All Forum Posts by: Daniel Bautista

Absolutely I agree with you, Thats why the example is used was in terms of listing amount were the same while on Zillow said sold it said pending on Batchleads, Terrible latencies with both. I know there is tons of animosity toward Zillow but its still a tool and I use it with a grain of salt just like a baseline glance, I don't have access to the MLS so I don't have up to info up to date but hey we work with what we got.

Thats a good question, Just purchased Batchleads.io membership to give it ago, So far it has the Skip Trace feature and able to obtain mortgage and lien info of leads but, I though it was fine and dandy until I wanted to see how the current MLS data reflects on there. It seems to be a little dated, for example I pulled up one property which said pending sale on MLS on Batchleads but the property has been sold over a year ago on per Zillow with matching listing prices. As for the SkipTrace feature, it works and help you identify DNC labeled numbers, however at a wholesale standpoint you wont be able to cold call those number which make it useless, There are free resource that you are able to use just as good if not better at some times but they do not give you the do not call labels. I may try canceling and trying a different site.

People of BP,

I am in the military and currently living in Colorado Springs, Co. I will be getting orders here shortly to Denver, Co moreover Aurora specifically.

Im currently using my VA entitlement and just initiated a VA IRRRL. Going from 3.5% to 2.875% @ 0 points. My projected after closing balance should be around 285k. I would like to purchase a home in Arapahoe County. The Va loan limit for the country is $596,850 which leaves me with roughly 310k. To my understanding I will need to bring 25% of excess amount in a form of a down payment. 3 bedrooms and up are around 385k ish and up.

Figures are for examples:

Funding fee is 13,860 @ 3.6% at 385k price

VA Loan (1) 285k and Loan (2) 385k with a different of 100K = 25k down payment

Or

Is it 385k (VA Loan 2) + 13,860 (Funding fee)

= 398,860

398,860 - 285k (VA loan 1) = $113,860 (difference VA 2 - VA 1)

Effectively making the down payment $28,465

My questions are;

1. Will the funding fee need to be factored in the total in front of the loan or in the butt of the loan, if so this will effect the down payment amount?

2. Does anyone know of any creative underwriting for the circumstance? Maybe like the previous home is generating income

3. Recommendations to an alternative mortgage loan.

To give a little background,

Selling agent of a property proposed a cash deal and reached out to me about an offer that I might be interested in. I contacted my Agent and we went to look at a property that which was off the MLS, but I became disinterested for my own personal reasons.

However, I did pass on the information others by reaching out to selling agent about offers and their contact information for third party prospective buyer/s. 

Ironically, I had my cousin with me during viewing of property. Selling agent then contacts my agent and says I contacted them about an other offers from a friend and how they do not have agent. Which I assume my agent thinks its my cousin, It's not. 

So, I totally understand where my Agent was coming from, She thought that my cousin was the one who made the offer on the property with another agent since he was there during the showing. Again, He did not and was just there for extra eyes. 

I'm in the process of clearing the misunderstanding up with my agent***

What is the proper etiquette on passing a non MLS leads to colleagues with out offending my Agent even though I was personally viewing them for my personal investment but no longer interested?

Was I wrong for communicating Selling agent who originally contacted me, even thought I passed on the deal?

Was I wrong for bringing a family member who had no vested interest in a property showing and not to do that avoid confusion?

I would love to hear others input.

@Brett Forbes, Just curious were you able to invest in San Angelo, Tx and how is it?

@Alexander Persky

VA was a Zero down, the only catch was the funding fee, in which at that time I rolled into my mortgage. Bottom line, I owned the home shy of 3 years. I sold it in order to liquidate all revolving debt and use the left over proceeds for down payment to shrink the 2nd time use funding fee. The proceeds where enough to do this and put 6 months of emergency funds in my savings. Over period of ownership home appreciation went up roughly 45%. Common practice for most seller to at least cover some of closing, where I did the same. so sellers pretty much covers title and origination fees and such.

Good Luck

@Justin R.

I meant funds as initial capital and capped to 7-8k as it grow, Zero debt aside from mortgage.

I guess the question is can I have a VA Loan and FHA in the same location because both require the home to be primary residence. To me was the more attractive option with 3.5% down and lower rate. Was I incorrect in VA IRRRL would remove the primary residence stipulation, In which allow me to apply for FHA?

@Shiloh Lundahl

As a parent and serving in military, My kids have moved around a lot. Not until I moved to Colorado that I had the opportunity to move with different districts in same city. Partly my fault for not doing more research however, to my surprise our sub par school district schools tend to devote more individualized attention to the children in my opinion. Also due to zoning automatically accepted my eldest to a Charter school, which to my perception was for more underprivileged kids. They offered so much more in after school programs and I have had previous teachers email me personally about progress in the classroom. Same with with my grade school aged kids. Once we move to a more affluent part of town, things did get a little more costly. For example, school supply had option to be provided by parents, new district it was mandatory and actually double cost of old district. Bus was no longer covered, must be paid quarterly but you can receive discount paying the year in full. We had the luxury of opting to pay for an after school program for art at cost $40 bucks per for both my girls. To come to my surprise the program consisted 30 min of coloring on printed paper, what a joke, I couldn’t believe it. Does district really matter? Absolutely not. It’s the school it itself and faculty that makes the difference not the location. Just because the facility looks nicer doesn’t mean they received a better education. Lastly, as proof my daughter took entrance exam and was told to be gifted. Which no doubt my girls are bright but when I ask them how they did they told it was easy because they been working on those subjects tested weeks before so they were ahead of the game.

@Ram V.

You may save some money if you have existing ductwork. I added an Amana Coils and line work to my Bryant furnace which was about 4 years old. 2.5 ton condenser with all permits ran me $3700 in Colorado.

That’s a cash deal, Some contractors will offer 3% discount to cash or check payments. So they don’t have pay fee to credit processing.

Just purchased my 2nd home in Colorado last Fall 2018, I didn't keep the first one in order to use the proceeds to eliminate debt and use fund for down payment to attain a lower funding fee. Now I am in the process of VA IRRRL REFI, in order to 1. lower interest 2. Remove the VA owner occupy stipulation.

My realtor explained I can not use a FHA loan as it has occupancy requirement and conventional loan is about my only option which would require 15-20% down.

I would like to purchase a second home as a rental property. My funds are limited however, local banks and Credit Union like Navy Fed offer; Zero down, no PMI for members called "Military Choice", these have higher interest rates advertised for example rate of 4.5% but with funding fee 1.75%, origination fee 1%, .5 of a point. They also offer Conventional Loans with no PMI and lower rates but a 5% down requirement. Which is a better deal or does it not big difference in short run.

Is it advisable to with these numbers to start looking for a property or wait until I PCS and use my existing home as rental property when I move?