Tuesday, January 24, 2012
Dinner 6:00 p.m.  Meeting 7:00 p.m.
Location: Bob’s Burger & Brew
(121 North Fair Avenue, Yakima)

Topic:

Paul Billings will be speaking about Project Pro’s self help portion of his construction business,
as well as how we determine the costs involved in a rehab. of investment properties.

I would like to thank Christina and Gerry from Fidelity Title Company one more time for sharing their expertise and answering questions at our May meeting last night!

We had a great turnout!

Along with providing title insurance an escrows, they also do free property profiles, and can help you find experienced real estate attorneys.

Here is their contact information:

Christina Morehead
christina@fitico.com

Gerry Guerin
gerry@fitico.com

509-248-6210

http://www.fitico.com

117 N. Fourth Street
Yakima, WA  98901

Become the best landlord you can!

Landlord Seminar

Featuring national motivational speaker Greg Pinneo of Reach Returns, an expert real estate entrepreneur discussing Real Estate Investment, Negotiations and Finance.

Local experts presenting:

• Month to month contracts
• Lease options
• The eviction process
• Tenant screening
• Crime free rental housing program

Open to all YVLA  members and non-members too!

Saturday, May 21, 2011
Holiday Inn & Conference Center
802 E. Yakima Avenue
9:00 am – 5:00 pm

Cost:  Pre-registration: $25/person
At the door:  $35/person
Includes lunch and light snacks

www.YakimaLandlords.org
509-457-4770

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At our February 22nd meeting we welcomed back Summer Pineda as our guest speaker from Yakima National Bank.

Summer shared information on what makes up a credit score, what we can do to improve our credit score, and how a credit scores affect interest rates.

Yakima National Bank does:

• Conventional loans
• FHA
• VA
• Construction loans
• Bridge loans
• USDA Rural Housing
• Homepath
• and more…

They can help investors who would like to own up to 10 financed properties.

Updates for their Investment Products:

Underwriting Requirements:

• No history of bankruptcy or foreclosure in last 7 years.
• No delinquencies (30 days or greater) within the last 12 months on any mortgage loan.
• Rental income must be fully documented.
• Rental income from other owned properties owned by the borrower must be supported by 2 years federal income tax returns.

Reserves:
Must document reserves for subject property and for other properties currently financed by the borrower.

When a borrower owns 1 to 4 financed properties:
(including the subject property)

• 2 months on subject property
• 6 months on subject if it is an investment property
• 2 months for each other fincnced second or investment property.
• *6 months reserves will be required if the borrow does not own multiple properties.

When the borrower will own 5 to 10 fincnced properties:
(including the subject property)

• 2 months on subject property if it is a second home.
• 6 months on subject if it is an investment property.
• 6 months on each other financed second home or investment property.

(Note – Important – reserves will be based on the monthly housing expense of the financed property.)  All reserves must be liquid and the housing expense must include: principal and interest, hazard, flood, mortgage insurance, taxes, ground rent, special assessments, any owners association dues and subordinate financing.

For more information on maximum loan to value and minimum credit score for purchasing or refinancing loans contact:

Summer Pineda
509-654-7517
spineda@yakimanationalbank.com