All Forum Posts by: Joseph Coleman

@Melvin List Have you seen lower rates for FHA streamline loans?

@Melvin List
I am referencing the OBMMI - which shows rates for FHA at ~5.9%. Are you seeing lower rates in your underwriting system?

Mortgage rates are falling, and CME futures suggest even more drops ahead. Refinance activity is expected to pick up soon. If you’re planning to buy, will you wait for even lower rates or buy now and refi later? 

For recent buyers, are you considering a refinance as rates drop?

My situation: I have an FHA loan at about 5.5% and my understanding is that it usually makes sense to refi once rates are about .5% lower than your existing rate, which means I may need another .75 to 1% decrease in the rate. So I will wait to refi but watching closing. Any other suggestions/thoughts are appreciated.

Sources:

• Optimal Blue OBMMI

• CME FedWatch Tool

Thank you for looping us in! That sounds stressful. I just sent you a DM. I want to make sure we understand what happened. However, I was not able to identify you in our system to look into this. Concierge does not technically "recommend" using a particular lender or agent. But we do hold our featured agents and lenders to a high standard. We regularly deny lenders from signing up to advertise with us and cancel them if they do not abide by our code of conduct. 

@Keegan Schaub Do you have any updates on this deal? Would love to hear how it went. 

I would not consider an earn out seller financing. It is a distribution that is based on the performance of the business overtime - like a small equity position that helps to align the interests of the buyer and seller. 

@Keegan Schaub how much do you need to put down on the property? Do you think the seller would be interested in an earnout structure or seller financing? $80k seems to be relatively small compared to the amount they will make from the sale. And an earnout could help you offset a lot of risk associated with a business purchase. 

@Nana Sefa I would check out the BP Property Manager Finder Tool under "Build Your Team" on BiggerPockets. I know a lot of great PM companies are on there. I would still recommend doing due diligence and spending time up front to make sure they are a great fit because PMs are such an important part of your team. 

Hi BiggerPockets Community!

I wanted to reach out to connect with fellow BP members who are either currently using or interested in starting the 90 day Intention Journal - By, Brandon Turner.

About the Group: We host a weekly call on either Saturday or Sunday with a small group of 2-8 people. The first half of the meeting is dedicated to individual weekly planning, while the second half focuses on reviewing each other's progress. It's a fantastic way to stay accountable and overcome any roadblocks together.

If you're interested, feel free to send me a DM with your email, or fill out the sign up form here so you can join our next meeting to see if it's a good fit for you and your schedule. 

Let's support each other in achieving our goals for 2024! 

-Joe Coleman

These are the sources I reference. But you need to calculate your own monthly payment with PITI and any other fees.

https://www2.optimalblue.com/obmmi/

https://www.freddiemac.com/pmms

@Caroline Gerardo 
Craig is an expert on loan assumption. 

They have processed a myriad of loan assumptions through their company that specializes in assumptions.  

To quote him - 
"The only assumable mortgages that exist are government backed mortgages, so FHA, VA, USDA mortgages can be assumed."