All Forum Posts by: Geoff Bishop

Dear smart people.  The following is the tool that I want.  Where may I find it?  Or who can build it for me?  Thank you!

Property Comparison Tool - REQUIREMENTS

1. Easy Input: Ability for the user to type in (or paste in) a property address, in a single field, so it gets instantly added to the comparison list. Example Inputs: "145 E Harmon Ave # 2511 Las Vegas, NV 89109" OR "134 NE Madison Cir N St. Petersburg, FL 33702"

2. Data Retrieval: Based on the address pasted in, the website should automatically pull in available data from Zillow (or the MLS) or both (ideally). For example, given an address, the Tool must automatically find the Sales Price, Square Feet, # of bedrooms, # of baths, Appreciation Forecast, etc.

3. Calculations: Based on the available data, the tool should instantly calculate metrics such as the following: $/SqFt, $/Bedroom, Average Price in Zip Code, Price as % of Zip Code, Gross Rent Expected, Gross Income Multiplier, etc.

4. Comparison: The tool must color code each data cell similar to what Microsoft Excel does, using the Conditional Formatting - Color Scales - Red/White/Green. This will make it visually easier to compare the real estate rows added.

5. Sorting: It must be possible to sort the properties added by any column.  Ideally it should be possible to sort by multiple columns, similar to what is available via Microsoft Excel - Sort & Filter - Custom Sort - Add Level.

6. Buy vs Rent Mode: The tool must support "Buy Mode" and "Rent Mode". In Buy mode, the tool would pull in values such as the Listed Price of each property. In Rent mode, the tool would pull in the asking Rent Price per month and other relevant data.

7. Notes: The tool must allow arbitrary notes to be added to each record, or, ideally, to each cell.

@Sri Voodi I'm not seeing any "excel sheet" or "link".  Did something change?  Thank you.

Thank you, guys, but I'm really looking for a TOOL / Calculator / Spreadsheet.

Is there a single Refinance Calculator on the web that takes into account MORTGAGE INSURANCE (PMI)? As in, I'm paying it NOW, and I WON'T BE PAYING IT after I refinance, so include that in my monthly savings, please. Also, I would like for something to show me, what will I save, over the life of the loan, if I refinance, and hold the mortgage until it expires. I want the entire picture. Is that too much to ask?

Current Loan (FHA)

$224,257 Original Loan Amount (05/18/2018)

$215,850 Current Loan Amount (Today - 07/16/2020)

$271,000 Estimated Property Value (Today - 07/16/2020)

79.65 Loan to value ratio

$1,071 Current Principal and Interest Payment

$143 Current Mortgage Insurance Premium (MIP) Monthly Payment

$1,214 Current P&I INCLUDING MIP (Must use this number for comparison purposes!)

$0 HOA Fee

4.00% Current Interest Rate

0.80% Current MIP Interest Rate

Current Annual Escrow Payments

$923 Flood Insurance

$1,067 Hazard Insurance

$1,684 FHA Mortgage Insurance

$3,090 County Tax

New Loan (Conventional)

3.65% New Expected Interest Rate (Investment Property: 3.15% + 0.50%) (Is this # realistic?)

0% New Expected Mortgage Insurance Premium

75% Loan to Value needed to eliminate PMI/MIP on an Investment Property

Should I be willing to put a little cash INTO this Refinance, in order to eliminate the MIP and get a lower rate?

Guys...

1) Is there a way to use the "Home Possible Income and Property Eligibility Tool" at https://sf.freddiemac.com/work... to see a *MAP* of the low-income tracts near me?  I don't want to have to enter specific addresses; ugh.

2) Is there a way to do a Zillow or MLS search for ONLY properties that fall into a Freddie low income tract?  Or is there any other intelligent way to cross-reference?

3)  It seems to me that as of July 28th, 2019, the strategy to buy a 2nd property (duplex) with low money (5%) down, has been wrecked, because of this https://sf.freddiemac.com/arti... update.  Until recently there WERE several low-income tracts in Pinellas county Florida.  Now I can't seem to find any.  Thoughts?

I'm really not a fan of the automatic "Recurring Membership" business model.  I find it to be sleazy.

My question is... If I go to: Settings - Billing & Payments - Cancel Pro Membership - Cancel my Pro Membership...  will my account be DOWNGRADED immediately, even though I just paid, or will my Pro membership remain intact until the end of the month for which I paid?  Thanks.

@Jason D. Thanks.  It's in the "Mystic Lake" neighborhood; also the "Presidential Circle" area.  I live here, but will be moving out soon.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $232,000
Cash invested: $48,600

My first property acquisition, a buy-and-hold Duplex in east Pinellas county close to many jobs. A learning experience. FHA loan with 5% down. Spent a lot of Cash on repairs. A break-even property, by my calculations, from a cash-flow standpoint.

What made you interested in investing in this type of deal?

Constantly rising rents in downtown St. Petersburg, FL made me want to be an owner rather than a renter. Before this deal, I did about 3 years of learning and research on Bigger Pockets and other resources. I also got my real estate license, but let it go inactive due to relentless MLS and Association fees.

How did you find this deal and how did you negotiate it?

Found this on Zillow. It was not listed on the MLS. The asking price was 280. I made an initial offer of something like 220.

How did you finance this deal?

FHA Loan. 3.5% down payment required. I put in 5% for slightly lower mortgage insurance.

How did you add value to the deal?

I did NOT add much value from an "Appraisal" standpoint, that is, something which would show up on an Appraisal. I did add substantial value from a "Rental" and "Maintenance" standpoint: New roof, aluminum wiring mitigation, added dishwashers, replaced air handlers, replaced hot water heaters, leveled fence, tiled bedrooms, added blinds, added ceiling fans and light kits, etc.

What was the outcome?

Outcome was that I learned a lot, and I now own my first rental property; it's only cash-flow break-even, but mortgage is being paid down at around $300 a month, and there is some appreciation. It doesn't seem to have helped me much at all from a Tax standpoint; CPA noted that my income (from my day job) was too high to claim certain deductions.

Lessons learned? Challenges?

It's important to be careful with your CASH IN. You want the lowest down payment possible, and you want for all of your deferred maintenance and repairs to be financed. I should have asked the seller to pay some closing costs, and for more up-front repairs, and I probably should have gotten a renovation loan instead of the regular FHA loan. Also, I really hated paying the "Up Front" mortgage insurance premium that FHA charges.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was my own agent for this deal. The brokerage was Future Home Realty (FHR), which I would recommend to any agent who wants low fees but also minimal guidance/assistance/training.

There are very often restrictions such as "Only 20% of the condos in the community may be used as rental properties at any given time." Once 20% is reached, no one else is allowed to use their condo as a rental. Then you have to get on a waiting list, and you may be waiting for literally years. The thinking is that owner-occupants make better neighbors and are more likely to take care of the community.  

Just be sure to really do your homework if you plan on using condos as part of a buy-and-hold strategy.

Hi, Billy.  I see that no one helped you here.  What did you end up doing?  Thanks.