All Forum Posts by: Marvin Valencourt

Just my opinion but methinks I smell a scam...

Maybe I'm just a paranoid newb but - Is there a way to verify the account information is accurate? Will calling the bank and just asking work or is it more involved than that? Should there be some consent disclaimer or is the one on my application sufficient?

Mine was well worth it... some tell me I "lucked out" though. :)

I haven't done but the one so far but from what I gather your repair costs will generally be higher on a place that's been through a foreclosure and you have fewer "protections" because you're buying as-is. Other than that, evaluate it like you would any other deal and if the numbers don't work walk away. Make offers you're comfortable with and if they turn them down then go on to the next.

Well, what makes them so good in hurricane areas is they transfer the wind forces around the entire frame instead of just to the hinges and lock attachment points. A lot less likely the frame will fail... I've not seen them in more than passing and couldn't say how well they keep bugs out but I'd have to guess they do... plenty of bugs in FL. ;)

You can get French doors that open outward... used all the time in hurricane areas, in fact I believe they're code in parts of SW FL. You'll probably have to order it and wait 6-8 weeks though.....

I too live in Florida and just used the skyrocketing appreciation to turn my current home into a rental and purchase another place. I understand what you say about FL real estate still selling but you may not be able to get your price (no matter how much lower than last year) and sell it quick at the same time. I'll say this - PLAN on it taking twice as long as your worst estimate to repair and sell the house. There are always factors that you cannot control - took me 6 weeks to get a window I ordered from a major home repair store. Cost? $342 for the window, ~$800 in mortgage payment and utilities. Expensive to "update the look" and provide a "nicer" rental to justify a higher price.

In your situation I think I'd ask at least half a dozen different realtors what the average time on market for their listings and plan on longer than that. If you can't manage that long then it may be time to think about hitting that corporate grind for another year or two until your credit has cleared up and you can make the "jump" in a more controlled fashion. You may also want to consult a tax attorney/preparer and find out what downsizing may do to your tax obligations... that appreciation may come with a pretty good size cap gains tax.

I will also say this, I'm making those 2 payments but it hurts... Hopefully I'll finish the repairs and have mine rented before the end of the month but my wallet and credit will still be sore for a couple of months afterward. Consider what having NO money to spend on dinner out at McDonalds will do for your wife... and how long you may have to tolerate that position.

You'll want to wait for some replies from the real financial types before taking anything to heart but I'd say it wouldn't make anything more or less hard. Equity is a form of savings and you're just tapping it using a hel. From my experience, and assuming your ability to pay is apparent, generally no more emphasis is placed on one kind of debt over another. I suppose some might look at a home equity loan as "better" than an equal amount of credit card debt but if you owe $25k it's still $25k and it would only matter if your income was "borderline". If you've demonstrated the ability to make your payments then it becomes a judgement call and would depend on who you're asking for credit from.

Don't have it on hand but a call or trip to the service desk at your local store should get you the current info.

Their website has a "Credit Center" too, look in the lower left of the main page. Link is loooooooooooooong and I suspect session based so probably wouldn't work if I posted it. Make sure you ask about the loan AND the card, there are differences.

How to explain a credit union vs. a bank? Not my forte but try this... http://money.howstuffworks.com/bank3.htm

HD does indeed have a "Home Improvement Loan" program in addition to their credit card, I used it to buy a standby generator for hurricane season but could just as easily have used it as rehab funding. They offered me about $7500... your mileage may vary. Not sure if the no interest for 90 days is an all the time thing or a promotion... splinterlfe, you may want to consider joining a community credit union, they're pretty good about personal lines of credit and home improvement loans, at least mine is.

I too have more than a few of the gray hairs that all cash speaks of. I can only say I wish I'd listened to his advice when I got similar from my Pop about 25 years ago... I'd be retired already. My dad advised the purchase of a duplex, live in one side, rent the other to get started.

I might "modify" that advice just a bit and suggest you buy a house in a neighborhood/location you know will be a good rental in a year or two and use the owner occupant "benefits" to purchase it. Don't worry so much about where you want to live if you're not going to be there long. Read the mortgage and make sure it doesn't require you to live there beyond your "target" timeframe or plan on a possibly higher rate refi that won't. When you've (hopefully) reached a 25-30% equity position by prepaying on the mortgage leapfrog into another house using owner occupant terms. Repeat as necessary.... just one strategy but one that had I known what I was doing would have worked pretty well for me when I was young and more "mobile". Keep in mind when I bought my first home Jimmy Carter was president and interest rates were at or near all time highs. If rates go up then this way may not be all that great but still may work for you...