All Forum Posts by: Josh Hackett

@Jay Hinrichs I'm buying out of state, Cleveland area. So there is room in the numbers for these fees luckily. I just didn't pencil them in my closing costs initially. Adding it to my tuition costs! Ha. Thanks again Jay.

@Jay Hinrichs yes the lender is Silver Hill Lending. I do realize my situation is not ideal on paper and am ok paying more to get the deal closed, this amount just shocked me initially. Definitely a learning experience for my first time, which I am also ok with an expect more along the way. Thanks for your input Jay, always great reading your content on here.

@Caleb Heimsoth 8% on a 30yr amortization schedule with a 5yr period where I'm locked in on the loan. I hope I'm explaining that properly! Yes these fees seem crazy to me for sure. I've got good credit, over 750 too.

@Andrew Baker thank you for the info Andrew. I'm saving your info for next time.

@Jack Bobeck I wouldn't mind the fees as much if I wasn't putting down 20% as well.

@Theo Hicks Thanks Theo! I shopped around prior to finding these properties and felt confident in my lender. I just was not made aware of the fees up front so I'm having a slight jaw dropping moment looking at the figures. If I'm not over paying 5% more than I should, I'm ok with it given my situation. I'm going to talk to my lender about my thoughts. I'm looking for long term relationships and if he's nickel and diming me over a couple grand, he's losing out in the end by a long shot.

@Linda Weygant Thank you for your response Linda! That does make me feel a bit better. I know in my situation, getting financing can be and has been an issue, and I'm willing to pay a premium for getting deals done, this just seemed a bit out there though and felt predatory. Unfortunately I feel like I've painted myself in a corner and have to move forward, finding a new lender at this stage will definitely kill the deal. Just wish these fees were disclosed up front. Oh well, thanks again for your input!

Hey everyone! I'm an out of state investor, have a couple properties under contract in OH at the moment and was just sent a LOI to sign from my lender. The fees seem a bit crazy to me, but this is my first deal(s) so I could be off in thinking this. A few things, these are commercial loans, I am self employed so this is a special program not based on my stated income, but the property's cashflow and my personal cash flow from my business. The loan amount will be about $340K, and the lender fees are just under $22K. They charge 3 points, Total amount loaned would be $340K, fees are just under $22K strictly for the loan. Legal doc fees, underwriter fees, appraisals, and there may be more along the way. I know typically closing costs are 3 to 5%, this just seems crazy to pay this much in ONLY lender fees. Any help or advice is greatly appreciated! Thanks!

Hey everyone!

I'm hoping there are a couple people that are in my position or that have advice on moving forward. I have been self employed for most of my adult life. I make in the six figures right now, but taxes have always been an issue when it comes to borrowing. I bought a condo 3 years ago and have around $80K equity after all the closing costs. I'm looking to purchase an investment property and have around $100K liquid to use, as well as the equity in my current residence. IF I don't sell my condo, it will rent extremely easy and passes the 1% rule with flying colors. But living here has made me realize how cheap it's constructed, and how much I HATE the ridiculous HOA that goes up around 10% a year for some magical reasons.

My girlfriend isn't happy living here due to wanting more space, a yard, not having to go up 2 flights of stairs, etc. etc. and wants to buy a "forever" home asap, but is also opened to a house hack situation where we buy a fixer upper. Also, we are in the Portland Or. area so prices........suck. She has be pre qualed solo for just over $300K, I couldn't be on the application due to me owning a home already, and showing a very small amount of income in 2016 and now even smaller amount for 2017. Think sub $20k per year, this year is sub $10k in income. Which is great on one hand since I owe a very small amount of taxes, but sucks for financing. 

I was excited to get my taxes back and go directly to a lender with them to see my financing options. Well now my financing options seem to be zero with me showing so little in income. 

I guess I just don't know how the heck to proceed. I'm bipolar when it comes to selling my unit, one week I definitely want to sell and use the money to purchase a new home, the next week I feel stupid for even considering selling because I bought this property the right way and got a killer deal. Plus my initial thoughts for purchasing were strictly for a rental eventually, and I'm in a great A location next to so many things, and Portland has already started spreading out where I am and developing the area for huge growth. 

I feel like my best option is to continue saving until I have around $200K to purchase a property in cash. I just don't want to wait that long and am ready to start now. I just feel overwhelmed with picking the correct path and right direction to head. Sorry for the rant, I'm just hoping to get some out of the box ideas or to be called an idiot and to calm down :) Thanks in advance everyone!