All Forum Posts by: Senad Salihovic

I just got home from the bank, went to sign papers and go over everything before closing. 

detail.

single family rental  - buying for 40k with 20% down - conventional loan 30yr fixed

buyer agreed to pay 3% in closing = $1,200

Here is the break down of the loan

Purchase price                    $40,000

Estimated Prepaid Items     $1,717.35

Estimated Closing Cost       $2,478

Discount                               $560

total                                      $44,755.35

Seller pays 3%closing        $1,200

Loan amount                       $32,000

Cash To Bring at Close         $11,555.35

I got quoted 5.375% for the loan rate, then i agreed to pay $560 to drop it down to 5%

Is this normal for the rate to be this high? I was looking at rate online and it says 3.8% but being an investment I expected it to be higher but not over 5%? Is this normal or is the bank trying to get more out of me?

I credit is, 749, 733, 758

Debts 

$546 mortgage fixed 30 years

school loan $171 fixed as well

Income $2800 monthly 

If more info is needed, i am more than willing to provide. Is this normal for this type of deal? Is the $11,555.35 too much to bring to the closing?

Sorry its my first deal and I am kinda nerves. 

quick question guys, I found a house that the owner is selling, house needs some maintenance work mostly in back yard and paint. Has new furnace, carpet and appliances. 

Price is great as well

The big issue, the house is in a neighborhood that is close to the highway, you can't see it but you can definitely hear it. There is a descent size forest and another row of homes in between but you can still hear the noise. 

Out side it's easily noticeable, inside not so much. 

Have any of you bought rentals close to highway noise? 

How was rent and finding tenets affected? 

I'm just wondering what interest rates everybody is getting on their investment properties right now. 

What rate should I expect, Louisville KY

What is a better choice a regular employer 401k or a roth 401k.

Looking to build funds and in a couple of years take loans against the 401k to buy real estate. What would be a better choice for this?

Would having a 401k help you get a conventional loan for let's say the 5th or the 10th house or do the banks not look at that at all when you get to that point. 

Would not having a 401k affect your barowing power in away - barowing from banks?

Would having a 401k help you get a conventional loan for let's say the 5th or the 10th house or do the banks not look at that at all when you have that many rentals

Hey everybody

I am wanting to know what role does your 401k play when it comes to investing. 

Do you use it as reserves when getting a loan? Do you still contribute to it?

What benefits does it give when buying rentals? 

Would you recommend a young investor if contributing to 401k or wait till a decent amount of property is bought.

Im 24 and have a couple thousand in 401k nothing much, will it be beneficial to keep adding to it, my employer matches every dollar I put it in up to 8% 

or save the money instead and build cash reserves?

ok I see, thanks everybody 

Anybody know someone local that with a decent price that can do a home appraisal for me.

Louisville, Ky area

I am wanting to know the age of your rental properties, do you buy older homes or newer ones. Whats the average age of rental properties you buy.

Long term income