All Forum Posts by: James McCard

I have not had a run in with the MDC in a long time - I am very local to that area. I will warn you going toe to toe with them will probably not end well. I am in no way trying to dissuade you from trying.

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Hell of a job for a first timer. I think you really knocked it out of the park - I will be keeping tabs here to see how you make out on this. Please do keep us updated on how you make out and the numbers after the sale!

2 Votes

If you are looking in the CT area send me a PM I might have a line on one in the south end of Hartford

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Originally posted by @Chris Szepessy:

I could be wrong, but I didn't think you had to refi to get rid of PMI. I thought it automatically "fell off" or you just called your lender when you thought you had enough equity in the home and they would drop the PMI if you did in fact have enough equity.

This depends on when the loan was done - some PMI cannot be eliminated meaning it is on for the life of the loan. Fortunately once I get to the 78% LTV it will drop off as my loan was processed before that change happened.

1 Vote

On my personal home I used Art Diedrick at Tiger home inspections. Why? He is one of my old customers at my last job. He was honest and very easy to talk to.

That being said give him a call - Tell him Jim formerly of Midas sent you.

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Ryan...

How much do they want to see in your cash reserves and do they care where it comes from? This is probably the hangup. Send me a PM or text and we can talk through some things.

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Originally posted by @Nicole A.:

I might be confused, but if you have a lot of equity in your primary residence, then you wouldn't have PMI still. I wouldn't consider 20% or less of equity to be a lot.

I will comment as this has happened to me. When I bought my house I paid 145,00 for it - the appraisal came in at 185ish. I had an FHA loan and it goes based on LTV - so until my LTV is below 78% or 5 years (I needed to pay for at least 5 years even if 78% LTV was met before that). If I was to list my house today I would probably go in at 204,999. I owe 124k on it. So there is equity there - I am still paying PMI though. That being said my rental income from house hacking covers 3/4 of my mortgage.

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Originally posted by @Hannah Krebs:

I went to school to be an auto mechanic. I don't use my degree at work, but I now do all my neighbors and my own maintenance! This saves me $60ish an oil change on my own car and makes me a little on the side.

We also have stopped using K-cups for coffee. Instead we bought a reusable insert for our Keurig and started making Maxwell House by the cup. It's not great, but we barely taste our coffee in the morning anyway! Now, instead of getting starbucks for a treat, I'll by a $5 box of fancy k-cups and have a latte at home on the weekends. That box will last me 2 months.

It is great to see that hustle in you. Just remember that the bigger you go the more rewards there are and income streams.

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@Jim K. that is an incredible thing.

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Originally posted by @Jerryll Noorden:

@Jerryll Noorden is a great guy to watch. He is really a mover and shaker in CT and does things his own way.

You forgot "Handsome beyond comprehension"!

no no ^_^ seriously.

Thanks brother. What an awesome thing to say man!

No sweat man I give credit where credit is due. You are out there same as me.

Hustle, grind, repeat comes to mind.

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All Forum Posts by: James McCard

James McCard has started 3 posts and replied 274 times.

Post: Water company put a lien on my property

Post: My Very First Flip Just Went Live on MLS

Post: Need help making the leap

Post: Ready to Jump Into REI....but...

Post: What Inspection Company Did you use for your recent RE purchase?

Post: First Investment: Financing fell through, 2 weeks to close

Post: Ready to Jump Into REI....but...

Post: How do you earn/save extra money thread?

Post: How do you earn/save extra money thread?

Post: Buying $40k rentals in Florida?