All Forum Posts by: KATHY H.

@Lawrence Harris

Have both the engineering and finance degree is definitely good for your career, if you enjoy doing that. Not sure whether it will help the real estate side though. Maybe getting both degrees will land you a higher paying job, which in turn allows you to borrow more money!

@Greg Mesa

I have done that myself without realtor once in the past. I contacted the title company I used before and they have a fsbo purchase agreement that I could use.

I am doing my first BRRRR and I am trying to see how everyone is tracking their rehab expenses? Currently, I am using an excel spreadsheet to keep track of all my itemized expenses. For example, with the HomeDepot ProX account, I was able to download the itemized receipt details into excel, and categorize them based on asset classes. However, if I shop at other home improvement stores, then I don't have access to those itemized details, and I will need to enter each item I purchased manually. After that has been done, I will then entered the aggregated amount from each category into QuickBooks. For example, in September, I spent $200 in paint expenses, and $3,000 in appliance purchases. I was wondering if I could move this "categorizing" exercise to QuickBooks (is there an import function I could use)? If not, what app do you recommend to scan receipt and categorize expenses? Thanks!

@Steve Morris

Thanks. It’s actually two separate transactions. One of was from a wholesaler and the other property was fsbo. I have done a couple deals off mls using agent, but I don’t know if a purchase agreement from internet would be sufficient.

I have recently came across two deals, one from the wholesaler and one from fsbo. Both of them don’t have agents involved. I have inspectors came out to do a general walk through of the properties and am ready to make an offer. How does it work? Should I email them about my offer, and if they would like to proceed, I will then submit a formal offer (which I think I could obtain from the title company)? How about title? Do I need to run a title search before making an offer? I think the seller will provide title insurance but I am not sure if I need to do my own title search as well. Any insights would be greatly appreciated!

@Jesse Hinaman

Thanks, that makes a lot of sense. The rate is low and lenders would want to prioritize. I reached out to close to 10 different lenders, only half of them responded to my email or voicemail, and only two could actually talk numbers with me. And thanks for explaining the benefits of buying down points.

@Erica Larence-Penna

The broker said this is third party cost plus point - I will see if I could get a more detailed breakdown. Contacts would be great - I will PM you. Thanks!

@Steve Morris

The two brokers I talked to seem to indicate that this is the rate under the current circumstances. I will try to get more details from them. Thanks!

@Steve Morris@CJ M.

This is a conventional loan under my name. 

Recently purchased my first rental property (basically turn key) two months ago with cash. The property is around $90k. Now I would like to refinance this property to get some cash out. Called around for a couple quotes, and here’s what I got: low to mid 5 interest rate, 30 year fixed, with 4,500 closing cost. My question is 1) the interest rate is higher than what I’d expect. The lender said there is something to do with the current environment. I was wondering what rate is normal nowadays. 2) the closing cost for a $90k property seems high. Is this what it is or I could call around for lower closing cost?

Greatly appreciate your answer in advance!

@Curtis Robbins

Primary residence 3.085 30 year no cost re-if

Rental had a loan estimate of 4.99 30 year for cash out re-fi.

Still trying to find lender for the rental refi since the current rate is higher than what I expected

@Joe Homs Thanks for your response! I apologize for the confusing question. Yes, my mom and I will be both contributing the money and having equity in the property. When presenting the offer (with the proof of funds), I think we will have my bank statement, my mom's bank statement, and a letter saying my mom is authorized to fund the deal? 

The only reason I don't want LLC is that I have heard LLC is harder and more costly to get financing. I am just starting out so just want to keep it simple.