All Forum Posts by: Christopher Nerio

Marshall Martinez Yeah you are correct which is why I planned on waiting to refinance. My Interest rate is 3.375%. I tried to refinance this past summer when rates were very low but out of ignorance I didn't shop around and trusted the lender that I originally got my home loan with. Fast forward until now and rates are much higher than 3.375% and I am now learning about brokers thanks to you ( I didn't know what a broker did) Wish you were licensed in my area too. Maybe you could help me. Do you think it's still worth it with where the rates are currently at and a credit score of 695? Thanks.

Hey Marshall Martinez after comparing my options with a few different lenders I was going to have to pay around $4000-$4500 in fees and closing costs to save around $60 or less a month which wasn't worth it for me in my opinion. Also with and FHA I have been told I am able to use equity in my home because they can lend up to 85% of home value. With a conventional it is only 80% which is what I am currently at now (I only have about 20% equity in my home) so I wouldn't be able to borrow any money in reality.

Hey Dave Toelkes yes the top level of my home is 1100 sq. Ft. and the basement is about 1000 sq.ft but I deducted 50 sq ft. For a small laundry that we both use. Thanks for your response.

Thanks @Guy Olds and @Corina Eufinger for the help. Turns out the bank already has possession of the property but now I know for the next one I see.

Thanks @Christopher Phillips for the advice. Turns out my the bank already has possession of the property but now I know for the next one I see.

Hey  @Joe Cantanzriti, @Jonathan Kelly thanks for your help. If I am ever in the area I will take you up on that offer @Rob Gillespie. I have been looking into Columbus recently and seem to like the area better. However, in all these areas I continue to hear a common theme about cash flow and appreciation. I want to buy and hold so obviously I want good cash flow but would also like the property to appreciate. Also, I have heard good arguments for both. Cash flow VS appreciation. From things I've heard and read it seems that Ohio can be tricky for someone that is not from the area. There are up and coming areas but that overall appreciation is not good but cash flow is. Any thoughts?

Hey @Edward A. thanks for you help. I don't plan on occupying the next property. I'm currently house hacking and saving  money to buy the next property with 20% down and a conventional loan. At least that is my plan. Thanks again.

Hey @Linda Weygant thanks for awesome advice. Just to make sure I understand. My house is about 2100 sq. feet. It is a split level home. I rent out the entire basement which is about 950 sq.ft. With that said would I claim 950/2100 which is .45 correct? So that would be 45% of MI, Property Tax, Insurance, Utilities, repairs, etc.  If you don't mind me asking how is depreciation calculated? I have owned the home for 22 months. Thanks again.

Hi, one of my neighbors is in pre-foreclosure and I would like to attempt to help save them from the effects of going into foreclosure. I also have a buyer who would be interested in buying the house. What should I put on a letter to the homeowner in order to get them to call me? Is it as simple as "Hi, I buy underwater homes cash, call (888)888-8888? Thanks.

Hi, one of my neighbors is in pre-foreclosure and I would like to attempt to help them save the effects of going into foreclosure. I also have a buyer who would be interested in buying the house. What should I put on a letter to the homeowner in order to get them to call me? Is it as simple as "Hi, I buy underwater homes cash, call (888)888-8888? Thanks.