All Forum Posts by: Jared Jennings

To Tom S and Matt Fisher

That helps out a lot as I just learned something new. I will look into to SoFi.

Thank you, and I always appreciate the help and feedback from any and everyone.

Good afternoon gentlemen, 

Currently, I have funding through my credit union for the purchase. I close on the 18th, so I do not need funds for the house buying portion. I purchased my property in Charles City,  Iowa.  

This is the deal.  A single family house purchased for $58,000, with 0% for the downpayment.  All I pay is closing costs and 12 month hazard insurance, which has been purchased in full. My mortgage payment is around $298.50 per month. I already have one room rented out for more then my mortgage payment and am trying to find a tenant for the second bedroom. I will be house hacking and doing a lot of the work myself. I chose this option because I am a go-getter and I am a strong believer of if I am not moving, then I am wasting time type of person. Some of the work will be subcontracted out due to a plethora of reasons. 

The goal of what I am trying to accomplish is to network and develop long lasting relationships,  and to fund only the construction costs associated with upgrading the house. Then refinance what I can and pay you back. 

I would like to know what the cost of the construction loan would be, the terms, and any and all other information  required.

Thank you again, and sorry this took too long to respond back to. Sundays is the only time I have to drive an hour away to go shopping for necessities. 

Good morning, I close on my first primary residence in less then two weeks and I will house hack and renovate at the same time. I would have closed over six weeks ago if it was not for COVID. Does anyone know of good hard money lenders open to someone in my position?

Thank you.

Hello Bigger Pockets members. I am going to put an offer on my first house. I have two lending sources.

Purchase price of $80000

Option one:

3.25 APR for 30 year fixed FHA.

Option two:

The 80/20 is you have a 1st mortgage that is 80% of the purchase price at a rate of 4.625% that is locked for 10yrs.  After 10yrs, the rate can increase or decrease according to the market.  The 20% is the 2nd mortgage that is at 5.625% and that is 10yr balloon…meaning after 10yrs, you need to refinance.  It would be encouraged to refinance the 2 loans into one 30yr fixed rate mortgage within the first 3-5 yrs if you plan to stay past the 10yrs.

Thank you for your assistance.

Hello all,

I plan on buying my first property. Does anyone have a 3/2 or similar they are wanting to sell.

Please and thank you.

@Chris Hatch

I thought I replied a few days ago but I do not feel "qualified" meaning I do not know much to feel comfortable forming a group yet. Plus it is mandatory overtime at work because our machines have been breaking down constantly.

I think once I figure out my actual work schedule, I might be able to form one up. It does sound fun.

@Edwin Campos

Hello,

I would house hack your first property, if you have a primary, and listen to Rental Properties with Dan Lane and pickout what fits you best as well.

Good afternoon,

Are there any real estate groups in Northeast Iowa, specifically around New Hampton and Charles City?

Thank you.

Good afternoon Bigger Pockets! I plan on buying a home within five months but I would like your help determining which loans are best for my situation. Fannie Mae, Freddie Mac, or FHA would be my top three choices. My credit is good and I plan on buying a house under $90,000. I live in Iowa and if you would like more information about my current situation, then please let me know. I have done quite a lot of research, but I want to hear it from you all.

Thank you very much for your time.