All Forum Posts by: Kevin Drouillard

hmm, very insightful @Jerry W. , It has occurred to me that yes, their attorneys would obviously be much more on their side than mine.My only concern was that I'm a little too late. But like you said, it may be worth having them at least check over the papers for 2 hours and consulting on it. 

Truly, everyone's inputs has been astounding! 

@Michael Facchini You're right. I spoke with the mortgage broker and he said I got 5% mainly because I'm not going to be living in it. The 25% down wasn't a huge difference, however, with 4.7% being the best. I honestly thought it would have been a nice jump down. 

@Timothy Murphy III Yes my lesson has been learned! Granted, I did spend a lot of time vetting the company anyway, however, I did not have an attorney review it before I signed the contract. Of course, next time I know this is something that I should jump to. Because timing tends to be so fast with these I overlook those things and end up jumping the gun. Yikes!

@Ali Boone

Hi Ali, thank you so much for your reply. I actually have been reading some of your posts, and your comments and I always value what you say. Thank you for setting me straight on that, since this is going to be my first time buying a house at all, random concerns tend to come to my mind usually when it's too late haha! Anyway, thank you again!

wow, thanks, @Chris Mason for the explanation. Now I have a better understanding of how to maximize what I can get. Especially with the option of discount points. 

@Andrey V. , its good to see another investor in a very similar situation, because I was offered 4.75% rate with 25% down. I was beginning to think I was doing something wrong or was underqualified of some sort. It's good to see upper 4s and lower 5s are more 'normal' than the record lows of 4-4.5% being reported by some.

Hello BP, I'm purchasing a rental from a turnkey provider in Chicago, as an out-of-state investor. I recently locked in a mortgage rate of 5%. However, I'm wondering why did I even receive such a relatively High rate with my credit score being 780 +? I thought having good credit makes you get a lower interest rate. Did I do something wrong? I put 20% down. I understand putting 25% down will lower my interest rate, but even with my score with 20 down, it just seems a little higher than the 4-4.5% than those online mortgage finders. Any thoughts on this?

Thank you, @Chris Coleman, @Chris Colemanfor your response and advice. Wow, that's a very interesting thing to consider. Honestly yes, the lender that I'm using is not one that I have selected, but one that the turnkey provider suggested. I will be doing my own 3rd party inspection, aside from what lender would also be doing. It honestly never occurred to me to use or consider my chosen lender versus what the turnkey company suggests.

@Samuel BartonThe only reason I ask is for the sake of my own representation just in case if something peculiar goes on with the turnkey company itself. I was suggested to get an attorney just to look out for my own self, and I understand the reason why it might be a good thing. Say, for instance, if there are any issues that come up with them, but they never tell me about it. would it be good to have representation now or hire one if and when something like that comes up? Yes, many TurnKey companies have their customers' best interest at heart, but what about the ones that don't? It's just something I put up here for clarification.

Hello BP!

 I'm in the process of buying a turnkey investment property in South Holland, Chicago. I'm halfway through the process. The only thing is, I have not had a lawyer up until this point. This is going to be my first property, and so is going to my first time buying a house. Therefore, it didn't really occur to me to get a lawyer until I was suggested to do so. So my question to you all is, do you think I still need an attorney? I've already signed the contract, I've already ordered an appraisal and did the loan application, I am pretty much halfway through it at this point, and I'm all only just waiting for closing and inspection. What do you suggest I do at this point in terms of representation?

Thanks!

Hello all, I just have a question so I know what my options are. Is it necessary to have to wait at least 6 months before applying for another mortgage on 3rd or 4th property? Is it possible to use your current home's mortgage as "proof of on time payments" in order to be able to qualify for another mortgage in less than six months?

Thank you