Wednesday AM – I’ve been working with several Financial Planners and Asset Protection Attorneys as a member of the Boston Estate Planning Council to provide Jumbo mortgages for their Clients. Big difference in qualifying those Applicants.
Wednesday PM – Seems Apartment Investing today in Boston is not that much different if you concentrate on the fundamentals, especially the 3 C’s (from Jeanine Hall at Citibank) Credit, Collateral and Cash Flow!
Personally I’m having trouble with the Appraisals, under the new HVCC law, which often come in low having been skewed by short sales. So I’ll often run a quick CMA to make sure my borrowers are in the ballpark and do not get stuck paying for an Appraisal they can not use because the value does not support a new or refinanced mortgage.
I saw Matt Matinez and he had some interesting discussions. I won a copy of his book “Investing in Apartment Buildings” and read it last night. It’s an excellent primer if you’re getting into the Apartment Business.