All Forum Posts by: Jordan Miller

Have you ever been to Gary? 

Hi Geri, so coast2coast could only close in Kentucky under an LLC(which I'm not using). Dominion had a slightly better rate than mcm, but they don't allow seller concessions, which as I'm trying to scale, I'm wanting to finance closing costs every chance I get. So I am going to be using mcm, they've been incredibly responsive and friendly and I've really enjoyed the process up to this point. I'm currently under contract on a property so I will update you once we close.

I have these 3 lenders to choose from at the moment, leaning towards MCM right now. Terms are all pretty similar. Anyone have a preference or experience with any of them?

I've been applying for financing for a couple weeks and the only positive response I've got with reasonable rates has been dominion. Has anyone used them? They said once I find a deal, I submit the questionnaire, and they send terms. Once I accept the terms, they will get a card to pay for the appraisal. Once they get the card, they will then send a proof of funds letter. This is a little different than what I'm used to so just curious if this sounds right and if anyone has been through this. Is this also implying I get an appraisal BEFORE an inspection?

I've been applying for financing for a couple weeks and the only positive response I've got with reasonable rates has been dominion. Has anyone used them? They said once I find a deal, I submit the questionnaire, and they send terms. Once I accept the terms, they will get a card to pay for the appraisal. Once they get the card, they will then send a proof of funds letter. This is a little different than what I'm used to so just curious if this sounds right and if anyone has been through this. Is this also implying I get an appraisal BEFORE an inspection?

I've been applying for financing for a couple weeks and the only positive response I've got with reasonable rates has been dominion. Has anyone used them? They said once I find a deal, I submit the questionnaire, and they send terms. Once I accept the terms, they will get a card to pay for the appraisal. Once they get the card, they will then send a proof of funds letter. This is a little different than what I'm used to so just curious if this sounds right and if anyone has been through this. Is this also implying I get an appraisal BEFORE an inspection?

Don't forget to factor in CapEx, maintenance and vacancy. Even a new home will need things eventually! At 5% maint, 5% capex and 5% vacancy i have your CoC return at around 4.9% based on 56K down.

A tad late, but...i ended up purchasing a SFR as a primary residence in June 2019. 175K purchase price, put down 5%. Currently worth between 190 and 200K. Once again around 70K in savings(plus an additional ~7K in an old 401k i would be willing to take out) and looking for deals but they are tough to find right now. Also, another hurdle is my employment situation has changed and I'm now self employed which has made getting approved for a loan for the time being rather difficult. Have briefly discussed it a little with a friend of mine who's in the mortgage business but he thinks I'll have to put up a larger down payment(30%) which is meehhhhh for an SFR. Going to meet up with him soon to discuss in greater detail. Would like to use somewhere between 20-35K towards something soon. We will see what happens! Hopefully I come back here soon with good news after our meeting.

The rent would have to be 20-30K/mo for 1% to be $200-300. You said rents were 800/unit, 4 units=3200/mo. 1% of 3200 is $32/month. Unless I'm missing something here. 

12% is awfully high...imo move and take the raise and pay a property manager to manage your properties. Best of luck!