All Forum Posts by: Elizabeth Bower

The interest rate for this area is right, I've checked with local lenders on commercial and they are between 5.5-6% right now. I think I figured it out. His monthly mortgage calculation adds up to what I calculated it would be with compounding interest, so I think when he put Interest:$17,614.29, that this is the annual interest, not the whole term. I will definitely inquire that this is a fixed rate for the term. Great suggestion!! 

So, I was searching for land to buy for our farm on Facebook and there was a comment on someone else’s post by this gentlemen stating he was a private lender. So I did what any naturally curious person did and reached out. I tried vetting him by asking for the company website in which he sent me and it seems legit, but it’s him that does not seem legit. His numbers are off. 

He quoted me 5.5% interest on a $400,000 loan for 30 years and the interest in his numbers for the total term is $17,614.29. Now, I am no math major and I can’t calculate daily or monthly compounding interest to save my life, but I know it’s A LOT more than this amount. I mean, even $400k x 5.5% is $22,000! So I asked him how the interest was calculated and he hasn’t replied to my question, only reiterated the quote again. 

This is the company Hilltop Investment and their website is Hilltopinvestmentltd.com they have a legit website with an application process. 

Is the guy just wrong in his numbers and should I just apply anyways? Or should I avoid the whole thing together? Has anyone heard of this company before? I’d really love to only pay $100,000 or less in interest lol 😂 

Looking for help securing a commercial loan as rates continue to dip. We are looking at a few multi family properties in our area with 20-25% down, utilizing the monthly rent to qualify. Credit scores 760+. Looking for 3.5% and less for 30 year. The bank I work for is currently at 2.75% for residential 30 year. 

I’m interested, could you please send info to [email protected]?

I should also mention that they said it would take 30-45 days to close! I feel like I’m buying a house and we haven’t even put in an offer yet!

We have decided to take out a HELOC on our house to fund our first house. I research the numbers and apply and then the lender calls me.... He starts talking about closing costs.... appraisal, title search on our current home and variable interest... My question is, is this what to expect with every bank or should I move on to the next and find a better deal? Any recommendations are welcome! Newbie here! What’s the best way to finance with a HELOC?

It was my estimate, but we’ve done quite a few flips and renovations on our own, so we are pretty accurate and of course accounted for additional budget for those mishaps hiding behind the walls. The electrical may not need to be completely replaced, however we accounted for that just in case. A contractor would not be completing the work, we would. 

We have sifted through many homes and found one that the numbers make sense. However, it needs a LOT of work to bring it up to snuff to bring in worthy renters. It’s a highly desired area so the market is naturally more expensive in this area. 

The home is a foreclosure picked up by Fannie Mae listed at $259,000. We estimate $100-$115k in renovations. This includes some professional labor for the roof, siding and electrical(whole house- has some knob and tube, minimal outlets, needs hardwired fire alarms).

 The rest is cosmetic maintenance that was never completed... old cast iron tubs with worn caulked seams, peeling and cracking tiled floors, floors that have been wet and need new sub floors, some roof truss work as well as some floor joist work where the previous owner cut two of the joists to plumb the tub. It also needs about 50% of the floors replaced, windows, some drywall, paint repair, new porches and egress stairs attached properly and/ or replaced. 

I’m a bit nervous for our first house as there isn’t a single unit that can be rented immediately. We could have 1 rented after a couple weeks of work, then a second unit after about 8 weeks from the time of purchase. The 3rd and 4th wouldn’t be able to be rented until 3-4 months after the purchase of the house. 

My fear is how much we can afford vs how long this will take to complete. We want to offer $180-$190k but I don’t even know if Fannie Mae will consider our offer at that price, but that’s the price I’m comfortable with considering the amount of sweat equity it’s going to take to bring all of these units back to code and in good condition. 

Should we run? Should we invest? Is this too much work to take on for a full time working couple to bang out on the weekends? 

Last note, anyone have pointers on how to get rid of animal urine smell from concrete. It’s horrid in the basement of this house! 

Thank you for your help and advice in advance! 

We reside in NH- a no state income tax state, we want to purchase our next property, a vacation rental, out of state. However, there is state income tax in the states we are looking. How does that work? Do we need to file 2 state tax returns? Our state won’t give back a portion of the taxes paid to the other state since we live in a state that doesn’t collect state income tax.