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All Forum Posts by: Dan K.

Dan K. has started 35 posts and replied 72 times.

Post: BPO Needed for a Single Family Home in North Minneapolis

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

Hey there! I need to get a BPO for a vacant property in North MPLS as soon as possible (next few days).

I am not looking for representation.  I will not respond to agents that ask.

Please send me a message directly with your availability and pricing.  I'll reach back to folks who are a fit. Thank you!

I'm seeking an attorney (licensed in Minnesota) to help me with a botched real estate transaction on a rental property in Minneapolis.

The buyer didn't perform and won't sign cancellation.  He wants to keep his earnest money. His agent (in writing) confirmed that this buyer has done this before and is doing this on another transaction.

We terminated the representation with our agent.  My agent's broker won't release our earnest money, despite receiving a statutory cancellation. Their attorney raised two questions about the form that I addressed. 

Our agent misrepresented that he was a member of the MNAR - they've confirmed he isn't.  He also didn't appear in Pulse Portal searches as a licensed agent.  I've asked the brokerage and they've only confirmed that he is registered now.  I've done an open records request with the state to get more information (the investigator at the Dep of Commerce couldn't provide this info).

We're seeking the return of our earnest money plus damages (holding costs, etc) from any of the parties involved.  


Post: What rate should I expect?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Quote from @Taylor L.:

Rates have been going up quite a bit this year, so what he's been quoted isn't totally out of the park. It feels a bit high, but that may be because rates are much higher now than they have been for a few years. 

I would absolutely shop around. We did that earlier this year and saved about 30 bps. The worst quote we got was from a popular online lender, but the best was from a referral through our broker. 


 Thanks Taylor! Appreciate the gut check on the rate, very helpful.  

Post: What rate should I expect?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Quote from @Caroline Gerardo:

Rates will be lower Monday. You are mixing up APR which is just a way to see total cost averaged over the first year.

If you switched to a jumbo loan product or non QM product you can have rates in high five/low sixes for ten year interest only. This assumes you have that FICO and reserves.

Do not shop for a high balance conforming loan the GSE's are price crazy for those sold to Fannie and Freddie.

You need a broker with options at fifty "shops" 

Don't let everyone pull your credit- provide the report, the w-2/paystubs and bank statements then someone can tell you on the phone what they really can offer and how many days of rate lock. 

Calling without exact information will get you cloudy results.

Those are great general tips, well said! I'm shopping with specific info.  Maybe it's just because I'm used to looking at this from the political/regulatory side, but the lender requirements are consistent across the board.  

If a lender won't disclose their fees early, I assume they're just trying to string me along and then drop a big fee (and then try to scare me that I can't close on time without them).

We're definitely moving away from an environment where consumers are ok with lenders hiding fees and limiting folks ability to shop around. Lenders that accept that and are more transparent are going to find themselves on the right side of changes to the market.  Those that don't are going to see fewer and fewer customers.
 

Post: What rate should I expect?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Quote from @Matthew Crivelli:
Quote from @Caroline Gerardo:

Rates will be lower Monday. You are mixing up APR which is just a way to see total cost averaged over the first year.

If you switched to a jumbo loan product or non QM product you can have rates in high five/low sixes for ten year interest only. This assumes you have that FICO and reserves.

Do not shop for a high balance conforming loan the GSE's are price crazy for those sold to Fannie and Freddie.

You need a broker with options at fifty "shops" 

Don't let everyone pull your credit- provide the report, the w-2/paystubs and bank statements then someone can tell you on the phone what they really can offer and how many days of rate lock. 

Calling without exact information will get you cloudy results.

Multiple credit pulls won't affect the borrowers credit nearly as much as you are leading them to believe. At most, you will see a 10 point decline from multiple pulls in a 12 month period. In my experience people who are worried about credit pulls have bad credit to begin with. It's not the pulls that cause bad credit, it's being an irresponsible borrower that causes bad credit. @Dan K.

You're 100% right and I'm glad you said that.  Those pulls have very little impact and I think this myth that you can't shop around or risk damaging your credit is a really cheap marketing move to scare people into grabbing the first lender that calls them. 

I'd rather take a 2-3 point hit on my credit report and save $3k in fees (and tbh, I've never had a problem disputing a credit pull and getting those taken off my report). 

Post: What rate should I expect?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Quote from @Erik Estrada:
Quote from @Dan K.:

My husband is looking to purchase a property (owner-occupied) in Dallas, TX.

He has an 800+ credit score, no credit issues. good reserves, and consistent W2 income without significant debts.   He qualified for a $500,000 loan.   

The lender said the best he could do is 7% and 1 point. That didn't seem competitive and we pushed a bit, and the lender came back with 6.625% (6.825% APR) and no points.

They're showing $10,322.06 in fees ($2,571.86 in APR and $2,795.20 in no APR costs, and $5,205.00 in prepaid costs).

Is this the best rate that he should expect?

If not, I'm definitely up for connecting with anyone who can offer a better rate! Would love advice and feedback.


 Work with a mortgage broker instead of shopping and risking another rate hike. Also one credit pull will allow the broker to shop multiple lenders. A great one will be up to date on what's going on in the secondary markets. 

Hey, appreciate that but my experience has been that lenders are all looking at the same set of requirements and haven't gotten any value from putting all my trust in a broker.  I've never seen a mortgage broker deliver anything that I don't see online or from folks on BP... if you're able to do better, i'd love to see those rates and terms.

Post: What rate should I expect?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

My husband is looking to purchase a property (owner-occupied) in Dallas, TX.

He has an 800+ credit score, no credit issues. good reserves, and consistent W2 income without significant debts.   He qualified for a $500,000 loan.   

The lender said the best he could do is 7% and 1 point. That didn't seem competitive and we pushed a bit, and the lender came back with 6.625% (6.825% APR) and no points.

They're showing $10,322.06 in fees ($2,571.86 in APR and $2,795.20 in no APR costs, and $5,205.00 in prepaid costs).

Is this the best rate that he should expect?

If not, I'm definitely up for connecting with anyone who can offer a better rate! Would love advice and feedback.

Post: Cash flowing fourplex - looking to refinance ASAP, 6-9% interest

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

I just had a local credit union approve a refinance and pull it a day before closing when someone on the team flagged that I wasn't a local investor. Property was appraised for $80k.  Hard money loan pay off of $55k.  Looking for a private investor that would be willing to finance at 6-9%, 1-2 points,  15 or 30 year loan with 1-3 year balloon payment (depending on the lenders preference).  This is a cash flowing property, fully rented at $2450/mo gross rent. Taxes are $172/mo. Insurance is $210/mo.  Professionally property managed. 

Anyone interested?

Post: Auction.com

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

in some cases they've just asked if my last bid was my highest and best. In those cases I've gone up when I could, or held my ground if that was my highest.  If they agree, they will take this bid to the seller. The seller could reject it - but it's always worth a shot to try!

Post: DUPLEX FOR SALE - SELLER FINANCING AVAILABLE

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

@zarak would love to be on your cash buyers list too. [email protected]