All Forum Posts by: Kristen Chapin

Yes this was SO helpful @Paul Defngin

Thank you! 

Interest is:

5/1 4.5 percent

7/1 4.625 percent 

10/1 4.876 percent 

I am asking her the other questions today. She actually said there won’t be a refinance charge (she will waive) not closing costs 😂 

My rate right now for a second home is 7.5 percent and it’s due in full in 5 years. I highly doubt we will have the property past 5 years but you never know! 

We have a balloon loan currently with same lender. She has offered this loan at a much lower rate and no closing costs to stay with them. I told her I would her back to her. After research I thought it was adjustable rates at any time. This makes me feel better. I will ask for more details!

@Paul Defngin that's exactly that. Can not be sold to Freddie Mae or Fannie MAC. Here are the ARM details. I don't know what they mean yet. Do you have any recommendations on fixed rate lenders for these type of properties as well? I really appreciate your help!

10/1 ARM

7/1 ARM

5/1 Arm 

Thank YOU!

@Matt "Roar" Gardner

Thanks Matt. I am with beach community mortgage now but they can’t do a fixed loan because my building has a check in desk?

We owe 131k, had the mortgage a year

Sells for 175-180k

Can anyone recommend a company that can refinance a non-conforming loan? It is a short term vacation condo rental in Destin, FL (considered a 2nd home currently but can also be considered an investment property)

I have had my current loan for 1 year and my current company can refinance to an ARM however we are seeking a fixed rate mortgage. Please send any suggestions- TIA!

Thanks so much for the clarification. This was more helpful then 2 hours on Google yesterday! I did look at the loan documents and it appears you can pay more as long as y ou tell them in writing beforehand or something. I will call them to confirm. 

I have a 2 part question:

1. Can you refinance a non confirming loan (its currently a 7 year balloon) We will full payment in 5-6 more years. If yo can refi, any suggestions on with whom?

2. I want o take my old 401k (I don't work there anymore) and put it in a solo 401k. I currently self employed as a real estate agent with Redfin and I own a sole LLC (but there is nothing inside it and not making any money) can I use my regular W2 job to add funds into a solo 401k? What happens if I become not self employed?

I researched and am getting conflicting info! Thanks so much!

Looking for wholesalers to partner with in Kitsap/Pierce County, Washington.

Also interested in partnerhips for flips in the area. I am local and can be on-site to assist, I have access to the MLS and a Supra key for quick access to homes, able to assist with some funding as well and be on-site, do scheduling and other admin tasks. Please reach out to me if you have somethign we can collaberate on. Thanks in advance!

I am looking at the BRRR Strategy. When analyzing properties, is there a certain percentage of ARV that you can determine if its a good deal without doing the calculator on every property EX: ARV 300K (must get house for 225,000 without repairs)- 75 percent- Is this right? When you refinance, you get all your money out?

Me and my husband have excellent credit ratings. He makes goods money and so do I but I am a broker and work contract roles so my stability is lacking right now. What are the best routes for us to finance a BRRR? Hard money is alot of money to factor in especially if we cant refinance for some reason. Would we put it under our LLC or ourselves? We have nothing in the LLC at all since I just opened it. Other avenues of finances we have is: a 401k that needs to be transferred since I no longer work with the company anymore, IRA's, 529 plans. Do you always have to have a 20 percent down payment because here near Seattle (ish) thats an easy $50K not including closing.

Sorry in advance for the million questions. I am looking to a very quick calculation on every property in my budget and then if i need to look deeper, go with the calculator. 

Thanks in advance for your replies!

Hello! I am looking for a Flipper in Kitsap County, WA that does 5+ deals per year in this area that is seeking free help. I am seeking someone to shadow and help out with whats needed and hopefully overlook my deal later. I also have MLS ACCESS and access to any home as I am also a new Real Estate Broker. If you are seeking some help with your business, please reach out to me. Thank you!