All Forum Posts by: Tony Butler

BB & T, GMAC, RBC Centura, Wells Fargo are all doing CTP loans. Now I am not sure on your particular circumstances if any of these banks have products that'll work. I do work with these banks on a very regular basis and they all offer a nice program, but I sell off frame modular homes, so again I am not sure of your circumstances. Everydeal is different but for the most part with great credit (at least over 680) and $ down, you should be able to pull a one time close which helps bring your closing cost for both loans somewhere in the 2500-4000 range of course depending on the size of your loan, so on and so forth.

Are you guys serious, The Media is keeping it quiet, no, no they're just stretching it out. Dramatizing everything and making it worst than it really is. Don't get me wrong the economy isn't doing great but the Media sure isn't keeping a lid on it, they are slow leakers to keep interest... ratings up. Plus with the Presidential race happening this year, that's all I can say. I don't like the media, nothing is what they say it is.

Their show hasn't come on TV in quite a while, that doesn't mean it's not airing but again I sure haven't seen it.

I was discharged out of Chp 7 Bankruptcy in Aug. 07. I have made some bad choices and now I am moving foward. The question is that I am trying to obtain a mortgage and wondering is there is a lender out there that will do this. It seems as though each lender wants you to be out of Chp. 7 Banruptcy for 2 years before you can obtain a mortgage. I'm sure I could obtain owner financing but I am really searching for a conventional loan. Does anyone have any advice to share. Thank you in advanced for your time to respond. Tony

2005 Nissan Altima, it's a great car and I plan to drive it into the ground!

I am thinking that if I begin to focus on marketing my home as a rental that won't be available until December. I already have some homes in my local market that I have been watching carefully. Once I have a tenant, that I have done a background check and a credit check on, he checks out and we move foward with the lease, then I can get financing in order. I am a licensed agent in NC and I now sell modular homes, so I have spoken to numerous lenders and gotten their thoughts on the process as well.

My goal is long term wealth so my cash flow being a smaller number up front doesn't bother me. I do have the income to support both mortgages if my rental goes vacant.

I know the potential risk of my tenant trashing my rental is there, as well as unexpected cost of potential failures in HVAC, roofing, etc.

Wheatie mentioned me selling my home. This is something I have thought about. I have been in the home for 6 years, so I know I wouldn't have a ny Capital Gains Taxes which is a bonus. I could potentially profit $50,000 if I sell it. I am trying to determine what's the better decision based off of profitability. If I sell I could use the money to purchase 2 homes one being a rental and the other being my primary residence. Hmmm, I don't really know how to weigh the benefits, both could be great long term investments. I think I am all over the place here. I need some guidence :shock:

Hello all, I am writing this post to ask those with some expierience what do you think about putting my personal residence up for rent, and buy another home to live in. I would have approx. $200 in positive cash flow from the rental. I would have a one year lease signed.

I believe this allows me to get my feet wet without a huge amount of risk. I wouldn't buy another home until my first one leases. With my local real estate market definitely on the soft side I believe I could find a wonderful deal on my next home.