All Forum Posts by: Mat Poole

@Rachel H. I hadn’t thought of that! Thanks

@Brett Sayers it’ll come in around $50,000

I’m trying to purchase a property (in Clarksville TN if that’s important) that’s a half acre with a single mobile home on it. The numbers look great and it’s in my price range but I can’t seem to lock in financing on this. I’ve spoken with 9 loan officers and even tried to split up the purchase (vacant lot financed, cash on the home) to no avail. Any tips?

I have some equity in my current residence that I'd like to use as a down payment on a long term rental. Would the average lender be against using a HELOC to do this? How would it affect my debt to income?

I don't have any properties yet but for me the areas with the lowest point of entry and highest rate of return is in Clarksville and Columbia. 

My wife and I are considering a move this year and id like to keep and rent out my current residence. For those that have done this before what was the process like securing a new mortgage for the new house?

Current home is already on a conventional loan.

To clarify, and this might be where I get called crazy, I am looking at purchasing this strictly as an investment property. I already have a primary residence. I've found as low as 15 percent thus far.

Am I out of my mind thinking I can find a loan product with five percent down right now? First time buyer looking at single family homes between the $75,00 and $115,000. I've talked to a handful of loan officers and at this time the lowest down option I've found is fifteen percent. 

@Zach Westerfield thanks for the response! I’ll add those to my reading list

I’m trying to find a way to estimate insurance costs. Obviously there are plenty of variable that go into a monthly premium but there’s gotta be some rule of thumb to base these numbers off.

I’ve been using $1,000 yearly for every $100,000.

Located in Middle Tennessee researching Wilson county, Columbia, and Clarksville.