All Forum Posts by: Account Closed

What an all-star cast.  Dan "the man" Rohrer will be there?  He and Ryan Young are local celebrities that close hella deals.  I'll be in attendance.

Can't wait to meet this "Milo Grogan" in person too.

I am always willing to chat @Dylan Murray.

To get credibility, understanding the lingo and the structure of the capital stack is useful.  Since you own your own small income properties, that's also a great way to show a prospective mentor that you "walk the talk" and well are on your way.

The best way to find a mentor is always to lead with value.  I interned for free for a guy in college who taught me the ropes, then later on I had the opportunity to go work for him.

Hi all,

I had a question regarding DTI. If I pay the property taxes and insurance myself on all my properties rather than escrowing them, will that lower my debt to income ratio? This is to the tune of $1,200 a month and could make a huge difference when I go to buy my next few properties in terms of how much I would qualify for.

Thanks!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbus.

Purchase price: $564,000

I reused FHA to purchase this turnkey off-market triplex in Italian Village, which is a great A-grade neighborhood in Columbus. The seller was very generous with their terms and even gave me 6% commission to use as my down payment (tax free) and to buy down the rate to 2.25% on a 30 year mortgage. I was out of pocket nothing at close and am excited to upgrade my lifestyle by moving here.

Currently rented below market rate at:
3 bed, 2 bath - $1,500
2 bed, 1 bath - $1,200
Studio - $875

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbus.

Purchase price: $564,000

I reused FHA to purchase this turnkey off-market triplex in Italian Village, which is a great A-grade neighborhood in Columbus. The seller was very generous with their terms and even gave me 6% commission to use as my down payment (tax free) and to buy down the rate to 2.25% on a 30 year mortgage. I was out of pocket nothing at close and am excited to upgrade my lifestyle by moving here.

Currently rented well-below market rate at:
3 bed, 2 bath - $1,500
2 bed, 1 bath - $1,200
Studio - $875

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbus.

Purchase price: $564,000

After refinancing out of my FHA loan at my duplex, I reused FHA to purchase this turnkey off-market triplex in Italian Village, which is a great A-grade neighborhood in Columbus. The seller was very generous with their terms and even gave me 6% commission to use as my down payment (tax free) and to buy down the rate to 2.25% on a 30 year mortgage. I was out of pocket nothing at close and am excited to upgrade my lifestyle by moving into this property. I will probably even try my hand at Airbnb down the road.

Currently rented well-below market rate at:
3 bed, 2 bath - $1,500
2 bed, 1 bath - $1,200
Studio unit - $875

Going rates for a 1 bedroom in this neighborhood are currently close to $1,700 at an apartment complex only one street away.

Thanks for the answer, Stephanie!  I will be sure to cancel my payment due on May 1st then.

I figured that I would be rolling the interest into my loan, but that is fine with me. I would rather borrow the interest than make a full $2,000 payment if possible.  I just wanted to make sure that it didn't mess anything up with the process of my refinance as my lender wasn't clear about it today when I spoke with him.  If the refinance were to be extended for some reason past May 15th, I would of course make my mortgage payment by then to make sure no missed payments show up on my credit history.  Thank you again!

Hello all,

I am in the middle of a refinance right now.  For reference, I usually pay my mortgage on the first and was planning to make my payment per usual on May 1st.

Since I am scheduled to close on May 7th and I technically do not have to pay until the 10th, am I okay to schedule my payment on May 10th and basically skip this payment with my old lender once I close on the 7th?  Will this impact anything with my refinance through a different or is this a somewhat normal practice?

I would essentially skip May as I close the new refinance before the grace period is over, then I will also get to skip a payment in June with my new lender.  I would then make my new payment on July 1st.

Any insights?  I sure don't want to screw anything up with my refinance.

Thanks in advance!

Thanks for the reply, Brad!  I definitely don't want to commit mortgage fraud.  If Freddie's rule is one year, then I will stay in it a full year, no problem.

Yes, it would be in the same city as I work full time here for my 9-5.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbus.

Purchase price: $215,000

My fiance purchased this one in an awesome neighborhood using the same grant I did. She got it for nothing out of pocket and received a check for about $2,000 at closing while I earned the commission.