All Forum Posts by: Jeremy Morris

Good for you Spencer! I'm in Salina and would like to touch base with you sometime in the near future. 

Thanks @Matt Vogt I will certainly have to double check the paperwork. We actually have not even closed on the refi yet.

Thanks Andrew, good info. I don't think I have enough equity in my current home to get a full 20% dp on the new house, unfortunately. 

On another note, do I need to tell the lender on my original house that it is no longer my primary residence?

@Albert Bui I'm not sure actually. It was through a local bank that usually sells their loans on the secondary market. 

@Jassem A. I guess that's where the rub with getting to write off many things on your taxes, it may look like you don't have much rental income. I'll be keeping my full time job though so that will help. 

@Nick G.

 The house is currently offered at 265K and was originally placed on the market at 300k. It is the cheapest house in the neighborhood where most of the houses are 350-500K. So, if I can get it at 250-265K I'll think I'll be doing well from an equity position later on down the road. 

@Albert Bui My DTI should still be good in less than a year or so when I look to refinance.

@Jassem A. I could certainly look at getting a conventional at 5% down. I guess I didn't think I could find one with that low of a DP. Bank rates certainly are low now, we just refinanced our current house at 3.375% for 30 years. Are banks still sticklers for checking where your down payment comes from? 

Thanks for all of the thoughts guys. 

I am trying to figure out a way to get started with my first deal without having to wait too long while waiting for my savings to grow. I have been thinking about possibly renting out my current home and buying another home. Obviously, I'd still have to come up with a downpayment on the new home, so I'm wondering if trying to find a person willing to do seller-financing would be an option. I'm thinking I might offer 5-10% down with 7% loan rate (house has been on the market 1 year). If I could get such a deal structured how might that work in a year or two if I wanted to actually obtain a bank loan on the property? Would it be a new loan with a downpayment? Or a refinance? 

Are there any other aspects of this I am not considering that I should? 

I noticed one investor listed on our country's delinquent tax list that has almost 20 properties listed. I, too, would like to hear from people who have actually purchased or researched such options.

Greetings from Salina, Michael. I am new to this game but have found BP to be very helpful.

Jeremy 

Great info. How do you typically finance the purchase of new properties? My target SFH is like yours.

Hi, Shane. Nice to meet you.