All Forum Posts by: Nick B.

The person we were working with was not a loan officer. He may have been misinformed and that is why he said we would need to pay the MIP for the next 3 years. It seems that I need to talk to a professional loan officer about our situation and reduce the monthly mortgage, while making available some funds for an investment property. Thank you David.

@Marco Santarelli - We would be selling our house primarily to free up cash and to discontinue the $1850 monthly payment. There are a lot of things we love about our home and we are slightly emotionally attached. However the potential benefits outweigh the negatives. I'm not familiar with a hard money loan, I will need to do some research on that. Our goal is to eventually buy and rent enough properties to replace one of our incomes. Thank you Marco for your response.

@Joel Owens - Yes it is a little embarrassing to share that we make so much yet have little cash. The excuses (some poor) that I have are: 1. We are not as frugal as we could be, 2. We are aggresively been paying down student loan debt, 3. We did not take our loans for my wife's masters program, 4. We did not take out loans for our overly expensive wedding, 5. We are in our mid/late 20's.

We would temporarily move to the rental until we can identify a profitable investment property. We would move into it, rehab it, and then rent it out, and continue the cycle (not move into each one though).

She got her license for education, potential cost-savings for us when we buy and for friends/family when they buy, and for access to properties (I'm not sure if that does give us extra access to properties though?) Thank you Joel for your response.

I've been browsing BP for a couple of weeks now and have been pleasantly surprised by the quality of the community here. Thanks for making this place so valuable.

I am looking for advice. My wife and I own a home, purchased in early 2011 for $240k, and we currently have $220k left on the mortgage. It was a short sale, and we purchased at the very bottom of the market. Current interest rate is 4.8%, with a total monthly payment of $1850.

The house has appreciated to $315k. This is a realistic appraisal as we have closely been monitoring comparable Sold homes in our neighborhood. I am not exaggerating the value of our home.

We do not have children. Our combined income is $130k. 720 credit score. We have very little cash at this time, though our parents have offered to do a HELOC on their home that would allow us $130k.

Our goal is to sell our home for around $315k, which I think would net us roughly $80k. We would sell it ourselves. My wife just recently got her real-estate license. We would then rent a home. Then we would look for investment properties which we would buy, refurb, hold, and rent. We would use the $80k from our home sale and potentially the $130k from parents HELOC.

Please let me know what you think. I value your input. Thank you,
Nick