All Forum Posts by: Roy Gutierrez

Hi guys,

I'm looking for investor friendly lending institutions. I'm currently about to buy a house using FHA because I had a short sale 3 years ago, funny that earlier last year I was able to do a conventional but the rules changed in August last year I think and now I can't. I should have asked here first before doing anything, doing things totally backwards! Maybe if I find a much better option I can still pull out from that deal with this bank.

House is 130K

The bank is offering me FHA 30 year, 3.75%, 5.327 apr

This is more or less my situation, if you guys think I can do better I would love to hear:

* I have 3 rental properties

   - Rental 1 and 2 clear (each house worth about 85k and 135k)

   - Rental 3 has a 58K mortgage (house worth about 140K)

* Primary Residence has a 78K cash out mortgage (house worth about 130K)

* Have a loan for 38K

* 0 credit card debt

* Make about 90K a year, 7 years at the same job

* Middle score per lender was 681

* Might be able to do 25% down

Do you think I would have a chance to do better than the current offer from this bank?

Thanks!

The refi would be nice if the rates are still low or low enough that it makes sense, otherwise I'm stuck with the PMI.

should I even consider an ARM loan?

Hi Peter, because I had a short sale in 2011, I'm an accidental investor thanks to a family loan, got very, very lucky. As I'm sure you know the wait period for short sale increased from 2 to 4 years, I thought I was good to go, got an unpleasant surprise!

Hi guys,

I'm thinking of buying a house as my primary residence, my plan would be for me to move there and rent my current house. The house is a 3 bedroom, 1 1/2 bathroom, 1700 sq foot, with a 2 car attached garage, $130K. I'm thinking of making it into a 4 bedroom, 2 1/2 bathroom house.  I really like the house, the 4th bedroom would be huge and will have a master bathroom and I actually get to enjoy it! :) I can even entertain the possibility of having roommates and I could live there almost for free!

My issue is that I have no choice but to go FHA, I got quoted and approved (3.75 interest, 5.33 APR, I should have shopped around more!) on this deal so I have to pay the upfront PMI and the monthly PMI, so now I don't want to fall in love with the house I plan to enjoy it but I still want to focus on moving ahead with real estate investing. What advice would you give me on how to use this purchase to advance my real estate investments?

Thank you in advance!

He is a good tenant, I like the point that better a punching bag than the walls! I guess I'm going to be punching that bag as well, I got invited for a workout! 

I did, thanks guys!

Hi guys,

My renter wants to hang a punching bag on the steel ibeam in the basement. He's been a very good renter, nice guy, and the rent I get from him is very good, so I try to keep him happy but I'm concerned about structural problems if he's pounding away at the bag everyday. Is it a very bad idea or is there some type of installation that will minimize the impact of the bag.

Thanks!

I'm curious about trying this with one of my houses (even thinking of renting a room in my own place), just curious if my market (Oak Park/Berkley suburbs north of detroit) would be a good market to do this. I would be curious to see how different people are doing in different markets but especially my market, worried that vacancy could be an issue during the winter months.

Thanks!

Who's responsible for cleaning the gutters and changing the water filter in the refrigerator (which should be yearly?)? Is there a detailed checklist somewhere in this website as to the renter's responsibilities for upkeep of the property? 

Thanks!