All Forum Posts by: Tim Porsche

Hi All,

This is probably a dumb question, but when you buy a deal from a wholesaler, is it a good idea to work with an agent, or should you just work directly with the wholesaler? If so, is there a place I can find the details of exactly what I need to be doing to get from point A to point B (closing) safely and efficiently? The two properties I already have were bought off the MLS and I used an agent for both of those, so I don't have any experience buying wholesale yet. Any advice would be greatly appreciated.

Thanks!

Thanks for the replies, I'm currently living in Pennsylvania so I'm not sure if Regions bank would work or not. I will definitely check them out though! @Max T. I've also heard good things about Univest as well from someone else recently, will check them out as well. 

Hi All,

Does anyone have a recommendation for a good lender who will do a HELOC loan on a rental property, when the rental property has a mortgage with another lender? I'm looking to see what I would be eligible to borrow from a rental of mine to put towards the purchase of a rehab project. Thanks in advance for any advice or recommendations.

Point taken, and you may be right, but if you're saying the main reason GDP hasn't risen above 3% in the past eight years for the first time, is because our economy is already so large, then why did we see +3% GDP growth as much as we did in the past up until the last decade? For at least 50-60 + years the US has had the world's largest economy by far, yet +3% GDP growth was fairly normal and I don't think we ever went 8 years without getting above 3%. 

So if the reason for <3% GDP growth now is that our economy is already so large in comparison to others, why did we still see >3% GDP growth over the past 50-60 years...during which time I believe our economy was always by far the largest in comparison to other countries as well. 

But to get back to my main question, let's just assume for the sake of argument that GDP rises to 5% for the first time in years in 2017 (not saying this is likely to happen, just a hypothetical). What effect would you all see that having on interest rates, housing prices, and the rental market in general? Realizing of course that individual areas will all fare differently. 

Hi Russell,

Thanks for your reply. Not to be a contrarian, but what market indicators do you look at that indicate strong market growth over the past eight years? I know the stock market has gone way up, but there are reasons for this not related to actual market growth from what I understand (quantitative easing for one). Over the past eight years for the first time in American history GDP growth has not risen above 3%. Also since 2008 the labor participation rate has been steadily dropping up until 2016 when we've started to see somewhat of an improvement finally. Please see chart below.

http://data.bls.gov/timeseries/LNS11300000

Sorry I can't help you with advising a specific job, but why not just start replacing your job income with rental income right now using the BRRRR method? Once you have enough rental income to replace half of your job income, why not consider working only 2-3 days per week if your employer would allow it, and using the rest of your time to focus on real estate?

Hi All,

Just curious to get your opinion on what effect (if any) Trump's economic policies he has outlined would have on interest rates? Also what effect do you see them having on housing prices in general, as well as the overall rental market? 

If (big IF) we do really see very strong economic growth in the next few years, this would make interest rates rise, correct?

@Albert Bui Thanks for the response! Lots of excellent information there. I'm currently working with another lender on doing the refinance since my current one doesn't seem to be interested apparently...judging from the slow or no responses. 

I'll only save about $35 per month it sounds like, but should be able to be done with no money out of pocket, so the way I look at it is that's an easy way to save an extra $420 every year which is well worth it. 

@Upen Patel Thanks for the reply, that is exactly the information I was looking for. I realize there is no such thing as a no cost refinance, but for me it would not cost anything if the refund I would get on the upfront MIP would cover the refinance costs. I'm a little agitated at my current lender since it seems he's flat out lying about the UPMIP refund.

How would you recommend handling this situation? Should I find another lender to give my business to on this loan, since my current one seems to be being a bit dishonest about the UPMIP refund and is dragging their feet on doing the refinance? Or should I, as amicably as possible, confront my current lender about it?

Hi All, I'm in the process of trying to do an FHA Streamline Refinance on an FHA mortgage I have. I've talked to my mortgage holder about this and he said I could save about $40 a month doing the refinance, with no out of pocket costs, so it's definitely something I want to pursue. My questions are...

1. How long does getting this refinance done typically take? Every time I ask for an update and what the status of it is, I have to email them at least 2-3 times before I receive a response. It feels like their dragging their feet, but maybe it's just my imagination? In the latest email I received they said they want to wait and see if mortgage rates go any lower...which is what they did for the original mortgage by the way, and I did get a good rate. 

2. My mortgage broker said that for several years, getting any refund on the upfront mortgage premium has gone away in the nation. From what I understood, this upfront MIP refund is why the mortgage could be refinanced without any out of pocket expenses. Has this refund indeed gone away, and if so, is there another way I would be able to refinance without any out of pocket expenses?

Thanks in advance for any advice!