All Forum Posts by: Steven Foster Wilson

@Bill Plymouth If a realtor is bringing me off market deals, running analysis for me, or earning his commission through other beneficial means, then I totally agree.

But if you have a deal and you want to purchase it, there are a million and one realtors that can do exactly that.

@Bill Plymouth no offense to realtors. But they come a dime a dozen, if one (even my friend) raised the rate, id go on to the next willing realtor to do 2-3%.

How Valuable is your time? 

It will take about 3 hours when you factor in going to lowes to buy one. Replacing it. Then disposing of the old one.

They hard cost of a hotter tank is about $550. So if you get a quote to replace it for $800. Your only paying $250 for someone else to replace it / $83 per hour

But maybe your time is only worth $30 per hour. In that case, do it yourself and save some money.

Hi @Logan Aardrup , Each market differs as far as generalizations. For example in the Columbus Region for a 30 year investment property typical numbers look like:

4.8% interest rate. 20% down. 1-2% cost for closing fees

This of cours varies drastically across the board. But it would be safe to assume the following. You should start calling some local banks and CU's to get more specifics.

As for getting an accurate ARV number, this is one of the most critical items and can make a deal bust if calculated incorrectly. For Dwellings 1-4 units, you need to pull comparables. Properties near by with similar finishes and a similar layout. (With my Refinance I actually pulled comps I wanted and gave them to my appraiser. I also walked with my appraiser as he did his report to make sure he knew all the upgrades I had made).

For 5 units plus the appraiser will most likely use NOI*Cap rate to evaluate a fair market price.

YEs that is most definitely a problem. However I know a handful of people (including my self) who can also photoshop bank statements, w2's, and other "Reports" to sway a decision.

It really does pay to do due diligence.

@Jay Hinrichs when we go to close I will ask, and I will give you their information.

@Jay Hinrichs We are both located in the same foot print (that is if the same city is in the footprint) but we are in two different parts of town.

@Jay Hinrichs I was just as surprised! We have never had a relationship with this credit union before coming to them for this loan.

But alas, we don't close until Sep 16th. And if Ive learned anything, its don't count your chickens till they hatch. Its a GREAT loan product, but we haven't closed just yet.

@Jay Hinrichs the APR is coming in at 4.05%, which is still lower then what I was offered by the other institutions.

@Mike S. No Mike. The duplex we are about to purchase will be occupied by tenants. We will not be living there. 

My advice is to vet and "interview" at least 3 lenders. They will all tell you different things and different rates. This is especially true if you do a portfolio loan (a loan that does not fall into Freddie mac or Fannie Mae lending) Then the institution has more freedom with the loan and rates.