Chris Ono
10% Closing Cost in Memphis?
Hi everyone,
We're looking to purchase 2 turnkey properties from Memphis Invest, but the mortgage company that was recommended (not by them, but they work with them regularly) is charging 10.1% to purchase price in c...
Kelly McMillan
Mold! How to finance/remediate if I can't appraise?
We have an offer on a duplex with some extensive mold. I've dealt with mold, and plan on gutting and renovating regardless, so it is not a big issue. However, I didn't realize our mortgage broker can't get an apprais...
Paul M.
HELOC or lien?
I heard local banks will use your equity in existing properties as a down payment for an acquisition by placing a lien on that property. In the past I have taken out a HELOC, used that as the down payment for the n...
Tim Parker
Duplex lending standards
I am financing a duplex. The lender wants top of market rates and will only lend to 60% of appraised value. Is this common?
Derek Gardner
Where to find best pricing for owner occupy refi on fourplex in Los Angeles 57% down
About to close a deal all cash for $1.46M and was going to get a cash out refi after to take out about $630K in cash. A friend in lending told me I'd get better pricing if I have private lender do a $630K loan, record...
Senad Salihovic
What Role Does Your 401k Play - Long Term Rentals
Hey everybodyI am wanting to know what role does your 401k play when it comes to investing. Do you use it as reserves when getting a loan? Do you still contribute to it?What benefits does it give when buying rentals? ...
Sam Chan
When to refinance?
HiWe purchased an CA investment property when rate are at 8.25%. I wonder when I should refinance. Some options are:-No point - rates at 7.75%-Can buy down to 6.99 but cost 1.5%-Wait till next year or later when rate ...
Devin Berrian
Need help understanding terms of private loan offer
Hey BP community, Here is a little bit of background on our current deal:5/3 SFH on a quiet residential street in Hudson Valley, NYList price: $135,000 Taxes $6,000 Very good condition, HVAC systems are 2009 or newer,...
Mel Haggerty
Rent current home to use towards the purchase of another property
Hi BP nation! I am looking into renting out my current home and purchasing a new one. I've done some reading and spoke to a few people and they have said that it is possible to rent and use that income to show when ap...
Account Closed
How can I get to $4,000 a month in 5 years if you had $100,000?
Hi all,
Looking for some advice from the BP community. My Fiancé and I have the goal to create $4,000 of NET cashflow per month in the next 5 years. Here’s our financial situation.
Income: Approx $120,000 between th...