Plus I just found out that my dad knows a retired investor fairly well ( i just saw the guy yesterday actually)..so i'm going to call him and take him out to lunch and see if he can mentor me a bit, and hopefully he knows some people in the areaAlso, I'm signed up with Pre Paid Legal for both ID Theft and their regular plan..and for my ID theft I got my score from experian 4.5 months agoIt says that my experian credit report is 672 on a scale of 150-930 (I thought it only went to like 800?..

@Ned Carey I had one personally were there were on a loan we had 9k in escrow funds in our loan TAX's and some prepaids..

Hemanth,I don't lend in your area, and private lenders differ by region, but my web page here: http://www.privatelendingnh.com/node/2 provides you with the answers if you were in NH and were to borrow from me.In all my loans you must buy lender's title insurance at closing and you must bring a prepaid property insurance binder to closing as well.The upfront points may be negotiable, depending on the lender.  

The Home Purchase Program is designed to help local residents that would not otherwise be able to own a home, purchase a home by providing assistance for down payment, closing costs, prepaids and/or repairs.In addition, Florida Housing also offers up to $14,999 to assist eligible borrowers with their down payment and closing costs!

Lets say it's going to cost $50k to acquire the property with the down payment, closing costs and pre-paids.

This fourplex is renting 200-250 more per door than the other fourplexes so that can give you an indicator of its performance.The UFMIP is partially refundable only if you go from FHA to FHA refinance loans which is commonly referred to as a streamline FHA refinance.If you go from FHA to conventional you will get no refund of any unused UFMIP.refinance costs are generally 3500 or so with appraisal since fourplex appraisal's are around 750-900 (higher than SFR appraisals).If you include costs for prepaid interest, taxes, and interest your total closing may be much higher but these are costs you'd pay any way in lieu of refinancing.

There may be pre-paid such as taxes, insurance etc.In Texas, we go through title companies for all the title work and paperwork. 

She wrote it up as 8 month of taxes prepaid just in case which is around 4 grand.

The specific verbiage reads:The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).Since the maximum LTV is 75% of the appraised value for a cash out loan, that's where they get the "lower of the two" values from. 

Many banks want to see a signed lease for 12 months at $1000 a month rather than $30,000 in pre-paid rentals.