All Forum Posts by: Kevin S.

Okay so I just opened up BP on my phone, and they've definitely rehabbed the app. The issues I'm having are 1) I can no longer see posts listed by "Newest" like you can on the website, only by "Trending" or by browsing particular forums and 2) There doesn't seem to be any "search" functions on the phone app now like their used to be. Anyone found a way around these issues?

Don't quote me on this, but I'm pretty sure they are just showing a hypothetical financing situation to prove out their cash-on-cash return percent. Basically they are saying "assuming you took out a mortgage at 4.75% with a down payment of $75k, your monthly mortgage payment would be $1,283/month or $15,396 annually"

Thanks @John Mocker for the explanation and thanks @Jared Newsom for the agent suggestion, I'll reach out to Heidi about getting a quote.

Thanks @Cain Wright I was not expecting it to be near that high, but maybe that's what I get for getting a quote from a call center rather than a local agent. I'll definitely see about reaching out to Tyler for a quote.

I'm in the process of closing on a duplex in Tulsa Oklahoma and have started shopping around for insurance. I just received a quote from Geico and was shocked that they quoted me $6,065 for a 12-month policy, is this particularly high or is it a fairly standard insurance cost for a duplex? The property I'm purchasing was built in 1975 but has been well taken care of, does not have a pool or anything else unusual about it, and is in a good part of town. If anyone has any suggestions for other companies/agents to get quotes from let me know. Thanks!

I'm still working on obtaining my first rental property, but in the meantime I'm trying to get all my paperwork and processes for screening, etc. set up. One thing that I'm unsure of is the best way for applicants to provide their completed applications (as well as copies of DL and SSN card) to me. Originally I was thinking scanned copies through email, but wanted to get the BP community's input on what has worked best for them (or things NOT to do).

@Stewart May You don't say so specifically, but I'm assuming since you mention the 1-year owner occupancy that they're doing a FHA loan. Have they looked into a FHA 203k loan which would cover the renovations as well as the purchase?

https://www.bankrate.com/finance/mortgages/fha-offers-home-renovation-help-1.aspx

@Darrell Lewis not sure if your Real Estate Taxes are your computed number or what the seller told you, but if they are the seller's number beware as this will most likely go up based on the sale price of the house. Additionally, you may have trouble getting a mortgage if your downpayment is being lent to you, banks ask where the money is coming from so you'll have to disclose it to them if you are borrowing it. Might be better to just borrow the money for repairs rather than the downpayment

@Mark DiPietro No experience with hard money lenders myself, but I remembered seeing a similar thread the other day, seems that the verdict was that most HML's won't work for cash auctions because there are still several days needed to close using hard money and can be contingencies (inspection, etc.). Here's the thread:

https://www.biggerpockets.com/forums/49/topics/492555-hard-money-for-auction

@Account Closed Typically the only in-service distributions plans allow for are 1) hardship distributions, and 2) Age 59.5 distributions. Neither of these are required to be part of a 401k plan so some allow them, some don't. But in @Matthew Powell's case I highly doubt he'd be able to do an in-service rollover as they are only for people over the age of 59.5, however there are exceptions. Every once in a blue moon you see a Plan with a service requirement instead of age requirement (i.e. you can do an in-service withdrawal after 5 years of service) but again those are rare.