All Forum Posts by: Rosie Small

I want to share with the  BP COMMUNITY my alarming experience today, it never happened to me before .After 2 EXTENSIONS on the closing date, because the mortgage broker ( bridge loan ) keep asking for more and more pictures of the before and after of all my properties in order to proof my track record and reevaluating  the property appraisal done 4 weeks ago, finally I closed today ,  OR I THOUGH THAT I CLOSE TODAY but the title company called me later on today, saying that they are not getting the wired from the lender, the mortgage broker sent an email to me and the title company asking for a 3rd EXTENSION because they need a few days to fund the deal because they are dealing with A SECONDARY MARKET VOLATILITY and they COULDN'T SELL THE LOAN TODAY , and that on Tuesday they will know the terms under which they can sell the loan than proceed to fund the loan. Hopping that the deal will fund and under the same terms next week will be an accomplishment. Question for my lenders friends , Is this the new normal? Is Better to work with a direct lender than a mortgage broker in this new market?

I get where are you coming from, 10 years ago I bought a course :how to invest in real estate , but raising my teenager daugthers by myself and having a 80 hours week job didn't work for me, but I ALWAYS fantazise with the idea, well my daugthers now are professionals and doing their own lives . I adquired 10 rentals in the last 2 years and Im purchasing a triplex in a couple days. Just be patient , it will be the moment where it will work for you and your wife. And by the way at the age of 50 years old and no savings after putting my kids through college, I clear my 401k and brrrr like crazy and I still have my 80 hours a week job. If I can do it You can do IT too. 

I have several properties on 10 year fixed arm, because the cashflow, and in case of a massive recession happen and tenants can't pay the rent, the mortgage is so low that I can negotiate with the tenant a lower rent, I send money to the principal any way now that the rental market is strong and I can refinance after the 3rd year without penalties... who knows what's going to happen in 10 years, even if I don't pay a penny to the principal the property is gaining value every year, which put me in an equity position if I decide to sell later on. I won't do a 5 year or 7 year arm, but with 10 I feel confordable. 

I'm really focus in cash flow, I'm have 7 rentals, 4 are 10 years fixed arm, I can refinance without any penalty after the 5 year, Who knows what's going to happen in 10 years, maybe I just get all the cashflow that I can get ,and sell them when they need mayor repairs, the property still gaining value at least 3% annual, and if a recession happen , my mortgages are low enough that with 50% occupancy , I can still making the payments con fordable enough. I'm still sending money to the principal now that rents are strong, anyway in the first years of your mortgage just so little goes to the principal... I won't do 5 or 7 years arm , too short of a term. 

I purchased a property with a hard money lender, I own $120,000 the property value ARV is$181,000, the mortgage company will finance under my llc, said that he can do just 70% Ltv because my rental property lease contract is month to month,my interest rate is 5.5%, because my credit score is 714, I have to refinance but. ,.. is this a good offer? Standard in the market?please any advise, suggestion, any lender name,who can help, I have an other 2 refinance deals.

I have a rental  also on 34205 area code, NREI, national real state insurance save me a lot of money. I know insurance in Florida is a pain . This company is an online base company really easy to deal with.