All Forum Posts by: Randy Reyes

So Im currently going through the contract for a property, and trying to weight the options of paying closing cost up front or having lender pay them for a higher interest rate %3.5 and $40 dollars more a month

With them paying closing cost if frees up $5,600 upfront for rehab cost, now if I don't plan on being in this home for the long term (live in flip) should I even be concerned about the %.5 added on the loan. Thanks!

@Joseph Cacciapaglia Yeah I get what your saying, the neighborhood im looking into is a A- neighborhood so its generally kept clean. But thank you for taking the time to help!

Im currently looking into a townhome in a good location of town, but it doesn't have HOA. Does anybody know the pros & cons of not having a HOA what is something to look out for? Thanks!

@David David That is super helpful, completely understand how to look at this situation now. Thank you!

@Coral Hernandez Hi coral, I was looking at doing a house hack on a duplex and going with a conventional loan.
But duplex's are scarce in the market I'm looking at, so I'm gathering up a few more SFR properties and going more live in flip route as well.
Thanks for reaching out, I appreciate the information!

@Shain Ismailovski Yeah that sounds about right, I appreciate the info thanks!

@Shain Ismailovski Yeah 100% agree. But if no deal is found during your period of the approval, I would assume the banks look down to doing another pre-approval for a "just in case" property pops up. I just don't want to seem desperate to "need" to get into a mortgage if no deals are found during that time.

Quick question regarding getting a pre-approval.

Should I go through the loan process prior to looking at properties with a agent, or go look at properties even tho I don't have a pre-approval letter.

This reason behind this question is I'd hate to get a hard credit check, and don't end up finding a deal in the specific market in looking for and then the pre-approval goes to waste.

@Larry Richardson yes inside looking nice looks like someone intended for a flip, so renovated interior but didn't replace either roof. I am a licensed electrician so very hands on when it comes to personal repairs but roofing is obviously way over my head, so got rough estimate regarding that repair.

I am looking to house hack this deal, so the rent amounts are project once moving out. Current tenant is paying $1,300 lease up to date. Ill be -$400 out of pocket while living in unit. The rents on this side of town run for +$1,100. Now the roof needs to be redone on house and garage so looking to get house at $205,000 they are asking $230,000