All Forum Posts by: Kyle Gregory

i understand all that.. but do NOT tell me 1 week that he has to do a few more things, then 2 weeks later say OH sorry... I got a mortgage from him 6 months ago so he knew of any and all negatives on my credit report.... I guess the burning issue i had was customer service!!

here is my situation.. I bought a 2 family rehab (putting it mildly) for $30K. I have invested in this property roughly $12K and have brought the value up to about $65-70 (a little cosmetic work has gone a long way) any way, i am to the point that i would like to tap into some of that equity to finish up what i need to get done. I went to a broker, the same one that did my first loan (i was trying to build a relationship with him) and told him what i needed to get done.. After about 2 months of sending in required paperwork and having my credit report pulled a few times , and even being told by underwriter there is no problem with the loan he comes back and tells me "the mortgage industry has changed and i will continue to look but i will suggest you go elsewhere"!!! So now that this jackass has pulled my report a couple of times for a second mortgage what can i do?

dont get involved in this situation!!!! run far far away as this might end up in a very ugly situation

I work in the aviation business as a dispatcher and my wife works as a nurse practicioner....

while i agree that quitting your day job, especially in todays market, is a NOT a great idea.. I have discovered, after my first purchase, that keeping a day job and trying to make repairs on a fixer upper is quite challenging... which is why i purchased a 2 family that i could afford the mortgage payments on while i was getting it fixed up.... Your job gives you the luxury of being able to fix your house, while fixing others also

sounds like you have a beef with the real estate agent...

It is worth $640k. A property is only worth what someone will pay for it!!

even that much more reason to stay away..... I am not saying this isnt a legit company, it is one of those things that sounds too good to be true and usually they are

hey mike you might want to explain it this way... you plan for the worst and hope for the best.

It sounds like you plan on hiring a management company, contractors etc... And when you make all of your calculations on rather to buy or not you factor that into the equation. However, you do all the work yourself so instead of paying those people you "pocket" the money instead

the first response was the correct one... there is no right or wrong way, it is what is best for you. Taking a 40 yr mortgage will give you a little more cash flow but unless you get a substantial discount on your interest rates the cash flow will be minimal at best, where as you take a 15 or 30 yr mortgage you will have more equity sooner so when you do sell you will profit more

example on a $150k loan

on a 30 yr loan at 7% your payment will be $997.95
in 10 yrs you will have built up at least $21K paid off

40yr loan your payments will be $932.15
in 10 years you will have $10K paid off

so IMHO that $60 extra in cash flow is not worth the 10 extra years... r2d2 is right you get rich using other peoples money, but you get richer if you pay of your debt quicker