All Forum Posts by: Matt F.

Hi all, been thinking about this and cant tell if im missing something.  If I can refinance at 6.5% and then put that money right into a savings account that gets 4.1%, assuming I keep the money in there, rates stay the same, and closing costs are not significant, does that make my bottom line equal a 2.4% mortgage rate?

Hi all,

I am looking at a condo for sale at $171,000 in cash that needs $6k of work as a rental. ARV of $195k. HOA fee is 210/mth, Taxes $80/mth, Ins $25/mth. Rental rate is $1800/mth.

I am happy with the cash flow, the problem is the HOA has a unit not paying their dues (greater than 15% of the total condos) and the HOA is litigating, which makes it a non warrantable loan, and the reserve funds are low ($10k remaining across 5 units) The condo is the cheapest 4bd 3bth unit in the area which interested me, the thing I am worried about is not being able to cash out refinance and getting hit with more assessments as the reserve fund is low. Is the decent cash flow (best available in the area at this time is seems) worth taking on the HOA risks, or should I walk on this one?

thanks,

It is 120K each.  $120K + $120K - $45K = $195k of equity id like to tap into.

Hi all,

I have two properties in the Charleston area I want to refinance. Both are in LLC's. One I own and the other I owe about 45k. Both houses are worth ~$120k. I cannot find any lenders who will refinance a property in an LLC, it seems like my only options are to transfer title to my personal name and then wait 6 months. I don't mind transferring title, but I don't want to wait 6 months.

Does anyone have any ideas on how to solve this issue, or know of any banks that would lend on an LLC / or not require a 6 month seasoning?

thanks,

Matt

Hello BP

I am looking for some good areas between Charleston and Charlotte to buy. Looking for buy and rent. Anyone have any good spots? Something with low crime and decent rent/price ratios will satisfy my need. 

thanks!

Does anyone know of the data source for this? Any websites that show it?

I'm going to go against the grain here and say that I think Trump realizes RE markets are way overvalued, mostly thanks to the FED (but thats another topic) and knows that he needs to put more restriction on the highest risk loans such as FHA. Its too easy to get a loan these days, which causes artificially created demand for housing, causing the people who can barley afford a house in a strong economy to buy way above a "bad economy" home price. Hence, one downturn and we have 2008 all over again. In my opinion this is a smart move for the long term all be it is a very tiny step.

 Mind sharing the other 3 indicators?

Hello,

I am looking to close my escrow account, mostly so I can avoid a DOS close when transferring to an LLC. The mortgage company is requesting a letter explaining why I want to close the escrow account. My questions for the group:

1. What is your opinion on closing an escrow account?

2. What are some reasons I could put in the letter to use as a way out of the escrow fund?

Thanks

@Chanté OwensThanks for telling me about AM best. I was looking for something like this.

@Ryan Turner  I looked up Centauri Specialty on AM best and they are not rated. Therefore, its best to stay away from them? What do you mean by demo-tech?

Can anyone suggest good homeowners ins companies who are known for lower premiums?