All Forum Posts by: Bryce Platz

Hey again BP! 

I'm currently in escrow on a property with all contingencies removed. My wife and I will be using it as our primary residence and we are stoked to move in and make it our own.

My lender just contacted me and said we will be able to move up our closing date by about a week. Seems like a great idea on our end, since it'll save us money on our prepays. 

Here's the tricky bit: our new closing date would be 5/27, but, based on our contract, the sellers will remain in the property until 6/6. We haven't technically called this period a leaseback or anything official like that. I'm wondering if I need to have my agent draw up a purchase addendum saying that this is a leaseback period and seller will pay for utilities, keep the property insured, not trash it, etc. for our own protection. It just seems like I should take some sort of precaution if people are going to live in the property for a week and a half after we technically own it. 

Perhaps I'm overcomplicating things? Let me know! Thanks,

-Bryce

Thanks Andrew! This was incredibly helpful and totally makes sense. I'm with you on the rate hike and discount points thing, but we're probably still in a good spot compared to what we could get elsewhere.

Thanks again for the help!

Hey BP!

Maybe I'm reading into this too much, but I'm feeling somewhat uneasy after finding out that our conventional mortgage will be serviced by Rocket Mortgage (Quicken Loans).

Here's the backstory: my wife and I are under contract on a single family home and I put a lot of effort into finding the best mortgage for us. I admit that I fell into a bit of an interest rate chase (which I know we're not supposed to do, David). However, in my defense, I hooked up with an old acquaintance who happens to be a loan officer and he was consistently offering a point below the competition with no discount points. During our search, I kept in touch with him at the top of each week to confirm that we were in a similar spot for rates and that he was still our best option. 

Anyway, we get into escrow and our initial loan disclosures are different than what we were expecting. I totally get that rates are hiking right now (honestly that's a big reason why we're on the hunt in the first place), but the difference in the interest rate was over half a point and we are now being charged 5/8 point in discount fees on top of it. Ultimately, it's all good because the discount will pay itself off in two years and it's still a better rate than we expected elsewhere.

It's been such a whirlwind because we've got a short contingency period and I didn't realize until last night that there was no one listed in the loan servicer section of our disclosures. I thought that was really odd so I reached out to my loan officer and he said that we'll be serviced by Rocket Mortgage. Am I correct in being a little uneasy about this? My gut is telling me that it's weird that I went through all this effort to find a middleman (broker) to secure me the best loan and what he got me was something I could lock in via a google search. Does Quicken loans have special deals for brokers that actually make this worth it?

Keep in mind that the jungle drums of escrow are in the back of my head and, despite my best efforts, emotion is creeping into every decision. I can totally accept that I'm overreacting in this case, but we've already been put on edge by the change in the rate and the discount points so I figured it was best to get some answers.

Thanks!

@Dmitriy Fomichenko, I have no doubt that I'm in the right place. The community has been incredible so far and I'm feeling very confident going into my first deal as a result. I would love to touch base with you about what you do in California as well. I'll send you a connection request. Thanks for the words of encouragement!

Thanks so much for the reply, @Steven Foster Wilson. I will shoot you DM. Would love to talk to you about your experience in Columbus so far

Hey @Marlon Fong and @Ned Carey! Thanks so much for the advice and the rapid response, I very much appreciate it.

My name is Bryce Platz. I am a full-time cameraman in Pasadena, California and I'm getting into the exciting world of real estate investing. I will be investing out of state (starting in Columbus, OH) and I intend to purchase my first small multifamily property within the next few months.

I've given myself an education period of about 4-5 months at this point and I'm anxious to get started and start learning some real lessons. Now I'm looking to connect with investors, agents, lenders, etc. in Columbus in order to form my illustrious Core 4. If anyone has recommendations (or general suggestions) I am all ears. 

I would love to hear from any and all Bigger Pockets members and make connections in my area and abroad. The real estate investing community has been incredibly welcoming so far and I am beyond excited to become apart of it. 

Thanks much and I look forward to connecting with you,

-Bryce