All Forum Posts by: Jay Thomas

@Will Fraser

Very well put! Thank you for that perspective. So the only question that remains for me is this. As a rental, is it easier to move forward with another purchase if this loan is FHA or conventional? What are the drawbacks when it comes time to purchasing what will more than likely be our new primary? Thanks again!

Hoping I can get some input as our refi situation seems to be changing constantly. Current mortgage is at a 4.625% 30 year. Payment is $1276. The goal is to get under $1200 a month payment so we decided to refi with the current rates being so great. Started a refi but didn't follow through as we weren't happy with the cost. Paid for appraisal which is still good for another month. Tried again with a second company. They've said we can go traditional but they won't accept the old appraisal. Or go FHA again and they'll accept it, saving us $750. Better rate with FHA vs traditional. So the mortgage insurance is kind of a wash from a monthly difference, leaving us to decide on which loan type to choose. My big question is this. This will be an investment/rental, so should we leave it FHA or go traditional? Also, cash out would be more if we stick with FHA. This wasn't really a concern however I have a $10k line of credit that is impacting my score a bit and I need to get it resolved. Traditional loan will only allow us to receive 2% of the mortgage amount at close, which doesn't help much. Hope this all makes sense. Any help would be greatly appreciated. Also, I would probably take more than $10k at close if I do FHA. This way I'll have some in the bank for the next purchase. Currently at $234k market value and I owe $160k. So I've got room to work with.

@Cameron Tope I believe at this point my biggest question is sourcing deals. By and hold is my primary interest.

I’m looking for some new book ideas that cover areas that may not have been discussed in some of Brandon’s books. Seems like anything I come across is similar in most every way, just worded differently. I was hoping to find something with some new ideas or different takes on current strategies. Any suggestions?

@John Warren Thank you so much for the reply. I will definitely be doing some more foot work. I have an appointment today with my previous broker to discuss some options. I feel like stumbling across BP was probably a blessing in disguise.....

Hello BP members. My name is Jay. I live in the beautiful Pacific Northwest. I bought my first home in April of this year at the age of 38. Father of 3. Lovely girlfriend, supportive, thinks the world of me. Yada yada. My mother is in RE. Has her own company. I’m a union PipeFitter. So in short, I’ve got an inside connect if you will, and I’ve got substantial income to get moving in the right direction. This is my hope anyhow. Bought my house at 80% of the appraised value. Looking to combine the equity in my first home along with my extra income to start building on something more than my current net worth. I will have tons of questions, but I’m sure I’ve come to the right place.