All Forum Posts by: Nandy B.

Be careful with mobiles. Just make sure that it is built after 1978 so it is able to be financed.

Best of luck!

Sheesh, that seems a bit steep. I had mold in some cabinets below my sink and it ended up being significantly cheaper to just replace all of the cabinets. Also when I had an inspector look at it, he said that I could get it done for like 100 if I do it myself but a mold remediation company was trying to charge me $3700. Yours looks like it is a bit more work but I would definitely do some research before spending that type of $

Is there a government agency that will need to certify the rental as mold free? Seems like this is mostly for tear out which is the easy part. You could tear out everything and spray the lumber with Monterey Consan 20 (I used it in Louisiana after the flood of 2016). You should use a moisture tester on all the lumber and make sure it is dry before drywalling. Then drywalling and everything else can be done by your contractor. For that small of a place, it might not be much more that this quote. This is all conjecture as I am not an estimator or contractor, but I know Monteray Consan 20 works well.

@Nandy B. the right answer here is to ask your All-In-One lender.  I have a feeling they will be able to provide you a product...but it will be different than what you are thinking of here.  There's only one way to know for sure though - so let's reach out to them and get the right information.

I read the whole thread, uh...

I'm exhausted.

I attended @Phillip Grove's seminar this weekend, well yesterday. I was really impressed. The seminar is for the beginner investor and it was comprehensive, dynamic, and highly informative. He did an excellent job combining educational and motivational material. I have gone to many meetings, seminars, and classes thus far. This is the first event that captured my attention. I did not miss a minute of the event. I was rushing to be there on time, and stayed the whole time. I took over 30pages of notes. I feel ready to move on to the next step in my REI journey.

Compared to other events I have atended. The room was still packed to the end considering the fact that it was a sun evening.

We have beat this horse enough, but... my 2 cents... 

If you are going to judge the man, judge him accurately. Even if his events are bait an switch, still does not take aways from the fact that the information was really good. When you have newbie investors, you don't want to overwhelm them with a $50000 on the first day. You introduce things to them slowly and build on that.

Honestly, we have bait and switch on this site too. I 'm constently being asked to upgrade to pro. Small $ same tactics. So you are all using same tricks! But still the benefits are really worth it!!!!

I was there yesterday, and not one member of his team forced me to sign up for anything. I was given the information, and as an "adult" I had the choice to decide if I was to say yes or no.

If you don't want to sign up for the training, say NO!

Don't come here and complain and degrade a man's reputation, because he does not operate the way you do.

Also just because most people on this site can "do it themselves" does not mean that everyone else can. Judge @Phillip Grove for the substance of his seminar or training, not your own biased on "Gurus" who charge money.

Message to anyone who may be interested in working the Groves. I attend 4 REI clubs regularly (I have been for the past 2 and 1/2 months). The Groves meetings are the most comprehensive: you get motivation, quality information, and a lot of people to network with seasoned and newbie investors.

I'm looking forward to leanring from everyone on this site. I just hope we can be fair.

@Megan Brooks

I completed the purchase of a new SFR for 120K financed via an All in One loan originated by Ridge Lending group. Below is my experience and thoughts.

I signed purchase contract and submitted to Ridge on Jun 8, 2020. They did tell me they were busier than normal and, to be fair, I had not pre-qualified with them. But I am able to easily qualify and submitted a full package of electronic documents to them on the same day. The process of getting loan approved was one of the most detailed (from documentation required) I’ve experienced thus far. Despite me supplying each additional document required within a day of the request, the entire process to funding and sale close date took until Aug 12, 2020. (65 days to close)

Terms:
25% down payment.
2.5% loan origination points on loaned amount, plus other closing cost
1-month LIBOR index plus a margin of 3.75%. The margin is fixed, the index is the variable part. Current rate is 3.
My normal closing cost (excluding prepaids on insurance & property tax) for a conventional 30yr mortgage for similar SFR has been $3800 - $4100 range. The All In One, was $7822. $2,250 of that was the 2.5% loan origination points on this type of loan. In addition, I had to pay an additional 1% down payment so that there was time for the loan to get transitioned to the final lending institution before interest accrued and exceeded the max approved credit limit before I had a chance to make a payment. It took until Sept 11, 2020 (30 more days) before the associated account with Northpointe Bank was set up.

Conclusions:
Loan took twice as long as normal and was more difficult from documentation standpoint.
I paid 26% down payment.
The closing costs were nearly $4,000 above normal.
My credit score immediately dropped from 804 to 775 (with nothing else changing except for the AIO hitting my credit report)
The floating interest rate is reasonable.
The remote banking with Northpointe Bank checking account, mobile app, ACH, autopayment scheduling is all good.
I’ve made this my primary depository account and auto payment source for other mortgages.

Am I happy with the decision? Yes.
For ONE property in an investment portfolio, I like this line of credit flexibility. Instead of letting idle $ (money being saved for future purchases, cash liquidity for repairs, etc) sit in a near 0% checking account, it now sits in the AIO which immediately saves a guaranteed 3.9% interest expense, secured by a SFR that is otherwise making positive cash flow, appreciation and such. It'll take me 2-3 years to recoup the extra front end loan cost, but I'll have the line of credit tool available for many years to come (assuming that interest rates stay reasonable).

Hope this helps anyone else considering this funding option.

@Peter Ovbiebo I went through Trustone - $650 origination fee after appraisal and I was all set