All Forum Posts by: Terry McAllister

@Stephanie P. that would be great, please do. Thank you 

@Stephanie P. I too am from Southern Maryland. I live in the Northern Calvert/Southern Anne Arundel area. 

I looked at the spreadsheet I was sent by the lender, and it shows a loan discount fee and an origination fee, both together totally $2200

Hey everyone, 

I had a quick question. Long story short, I am in the process of purchasing my first single family rental house and I just went through the pre-approval process. I used a local and reputable lender, and the best interest rate they could give me was 5.2% on it because it is an investment property. Is this the going interest rate for investors starting out? 

I am a 32 year old male, great W2 job(130k annually, firefighter/paramedic), I have perfect credit, own my primary residence and have plenty of money in the bank. The house I am attempting to purchase is 170k and worth about 200 in the shape its in. I was expecting a much better interest rate and less fee's, but maybe this is the normal for newbies in investing?

Thanks guys. My home is at approximately 75% LTV, my credit Union will give 90%, giving me what I would like for closing, and they pay closing. The only drawback is I have to maintain the loan for 2 years, if not I have to pay closing costs. I might go for that but we will see, waiting on a response on the offer.

Hey all, So after a lot of looking and hesitating, I finally made an offer and am waiting to hear back. I have a question about financing. If it’s accepted, I’ll be paying 170k for a 3 bed 2 bath house that will probably be worth 220-230 after TLC, paint and carpet. Houses this size in this neighborhood sell for 230ish and rent for 16-1800 a month. After the 20% down payment and fees/closing, I’ll be coming out of pocket with around 42k and I’ll owe 136k on the loan. My question, I have the 42k, but I really, really don’t want to use it. I enjoy my nest egg and don’t want to disturb it. I have about 70k worth of equity in my primary residence, would it make sense to get a HELOC for 42k? and then refinance the rental after rehab and get my money back out and pay off the HELOC immediately after? In my mind it seems like a great idea, but I don’t know much about HELOCs and how they’ll affect my credit and the fees.

Thank you both for the help. I’ve been a career firefighter/paramedic for 10 years with Prince George’s County. My schedule allows me a lot of time off, and I am excited to get this started. Real estate is something that has interested me for a long time, I wish I would have taken this step sooner. 

Hey there, 

I have been a member of bigger pockets for some time now and been listening to the podcasts for a few years. I am a career firefighter in Maryland, and decided to go get my RE license online through theceshop.com to sell some houses, learn the insides of real estate laws and transactions and invest at my own pace. I am about 75% of the way through the class... 

My question is .. what are some good tools/websites/resources to help you prepare for the actual exam? My concern is how DRY this class is and how much information is thrown at you. I would not recommend taking this online, but its too late and I have too much time in to consider changing classes. I consider myself a smart guy, and I want to nail the exam on the first try, and more importantly, make sure I know what I need to know to be prepared as an agent. Any help would be appreciated! 

Did you have to put 20% down on that loan? I am running in to the issue of the pricing in my area and the money needed down. Average price is 200-300k, requiring more than 40k down and I don't think its worth it at that point, unless I can fall in to the BRRRR requirements

Thank you all for the replies, long story short, my fiancé and I had our first baby two weeks ago, so my hands have been tied for a little while. I have found a certified online 60 hour course that fits Marylands requirements through Long & foster learning. 

My last question before I pay for and start this class, is how difficult is it going to be to find an "affiliate" to sign off so I can take my test and get my license? Am I going to legitimately have to work part time and sell real estate? I am fine with that, I just don't know how appealing that will be to an agency. 

Thanks again!

Mine at this very moment, is pulling the trigger on a property and not earning enough on the appraisal to start the BRRRR strategy. I am just heavily confused as to how you find a property that will give you enough equity to make it worth it, only lenders I can find will online finance 80% of the value. After it's all said and done, that's not that much considering the next house requires a 20% down payment and rehab costs.