All Forum Posts by: Asher Anthes

I do want to look into the online payment system. Whats a good one that you reccomend? Do they charge fees?

Thanks

Okay, so I have a 5 bedroom house that I live in currently and rent out to friends as well. I'm doing a cash out refi and then buying another one to move into and bring them along with me.

I want to rent this one out. I was thinking about basically doing the same thing, finding a bunch of my friends and renting each room out individually. I proabably could make 300 a room (including the office) so that would be a gross rent of $1800 as opposed to the market rate of $1500. I would also have the $1200-$1300 rental income coming from the new house I'd be living in.

The downside is I would now have 11 checks to follow up with every month, so there's more hassle. But cash flow would be better.

Has anyone out there tried this? It's especially nice right next to a college or university, which I am.

One other thing, I'm refinancing Owner Occupied and my plan is to buy the new one a month or so after with FHA 203k OO financing. This should be fine, correct? From the lenders I've talked to this isn't mortgage fraud.

yeah.. patience is not my virtue. I feel like I've been waiting forever to do something, and I'm just ready to get going.

yeah, i actually never use my credit card. Which I was told is not necessarily good. I'm going to start using my credit card a little and paying it off every month to show activity. I also may ask for a higher limit, which I've heard helps. Unfortunitely none of this helps me immediately.

Does anyone know if there are ways to get collections off of your report?

Okay, so I'm trying to do a cash out refi. I've talked to several lenders, and apparently a middle score of 700 is a big cut off point. One mortgage broker told me the difference between having a 701 score and a 699 score on a 30 year fixed is a FULL .5%, which is think is a little crazy.

The problem is a few months ago, I had a middle score of around 705 i believe, and i just did two soft pulls today and am getting 685 and 696. I want to refinance NOW, but with my scores so slightly below that magic cut off point which would save me thousands in the long run... I'm not sure what to do.

I don't know why my score is so low, I've had a mortgage for 2 years, three student loans for almost 4 years, a credit card for 8 years never late on anything, I had one collection 5 years ago, but it's been long settled.

Is there any quick fix that will raise my score only 10 or 20 points? that's all i need.

Thanks for the advice Ned. And yes, I understand its not easy. I'm willing to put in the time, I just want to be searching in the most efficient way possible.

I feel like the zestimate is getting better. I look at it as a very general starting point, and then validate with comps. But I feel like it's more accurate than it was 2 years ago.

Okay what are some good systems for searching for deals? I'm looking to buy ASAP as soon as I find the right deal. But I'm getting bogged down looking through MLS listings and zillow.

The way I do it right now, I look through my most recent MLS updated listings, if I see something that looks promising I type it into zillow and compare to comps by price per square foot. If it's not at least 20k - 30k under value I move on.

Keep in mind, my strategy is to move (along with the roomates that live and rent from me), sell my existing house, and live in the new one for 2 years then sell that one.

I know this is kind of a general, broad post, but just seeing if anyone has any input, or ideas how to get access to more access (ie. foreclosure listings or something that not everyone and their mother has access to like the MLS.

Thanks guys!

Thanks for your help guys. I ended up getting out bid on this property, pretty disappointed, but... I will keep looking.

Well, the only other one I have is actually the one I threw out because it was the highest price per square foot. But it sold for $228,000 at 2332 square feet ($97 psf), which still isn't close in square footage, but it is actually the only one on the same street (so could be the best comp I have).

So, using your formula of 80psf on the first 2200 and 40psf on the other 1500 I get an after repair value of $236,000. Is that a generally accepted rule? Use half the price per square foot for anything above the normal comps square footage?

these are the 4 i used: 2000, 3112, 1939, 2355