All Forum Posts by: April Hamm

I just closed on a property today and the seller said the interior paint color is "summertime", the color that Fannie Mae painted all their foreclosure interiors at the time (2011).  Does anyone know the specifics of this color or where I can replicate it without taking it off the wall?

Thanks everyone!  Yes, this is a condo with a price that was 250K and is now 229K.  It's mostly rentals in the complex, so that makes sense.  Does anyone know what that owner occupancy rate is?

There's an MLS listing I was looking at that went under contract, went pending, and is now back on the market. They have now added this to the listing description. What exactly does this mean?

"Owner-occupancy based on Freddie Mac, Fannie Mae lending guidelines exceed maximum, thus CASH only"

 Thanks for the calculations.  This is what I'm looking for, in pre-made spreadsheet form or on a website!  

Great info from all, thank you! Yes, the plan includes the purchase of multiple properties. One new property every 1-3 months for the next few years is the goal. It's more of a personal struggle with enjoying being debt free that I'm having, even though I know the power of leverage. I don't need the cash flow now or in the next 5 years, so it's just a decision if I can mentally "handle" having multiple mortgages at once, regardless of who is paying them.  I was hoping to find a calculator that had something where you could put how much money you currently have, how much you plan to add monthly or yearly, and then show what happens if you pay cash versus finance them and shows monthly or yearly cash flow for both options, but I might just have to do this on a spreadsheet if a pre-built one doesn't exist.  Thanks again for the input!

I'm stuck in a bit of an internal debate between paying cash for rentals or financing them with 20-25% down each.  I know the pros and cons of each, but does anyone have a good calculator or spreadsheet they could share to compare the two options?  

Thank you both!  This was super spontaneous and I was going to look at it within 30 minutes of finding out about it, and my realtor was unavailable to talk before I could go see it.  My concern was because I thought it was going to be a direct purchase without realtors, which is what I did for my personal residence and I had no idea how to do it and make them "hold" it for me when I'm a complete stranger (last time it was from a friend).  The seller had actually just signed a listing agreement so they were prepared to pay realtor fees and that was already included in the price she told me, so I ended up not having to worry about navigating it on my own if they wouldn't pay for my realtor.  Thanks for the quick replies!  I'll keep this info in mind if I run into this again in the future.  

I stumbled across a house that's about to be listed and I'm going to tour today.  I'd be paying cash for it if I like it, but would like the option period so I can get it all checked out first.  If I decide to move forward, what kind of paperwork is needed for this and where do we start?  I do have a realtor but she's not available to chat between now and my showing today.  Does anyone know how to proceed with this?

Thanks for the input!  I'm definitely starting to shop the rate and so glad I came here to ask!  I'm already in touch with a couple of brokers from this chat and have already brought the payment down about 5%!  Renting out the current house and moving is unfortunately not an option for me but is such a great idea for most people!

 Thank you!  How would I access those rates over what I was quoted?