All Forum Posts by: Ryan B.

I would prefer not to sell the property. It is in an area that has very high rental demand in this price range (not a warzone).

Is the problem you see with it the whole business about requiring the balloon loan instead of allowing a conventional? They told me they would not be able to send it over to Fannie as a conventional loan so they would have to keep it in-house, and 5 year was the longest balloon they offer.

So I just purchased an old bank built in 1911 that has been converted to a 3 bedroom house. My lender would not let me take a conventional loan (due to building was constructed as commercial not residential property) only an in-house 5 year balloon loan.

Here are the specifics: loan amount is $27,200 @ 6.25%, 20 year amoritization, 5 year balloon.

PITI is $315/month. Rents for $550/month

I am trying to decide if I should pay it off when balloon is due or just refinance it again with another balloon loan. I would have closing costs again, but they were only about $700. Any thoughts would be greatly appreciated as I am on the fence with this one since it is a balloon loan and not a conventional loan.

See if you can keep the $100k and add an umbrella policy.

Nay

1.6 billion valuation!!! Is that the "zestimate", because if it is you know it is about 20% too high. :D

Sorry, bad joke, I could not resist.

Chicken outfit, hell with proper toolbelt placement I would do it naked for that............of course the shows ratings would drop like a rock.

$200,000 an episode, sign me up. I will yell at some contractors and act like an ignorant fool for that. :D

Charley,

I carry at least $500,000 liability on each property. I work for a large health insurance carrier and let me tell you, it does not take that many bills to eat through $100,000 of coverage.

You got my vote Josh. Good luck!!