All Forum Posts by: Zack Williams

like everyone is saying, it will definitely be an uphill battle to get any Home loan while on Unemployment. However, if you have a spouse or relative that would be willing to help you get the loan in their name then that might be an avenue you would want to take if you see something on the market now. With your cash and their stable income you might be able to make something work but you being on the loan will hurt because of your unemployment. 

best answer would be to wait it out until you have everything in order. 

Am I getting a good deal here?

300k purchase price

20% Down 60k

30 year fixed

Monthly P&I : $1,287

Total payment: $1,663

Interest Rate : 4.990%

APR: 5.252%

Loan Points : $4,632/ 1.930%

I'm just a little confused on how the APR and the Loan Point can hurt me over the could the loan?

Is this a respectable deal I’m getting?

Has anyone had any pass or current experiences with Finance of America for Investment property loans? my rate went from 3.9 to 4.9 for 300k, would this still be considered a good deal? or is there anyway I could push for a better rate? 

@Terry Lao Thanks for your response , its much appreciated.  I also have a rental property in Vegas in the centennial area where I have it occupied by section 8 tenants and I couldn't be happier with them. just wasn't sure if I lucked up or what. I know I could get more rent for my property but I choose to keep it reasonable because I don't want to lose great long term tenants. 

I guess what im try to figure out is if anyone charging $200-300 more above the rental value because of the section 8 vouchers? 

Is anyone cash flowing with Las Vegas Section 8 tenants? you can usually get a little more in monthly rent with section 8 tenants because of the higher risk of damage. Just wondering if any one has went this route and how it is going. I would like to hear about section 8 tenants in other states a well. 

@Katie Lepore wow, thank you for that.

I'm debating whether or not if it makes sense to get an LLC for my out of state investment properties? I know it would make sense from a legal stand point but with the $800/yearly cost taking away from the cash flow is that worth it? is there another alternative with getting some type of liability set up through homeowners insurance? Are there any Hacks with this without breaking any laws with the state I live in? I have 2 LLC's that im currently paying for in California non related to investment properties , would I be able to use either of those to get liability coverage for my investment properties?

@John Hollingsworth

good morning John, I hope all is well

I'm in a similar situation as you are, have you had any luck in El Paso?

@Russell Brazil

@Amy Kendall

@Bill B.

@Pat L.

Thank you all for the stories, a lot of good info here. 

@Kenneth Garrett Thanks a lot Ken for your response. 

@Joanne Eriaku Thank you Joanne, I will definitely make sure the numbers and conditions make the most sense in all my investments. Are there any hard money or private money lenders you would recommend? 

hope everyone is enjoying their Memorial Day weekend. stay blessed