All Forum Posts by: Brandon Hopkins

Joe Gore just a thought but often the message is lost in the delivery. I've noticed a few of your posts were helpful but curt and sometimes that doesn't translate well online.

Curt Davis why would he contact another lender if his existing lender told him they would do it. Wells Fargo refinanced my loan to a 15 year a few years ago. About 2.85% and they removed the pmi. I forget the term they used but it was something like a straight line refinance. The did comps on the phone and said my house was worth about 50k more than it was. They used that valuation to remove the PMI.

Sounds like a lofty goal that will end in bankruptcy due to unforeseen circumstances.

What type of deal are you thinking? You could try a short sale but I would imagine a bank isn't going to consider selling to a relative especially when she isn't behind on payments.

If you want to buy a home to live in, find one that fits your needs. If you want a duplex, look into that. You need to figure out which path you want to go down. Also, you should marry the woman in my opinion. :)

Chris Pelley run the numbers of .75% in a savings account vs whatever expected return you think you can get. Over 6 months it's likely to be minuscule and not worth the gamble.

Jason Cobb unless there is unique like Chris K. mentioned the numbers look great. If the area or tenants are horrible you can expect high maintenance and repair costs. I would love to see those numbers on my rentals.

From Wikipedia: A lease purchase contract is a shortened name for lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home. Basically their lease is part lease and part purchase. At the end of the lease they can choose to buy the condo at a specified price or market value. You could also apply part of their rent towards the total cost. Typically it helps people have done time to repair their credit while getting to stay in the same place for a few years before buying. I don't know if the HOA would like that any more, but it's an option for you to get out of it without selling right now and losing a bunch of money to a realtor and closing costs.

You can also check into renovation loans. I know Wells Fargo offers them. After the renovation is complete they will reduce the interest rate and turn the loan into a conventional loan.

Is it against any laws for them to reject tenants because they don't like you? Sounds a little discriminatory but I don't know the laws. What about a lease purchase?