Desiree Rejeili
Understanding Mortgage Recasting: What Homeowners Need to Know
22 January 2025 | 0 replies
Mortgage recasting is a great option for homeowners who:Have received a windfall, such as a bonus, inheritance, or proceeds from selling another property.Want to lower their monthly payments without extending their loan term or going through the hassle of refinancing.Are satisfied with their current interest rate and loan terms.How to Get StartedIf you’re considering mortgage recasting, here are the steps to take:Contact Your Lender: Ask if they offer mortgage recasting and confirm your loan’s eligibility.Determine the Lump Sum Amount: Decide how much you can afford to put toward your principal.Calculate Potential Savings: Use an online mortgage calculator or consult with your lender to estimate your new monthly payment and total savings.Submit the Request: Once you’ve made the lump sum payment, your lender will process the recasting and provide a new payment schedule.Final ThoughtsMortgage recasting can be a powerful tool for homeowners looking to reduce their monthly payments and save on interest without the cost and complexity of refinancing.
Jim Vasica
Painting pricing question
15 January 2025 | 6 replies
A good baseline is to calculate material costs (e.g., $300 for paint and supplies) and add a fair hourly rate for labor.
Omar Santander
New Investor (local and long-distance)
25 January 2025 | 10 replies
Consider starting small with house hacking a duplex or triplex, and use tools like the BiggerPockets Rental Property Calculator to analyze deals.Good luck!
Logan Rhea
Thoughts if this property flip Scope of work is too low
23 January 2025 | 5 replies
., HVAC tune-up, plumbing fixes)Deep clean entire property pre-listingEstimated Cost: $5,000Total Estimated Renovation Cost: $145,000Project TimelineWeek 1-2: Planning and DemolitionFinalize design and materialsObtain necessary permitsBegin demolition (kitchen, bathrooms, floors)Week 3-5: Structural and Major InstallationsInstall new cabinets and countertops in kitchenComplete bathroom tiling and vanity installationRefinish or replace flooringWeek 6-7: Painting and FixturesPaint interior and exteriorInstall lighting, hardware, and plumbing fixturesWeek 8: Finishing TouchesLandscaping and curb appeal updatesDeep cleaning and stagingTotal Timeline: 8 Weeks*This link comes directly from our calculators, based on information input by the member who posted.
Byron Umana
New to Airbnb Hosting? Here’s a Step-by-Step Guide to Get You Started!
20 January 2025 | 8 replies
How do you calculate the ROI of your amenities to say these are the best amenities for ROI?
Noah Laker
TAXES: Divorced client wants to sell
17 January 2025 | 3 replies
A Title Company can distribute the proceeds based on the agreement, and consulting a CPA will help calculate tax liabilities and explore strategies like a 1031 exchange to minimize taxes.
Jason Thomas
I am new and want to learn and get a deal for 2025 with good guidance
23 January 2025 | 5 replies
BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.
Timothy Finney
New Member from Austin, TX – Excited to Begin My Real Estate Journey
18 January 2025 | 6 replies
Tools like the BiggerPockets calculator and books like The House Hacking Strategy can guide you further.
Sara Holt
First timer getting creative??
12 January 2025 | 1 reply
I don't have the 10% for the down but thinking of using a HELOC to get the money and then add it into the calculator.
Kyle Deboer
Raising Down Payment Money
26 January 2025 | 24 replies
I'd be happy to show you around the calculators, I have seen people use the calculator results to bring to meetups and try to raise funds that way