jim a commercial loan on all of those are not those are generally not counted. But if it's on your credit yes the PG personally guaranteed it than it is gonna count yeah and so it's ten financed you can own a hundred properties they just can't. You can have but Tim financing get a conforming loan but others you get a banked on a commercial loaning any of that we're drama in the conformity. I don't Yang out in the end yes right yes thank you pay cash anytime you want. Yeah I understand land power I was just question if the defense can implement to get to implement in Columbia player can't Politico debate that'll help cleaning or you got European theater. All depends on what to what's on your credit report now that reports yet so let's say that you got Tim financed their all and an LLC. And it's a commercial loan and it does not show on your credit report. Our. Bat would not count toward the team. Attack next question at the last power ball or might get psyched about when you sit trash or not topple. If you owned the property. Or you've got the property for Lance. And you transferred to know they'll slowly and that you still only does that. Open the possibility of that column in another. Yes. It does. It absolutely does if you read the negative and the mortgage there's there's two provisions in it that a lot of people miss the first one is. From an occupancy standpoint however you told me on you were gonna occupy the property when you closed. You have to continue to do that for a year so as an example you can't you can't refinance or buy a primary. And then within a year turnaround and buy another primary now you can do it and they may never catches that if they didn't catch it. Yes it's it isn't occupancy she's they would call it occupancy for all the second thing. That is and the note in the mortgage is what you're saying is if you transfer title. They have the right to call the name now I have never had if we've we've ever had a listener have that happen Collins. But I've never ever heard of that happening but from a legal perspective if you read it they coup. I think a lot of people mark Karr Meehan were talking about doing. You made this investment property and in. Sometime in the conversation they'll say one thing about just transferring it over to my LLC. After closing and I tell on the same thing every time I've never heard of and they're being called do because he did that. But they do have the right to do that any us if you know I get if they have the right yes no they'd be prepared that they can do it and he just he did you have eight at face consequences are today with Dan of course the consequences would be getting it refi before they before they Kolb and yeah. That they don't have we have had happened the the the about primary residence. Thousands and in turn around and put that house on the market wanted to buy another primary residence within a year within a year and underwriter campaign can do that because the previous knows that you signed said that you would not do that within twelve months. A chaotic the chaotic but it but it would still hold true it's hard Bobbitt as an investment. And I'm dying and then decided that he could do it also April while bill to perks just it's still prevalent. It is possible but I've never heard of it happened yet. Upload the signed buying up further oversight if it. It is the eleventh to have but I preferred oversight that they never heard of. That's right that's I would agree with that I've never had one of our clients call us but we always tell them look. Have your attorney look at the know of have your attorney look at the mortgage and explain that provision used because you know they can give you legal advice. But I've never heard and saw you know yeah that is possible yeah then you know so be it but we have we we've had people do it all the time we don't encourage them to do it. Because of the liability but. You know I've never had anybody tell me hey I did this and got called atlas and the same thing would apply if you bought a house in your name. And then added your wife to title because you got married yeah you just changed title yet so they could potentially Kolb and has. Very unlikely you keep making them payments and I don't car yet well yeah. I would not act like that in your it department but I don't create jobs around the league title searches and everybody is right he's due to tie up from the fans and anyway mark it's really brilliant yourself really and you'll thank you very much. Thank you will soon we appreciate our callers and listeners. Appreciate all the kind words and even listen in the christened JD from Johnny Mae mortgage. Catches outside the office feel free to email us at ask JD accounting may mortgage. Dot com SA SK JD and Toni Mae mortgage dot com or give us a ring at 331 vote S 331 and 4663. Will be back next week your health plans appreciate your by listening and have a great week.