All Forum Posts by: Dina Schmid

I wouldn't do alcohol. A friend of mine still talks about the VRBO she rented leaving them a Christmas ornament with the town and year on it. I would go one step further and personalize with your cabin name - makes it easier to book for a return trip.

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We have a winner! I called local banks and found 6.125% with reasonable closing costs. I was honestly dreading doing the calling, but am so glad I did.

I have to give a shout out to @Michael Baum because I honestly would have never thought to call local banks directly when trying to get a house from OOS.

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Quote from @Patricia Andriolo-Bull:

Quote from @Dina Schmid:

Quote from @Patricia Andriolo-Bull:

Do you have access to a LOC in some way? I just got a 4.99% rate but it is a 3 year lock 30 year amortization or a 5.25% 1 year interest only. I'm likely taking the 1 year interest only and will refi then. My regular LOC is charging 7% today without points but it changes daily. I'm happy with a one year interest only commitment as I don't think the rates will get to there that quickly. BTW, this is with Morgan Stanley.

Interesting strategy but I don't think that's one we'd be comfortable with. Thanks for sharing.

Curious as to why you wouldn’t be comfortable with this? In my mind, the risk is interest rates going up which I’m not seeing that happen but of course I could be wrong. Back in the day, late 90’s my first purchase was a combo loan of an interest only ARM (interest rates were high then) at 80% LTV with a second loan loan for another 15% (I think this one was an ARM or fixed, don’t remember) and 5% cash down. This allowed me to remove mortgage insurance. I paid extra principal monthly regardless. Got me through the storm of very high interest rates (much different than today, I remember thinking 5.25% was a huge win!), built equity and refinanced when rates came down. After the 2006 crash, I don’t think you can get interesting options like this anymore but I credit this (along with not spending above what I could actually afford) getting me into real estate and building equity. Anyway, long story to better understand why you wouldn’t be comfortable with this.

It all comes down to personal financial situations and tolerances for risk, debt, etc. I don't think this is the best option for us.

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Quote from @Mike H.:

You are going to have an issue with it being a true log home. A lot of lenders don't want to touch those. Are you sure its a true log home and isn't just a stick built home with log siding and tongue and groove on the inside?

As for rate, it is an investment property so I don't know of anybody getting 6 or below on investment. But 6.5 should be doable. Maybe 6.25 even.

The sellers have listed it as a log home. I've been questioning whether it's truly a log home myself and do suspect it's actually log siding. Earlier this morning I sent a message to my CU's mortgage loan officer asking if they would cover log siding. The response was that he doesn't know and would have to look into it and get back to me on Monday!

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Quote from @Patricia Andriolo-Bull:

Interesting strategy but I don't think that's one we'd be comfortable with. Thanks for sharing.

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Quote from @Michael Baum:

Quote from @Dina Schmid:

Any tips on how to find them from out of state? I'm looking in a neighboring state, at an area 2.5 hour drive from home.

So what I would do is look at all registered lenders in the states surrounding your state.

Look for "local" lenders. That can be hard to tell. Bank of America, obviously national. Bluegrass Savings and Loan, Volunteer State Credit Union...that sort of thing.

Here there is Olympia Federal. Portfolio lender that only lends in WA state.

The time you spend could save you a full point.

Thanks for taking the time to answer my quetion. Really appreciate it! I will start searching and calling around this afternoon.

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Quote from @Kumar R.:

One of the homeowner who recently joined our STR portfolio said she got 6.25%. However, local realtors are saying that rates have come down below 6%

Yeah, all trust in this guy is lost.

And it's making me question our realtor if this is who she recommended.

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Quote from @Michael Baum:

Just keep hunting around. Call some of the smaller lenders. Portfolio folks. That is what we do.

Any tips on how to find them from out of state? I'm looking in a neighboring state, at an area 2.5 hour drive from home.

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Quote from @Michael Baum:

Hey @Dina Schmid, so things are really in flux right now and I expect to see some better rates in a couple weeks.

The best I have seen locally are from smaller lenders. Local S&L's and credit unions.

5.99% with no points right now is the best I have seen. It is for WA state properties only.

Thanks. I'd love to get 5.99% without points. Makes me think the 7.00% with a points (it was a fraction of a point, but still) is the anomoly and I can do better.

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Quote from @John Underwood:

Don't pay for points since you can refi later.

4 to 6 rate cuts coming by end of 2025.

If it won't cash flow at a 7% mortgage then it's probably not a good deal anyway.

Wouldn't consider paying for points when rates are going down. Keep the money and use it to refinance later.

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All Forum Posts by: Dina Schmid

Dina Schmid has started 8 posts and replied 86 times.

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