Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 5 times.

Post: Current Mortgage Rates - House Hacking - Newbie here!

Account ClosedPosted
  • Rental Property Investor
  • NC
  • Posts 6
  • Votes 0

Hello, everyone.

We are under contract as of yesterday for what we thought would be our first investment property.  After contacting a mortgage broker, he's given me these 30 year fixed rates:

5% down primary residence will be 4.00%

15% down investment property will be 5.625%

20% down investment property will be 5.50%

25% down investment property will be 4.875%

We have A++ credit and no other debts except the mortgage on our primary residence.  We have enough cash for the down payment for any of these scenarios.  We were planning on selling our current home within the next 12 months to downsize as our youngest will be graduating high school in June so that is why the primary residence option is listed.  We didn't want to move out just yet but I guess we could put things into high gear to lock in the lower primary residence rate?  There are just some bigger projects that need to be done on our current home before we could rent it out or sell it.

Are these typical rates in the market these days?  We definitely don't know what we are doing concerning house hacking or buy and hold property but here we are.  After listening for months to podcasts, webinars, and reading lots of books, we wanted to jump in and now that we did, we are scared to make the wrong decisions.

What else should we be considering?

Post: Single family homes in Durham, Raleigh and surrounding areas...

Account ClosedPosted
  • Rental Property Investor
  • NC
  • Posts 6
  • Votes 0

Hello, all!  I am an alumni from NC State and my daughter is about to graduate in May from NC State as well.  While I now live in the mountains in Western NC, I am looking to find her a house to "hack" in the Raleigh/Cary area (preferably not North Raleigh).  Would love to join the FB group @Lori Webb if possible so I'll send you a message there.  

Post: Government Auction

Account ClosedPosted
  • Rental Property Investor
  • NC
  • Posts 6
  • Votes 0

Help and advice, PLEASE!

I have never invested in real estate before but have wanted to for the last 10 years.... but now may be the right opportunity. There is a government USDA auction tomorrow at 1:00 on a property that I'm interested in. I've NEVER been to one before and I'm so nervous about the whole process. I've called the clerk's office, the USDA office, and the trustee's office. Here are the details that I have thus far:

1943 brick ranch (in a nice family neighborhood)
3 bed/ 2 bath
1020 sq ft

Estimated value based on tax value is $88k - $95k
Opening bid from gov't is $26,120

I cannot see the inside beforehand.

I looked at the register of deeds records online and see that the owner purchased the house with a USDA backed mortgage back in Dec 1999 with an $86,817 mortgage. No other records on the property so I'm assuming that there are no other liens to worry about.

I am supposed to show up with 5% of the bid price in cash or official check. So, if my max is $60k that I'm willing to pay, I need to just bring $3k. Then the winning bidder has to wait 10 days for any upset bidding. After that, I'd have 20 days to show up with the rest of the money.

Ok, so am I missing anything at this point? If it helps, I'm in NC. I've never done anything like this before and I'm scared silly but I won't learn without jumping in, right? How much would you guys bid on this house??

Post: Brand new and eager to start!

Account ClosedPosted
  • Rental Property Investor
  • NC
  • Posts 6
  • Votes 0

Wow, thanks so much for all that information. This is exactly what I needed to know. I do appreciate it!

Post: Brand new and eager to start!

Account ClosedPosted
  • Rental Property Investor
  • NC
  • Posts 6
  • Votes 0

Hi, everyone. I just joined the forums today and have spent the last hour or so reading several posts... I can't wait until I am as experienced as you folks are in making money in real estate!

My realtor has just found an 1100 sq ft. 1965 small brick ranch for sale at $149K. It's definitely a fixer-upper. They say it has a new metal roof, newer windows, and a newer bathroom, so the majority of the work needing to be done is more cosmetic (I hope)... a lady lived there for 20 years and is now selling. The yard is hidious and is very overgrown, the kitchen needs a redo, needs new floors, etc...

I've been interested in real estate for the last decade but have been very shy about actually jumping in. This house looks promising as it's in a great location -- I could fix it up, rent it or sell it depending on whatever happens. Typical houses in the area that have been remodeled comp for around $250K and rent prices range from $800-$1000 for this size house.

Do I just go into a local bank and ask for a real estate investment loan? Would that be the best thing to do? I currently own my home and have been there for 2 years. I have about $10K cash to put into the project but anything over that would need to go on credit cards. I'd like to pay as little as possible for the house... like $110K or something ridiculously low...I have A+ credit and have never had a problem with credit so the bank financing piece doesn't worry me too much but I'm essentially cash poor (I've been putting any excess cash into retirement accounts that I will not tap into)...

What advice do you guys have for me in this situation?