All Forum Posts by: Ricky West

Hello, My mother currently has an investment property that is financed at 6.375% she mortgaged in 2003. Now a mortgage company has reached out about Refinancing at 3.75% (4.089% APR). Supposedly this will save $17,000 over the life of the loan and the lender has mentioned escrow-ing the taxes and insurance into the payment.... Not sure what most of this means but I’m leaning on my BP community to help mother dearest. To me the numbers make sense but is the HARP a bad loan, or does anyone have advice/experience worth sharing to help my mom make the best decision? Thank you.

I was not aware there was such a thing, thank you for informing me. Unfortunately I am scheduled to work but will be looking out for the next one. I will be in touch! Thanks for reaching out!

I am a student at Texas A&M University, and interested in learning everything in the real estate investing world I can. If you are an investor, agent, or work for a real estate related firm or brokerage, please let me know if you could use any grunt labor or a volunteer. Money is not in my agenda, I just want to learn. Thank you, Inbox me!

Help!!!

I am a 20 year old college student thinking about investing in my first property. Here are the details: It is a duplex, currently renting for $900. The listed purchase price is $74,000 and think I can get it down to about $65,000 and doesn't need any major repairs and is live in ready. The tenants wish to stay. And I know this compensates for the 1% rule and the cash flow is $206 which is a number I am happy with. The CoC ROI looks about 14.98%. It is in a price range I can afford and have pre approved for a FHA Loan. Based off these numbers (and let me know if I'm missing any) does this investment make sense? Would love feedback and would be grateful of any help. Thank you!

I am a 20 year old college student thinking about investing in my first property. Here are the details: It is a duplex, currently renting for $900. The listed purchase price is $74,000 and think I can get it down to about $65,000 and doesn't need any major repairs and is live in ready. The tenants wish to stay. And I know this compensates for the 1% rule and the cash flow is $206 which is a number I am happy with. The CoC ROI looks about 14.98%. It is in a price range I can afford and have pre approved for a FHA Loan. Based off these numbers (and let me know if I'm missing any) does this investment make sense? Would love feedback and would be grateful of any help. Thank you!

Thanks Elvis that helps a lot! So just to clarify, if the numbers make sense and someone is willing to go in on a deal with me, they have to show proof of Funds and letter of intent, and I take that to the lender and say "look this guy has the money and is partnering with me" and if it makes sense they will accept that? Thank you for the time you took on your post.

Another question is how do I set up that interest payback to the investor, and how do I pay that out to them? On a per month basis according to the agreed upon interest rate? Let me know if I need to clarify... thank you!

Hi Tina, I am trying to RSVP but the link isn't working for me. Do you know why this might be?

So I am a 20 year old college student excited about my future of real estate investing...but I'm not good at sticking on the sidelines. I am working to analyze 5 properties per morning, but need some help. I work for 9.75/hour about 15 hours a week because I am a full time student. I am wondering if I had the down payment and closing costs, and all initial expenses, is it at all realistic that I would ever get prequalified for a 80-120k mortgage, if the numbers made sense? I find (according to what I'm learning on BP) some good deals, but according to some "affordability" calculators, feel that I'm never going to get the loan from the bank. What are my financing options? Am I wrong about the bank? Help.

Thanks