All Forum Posts by: Angelique F.

Everything he said makes perfectly good sense to me and based on his predictions its probably best to wait until about 4th quarter of 2021 to buy anything?

I promise you Ken McElroy is not sitting on the sidelines until the end of the year.

But wont prices be elevated until then?

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Everything he said makes perfectly good sense to me and based on his predictions its probably best to wait until about 4th quarter of 2021 to buy anything?

2 Votes

Sorry this is happening to you Breelon and I do not understand why the Renter is getting bailed out but not the Landlord. If circumstances beyond the Renter and the Landlords control cause the money to stop flowing, why should the Landlord be forced to lose the home? Its BS and any investors who are waiting for other over drawn investors to fall so they can swoop in and not get paid either, well good luck with that.

1 Vote

Originally posted by @Dave E.:

@Angelique F.:

Ok thanks.

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Originally posted by @Gonzalo Gaston:

Do you know any private lender offering 20-25-30y amortized loans in the 5% range right now? If so, and they work in TX, Please share.

Thanks.

Ive spoken to three that offer a 30y for a (Rental Loan) so that's probably standard, but the interest rate will be based on your credit.

https://next-financing.com/

https://housemaxfunding.com/

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Originally posted by @Dave E.:

@Angelique F. I should have worded my response better. I guess the point I was trying to make is that you set the terms. I have done 30 year fixed with no early payment penalties for both personal residence and investment properties. So shop around until you find what you want!

Were you able to do that by negotiating with the lender because what Im finding pretty consistently so far, is that they all have a penalty. I could try negotiating because I think Im a decent risk with good credit and no debt so it cant hurt to ask.

Thank you!

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Originally posted by @Dave E.:

@Angelique F. The best thing to do is talk to your lender and find out what their terms are. No use wasting time guessing. Some have penalties, some don’t. Good luck.

No Sir, no guessing. I was trying to inquire about what's reasonable and customary in the private money world.

Thanks

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Originally posted by @Stephanie P.:

@Angelique F.

Different lenders have different prepayment penalties and rates vary from somewhere in the 4's to 7's on a 30 year fixed. Prepayment penalties vary from a 5% penalty for a 5 year period all the way to buying the prepayment penalty down to a 1 year prepay. Lots has to do with our equity and how much it means to you to not have it. Loan amount, Guarantor's credit and LTV come into play as well. Get together with a good broker who can walk you through. You found some good ones on this thread.

Stephanie

Great Stephanie, thanks for the info.

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Originally posted by @Katherine Blazer:

No from the 4th year on - there isnt a pre payment penitaly. This loan does have points on it but they arent crazy high.

Lenders will require season before refis. Seasonin can mean time you have had title in your name or time you have had tenants in place. You will want to clarify this with other lenders you speak with.

You got it! Alot of my non-qm lenders (just means that banks hold that mortgage in house, and do not sell it) require reserves for your entire portfolio. So if you have 6 properties, you would need to be able to show money in accounts to pay all 6 mortgages if you did not collect any rent. Ours only requires it for this one property.

Absolutly not! We all started somewhere! Congratulations on taking the first step! I am happy to talk or answer any other questions you have.

Katherine

Ok Katherine, none of that sounds too scary:).

Thank you so much!

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All Forum Posts by: Angelique F.

Angelique F. has started 15 posts and replied 122 times.

Post: New Member - Coaching for 10K,20K,30K ?

Post: Upcoming Housing Crash?

Post: Upcoming Housing Crash?

Post: Evictions across America: Landlording

Post: Private money 30 year fixed, prepayment penalty?

Post: Private money 30 year fixed, prepayment penalty?

Post: Private money 30 year fixed, prepayment penalty?

Post: Private money 30 year fixed, prepayment penalty?

Post: Private money 30 year fixed, prepayment penalty?

Post: Private money 30 year fixed, prepayment penalty?