All Forum Posts by: Steven Whipple

Thanks Anna. Without your guidance I don't think we could have done it!

No, Boise is way overpriced for me. I found mine in Warrent, MI. I was looking in Detroit but the agent suggested Warren.

I did some research on BP and looked for markets that other were talking about. I used the "find an agent" link and got connected with a great agent. After looking at several deal we decided the only way to make it work was buy going turnkey. It was pretty quick after we went that route. The agent sent me turnkey deals for a few days and we found a few that worked out. We made one offer and it was rejected. We went to the second deal and our offer was accepted. 

After reading, listening, watching everything I could on BP, we pulled the pin and closed on my first SFH. I went with a turnkey deal as it seemed to be the only way I could get the numbers to work. We're fairly happy with how it all turned out. There were a few hiccups at closing, but it all worked out in the end. We are fortunate to have found a place with great tenants who take great care of the place and want to stay there. All in all it was a fantastic learning experience. I can honestly say we could not have done it without the help, and education we found here and BP. Thanks for everyone's input, and taking the time to answer questions.

It's now time to take a breathe, collect some rent, and then start the process all over again.

Thank you.

I'm getting quotes for our first investment property. All of the quotes are including rental income replacement. What are you all doing?

We do have a financing contingency. 

I've talked with the broker and he seems to think he can get the loan back down to where it was originally quoted. I'll be talking with another lender on Monday.

To answer your other questions, Premier Home and Finance. 

The breakdown on the closing costs show over 3k to buy down the points. 

I wonder if the issue is the loan is less than 100k.

No, the raised rate is where they want to lock it. I'm thinking of seeing if I can't find another lender. 

I found my first deal, and everything looked good. All the numbers worked out the way I wanted. We got pre-approved for financing, and our offer was accepted. We paid for the inspection, and it turned out well. Last night I got an email from the loan officer telling us the underwriter says the loan looks like predatory lending and raised the rate by 5/8 of a percentage. Closing costs end up being over 9k on an 80k loan. Now the deal doesn't pencil out. While it will still cashflow, the COC ROI is down to 5%. The loan officer says do the deal and the refinance in 7-8 months.

Should we walk away or do as he suggests and refinance in 8 months?