All Forum Posts by: Jared Chipkin

What are your thoughts on the best neighborhoods or cities across the country to achieve solid cash flow with multifamily(2-4 unit) while still being in an area that you would raise your child.  Low crime, good schools, parks, etc. 

Hi Alison,

Welcome to BP!  This is the most amazing resource for your real estate curiosities. 

I see you have checked out the podcasts which are inspiring and informative. 

Browse through the blogs and forums - You will find great info everywhere you look. 

I haven't been too active on here, but I wanted to hit you up because I used to live near you in Pawling and would hang out in Carmel every now and then. 

How is the market there? I know the taxes are pretty high.

The front yard could look beautiful for a few hundred dollars... Cover it with thick black plastic or weed guard, then a couple yards of mulch. Plant a few native xeriscape plants like Russian sage, salvia, iris, daylillies, grasses, valarian, or yucca.  Perhaps throw in a local drought tolerant tree. I've seen it done many times and it looks great. The combination of the plastic/weed barrier and mulch will help retain the moisture that we do get. The only issue might be that new plants have to be watered somewhat frequently the first year or so that they are planted. Once established they will survive our weather with little maintenance.

Thank you all for your great tips and insight. I do have a lease on a vehicle, but it would cost me too much to sell it outright.  That, plus a few other little tricks may have worked. All excellent ideas. 

Our mortgage broker was able to locate a different lender with more lenient qualifications.  Instead of 41% debt to income, theirs is 45%.  Ok with my commission job.  Instead of the 3.625% rate, we got a 3.75% rate. No points. Only a few hundred more $$ on our end at closing. Doesn't sound too bad, eh?

Our loan has been approved for a couple weeks..or so I thought!  Now our lender is coming back saying that we are at 44%debt to income and we need to be at 41% because of my commission income it threw everything off. (& supposedly the lender is super strict).  We are purchasing a  home and renting out  our current house.  What is the best case scenario  for this situation, considering we should be closing in nine days.  We don't have 20% to put down.  I'm told that if we have  20%down than we would get the loan. So taking out another  loan backed by our current property may be an option. How likely would it be that we could take out the 20% equity from our current  house and put it down on the new house?  & how does the interest rate compare to the typical mortgage rate? Any advice would be much appreciated.

@EddyD Genius idea, but they must have caught on to it.  To buy back with points is nearly $10,000.

I had totally forgot about lender paid PMI. My lender totally failed to mention it as well. Thanks!

I'm looking for the best possible rate. Right now I am looking at 4.125 with no points.

I dispute it at least once a year with the credit bureaus. I contact Wal-Mart about once a year and they don't do anything at all except bs me. I will never shop there again.  It was partially their fault because when I moved to my current house they kept sending the bill to my old address so I didn't realize that I owed money. The collector didn't call me until 4 months later, I paid the bill on that call and have been paying for it ever since! 

That is a good idea, perhaps we could take out a low interest loan from my parents...

My wife and I are purchasing a second home and can only afford to put 10% down on a 345k house. Is there any other way to bypass PMI without taking a second loan?