All Forum Posts by: Joanne Gonzalez

Hello everybody! I finally got my first wholesale deal,  finding a buyer has definitely been difficult. But I really like this property I am considering keeping it for myself and doing the rehab. I wanted to see if someone is willing to give me feedback, possibly run number and hear your expertise or just briefly look over it and give thoughts on the Ad. 

 Hey Adam, I was able to get help. They created a note and mortgage. Not a deed of trust, could you share a little more about that? 

Awesome! thank you! :D 

Hey Wyatt!! :D 

Who do I need to reach out to, to get one in place? 

I am allowing someone to borrow $10,000. And as collateral, they have put up a piece of land that they own. In case they don't pay, I will keep the piece of land. Do I need to put a lien on the property or is a detailed contract in place enough?  I live in North Carolina, but the property is in South Carolina. should I hire an attorney for any part of this transaction?

Oooo Rick I did not think of that, the way it is now I would not be able to lower rent but so much! 

Maybe refi at a later date may be a better decision?

I love your reply, thank you very much, it makes sense and I appreciate your time. 

Thank you so much for your reply Jonathan ultimately I want to keep it for the long run and continue doing mid term rentals. The home is worth 180k bought it for 175 but owed 164k. 

Because I had to refinance into that higher APR due to a situation I paid the 20%.

39,878.20 cash to close and 6,978 were loan cost and other fees. 

In order to get into the new lower rate loan not only will I have to pay a penalty up to 5K, also pay the closing cost on the new loan. I will definitely get a lower rate but I'm afraid of it being in my name causing trouble to get a new primary and having to pay almost 10K again in closing costs.

I bought my primary June of last year. Showed in my credit and it was $169,750 loan, 5.4 APR, $1,139 monthly payment. Due to some circumstances I had to refinance and because I was renting it out I had to refinance into a investment property. New loan as of June 2023; 135k, 9.25APR, $1,261.50 monthly Does have a potential 4,995 penalty and does not show on my personal.

I am able to refinance through a credit union with a loan amount of $134,788, 7APR (5Year-ARM), with an estimated monthly of $896.75. Will possibly show on my credit and still an investment loan.

I feel like it's the right decision so I can make more of a cash flow. Usually rent it out between 1750-1800 (all Utilities included). Refinancing it will allow me to keep it at this amount or possibly even lower it to be more competitive. But I'm stuck in between whether I want it to show on my personal credit report or not I'm not sure if that's a good decision. I currently want to purchase another home as an investment whether it's a DSCR loan or 20% down for a conventional, but I don't want the mortgage to affect me. What would you do?

Side Note: I do want to buy a primary in the next 4-6 months in officially house hack the right way.

I bought my primary June of last year. Showed in my credit and it was $169,750 loan, 5.4 APR, $1,139 monthly payment. Due to some circumstances I had to refinance and because I was renting it out I had to refinance into a investment property. New loan as of June 2023; 135k, 9.25APR, $1,261.50 monthly Does have a potential 4,995 penalty and does not show on my personal.

I am able to refinance through a credit union with a loan amount of $134,788, 7APR (5Year-ARM), with an estimated monthly of $896.75. Will possibly show on my credit and still an investment loan.

I feel like it's the right decision so I can make more of a cash flow. Usually rent it out between 1750-1800 (all Utilities included). Refinancing it will allow me to keep it at this amount or possibly even lower it to be more competitive. But I'm stuck in between whether I want it to show on my personal credit report or not I'm not sure if that's a good decision. I currently want to purchase another home as an investment whether it's a DSCR loan or 20% down for a conventional, but I don't want the mortgage to affect me. What would you do?

Side Note: I do want to buy a primary in the next 4-6 months in officially house hack the right way.