All Forum Posts by: Doug Alverson

Details from the pre-approval

Purchase Price - $148,000.00

Mortgage Amount - $118,400.00

Interest rate - 5.625%

APR 6.146%

Down Payment $29,600.00

Hey Everybody,

I'm working on setting up the financing for my first property (SFH rental) and was hoping for a bit of help. I work at a large national bank here in Minnesota and have been working with my regular mortgage guy there. My question is, are the rates/terms substantially better if I were to look at the local community banks/credit unions? I started the process at my bank due to my familiarity with the mortgage guy and the ease of him already having most of my info. Am I making a mistake? I don't want to leave a bunch of money on the table but as an employee, we get some breaks on closing costs, etc. Wasn't sure if those breaks would offset any small rate difference. Just for reference, I'm buying the house for $140k, it's probably worth 180 as it sits and 250 fixed up. The 20% down would come from a HELOC and I'd have a mortgage on the remainder. Any help would be appreciated. Thanks.

Hi All,

My name's Doug and I've been browsing the forums for the last month or so but haven't posted.  Figured it was time to change that.

I live in the east suburbs and work in downtown Minneapolis  at a big national bank.  Always been interested in real estate and now that I've discovered BP, I'm hooked.  I've listened to every podcast, read Brandon's "The Book on Rental Property Investing" and am just starting on J Scott's 2 books on Flipping houses and estimating rehab costs. 

I'm primarily interested in buy and hold strategy with small multi-family properties (2,3,4) units and maybe an occasional flip.  The goal is to get a couple deals under my belt and work on building some passive income to become a little more comfortable financially.  Nothing too crazy as my full-time job takes up a lot of my time.   

Really interested in Saint Paul south of 94  between downtown St. Paul and the River in Minneapolis.  Unfortunately, it seems like everybody else is as well.  And it's very expensive..  Might have to spread out from my target zone but we'll see.    

Was hoping to make it to the last BP meetup that Bruce hosted but wasn't able to due to some prior commitments.  From the reviews on meetup, it was a great presentation.  Hoping a new one pops up soon. 

So there it is.  I look forward to learning all I can and interacting with people on the forums as it seems like there's a ton of knowledge here. 

Doug