All Forum Posts by: William Allen

Wow, thank you very much Kristin!  That is way more than I expected, I really appreciate it. Please let me know if you ever need anything in the future.

-Bill

I was wondering the same question recently. Do a search for auction.com on the forums and you will see a lot of previous posts about it. Quite a few bad responses about the site, I don't have any personal experience with it though.

Kristin, that would be great thanks!

yeah, I figured. Just thought I would bump it to the top around dinner time. 

Anyone have a contractor in Augusta?

A friend of mine is looking for someone who does home additions in Augusta, GA for their house.  I figured I would start here to see if I could get some good recommendations for them.  Thanks!

TIL is truth in lending, typically this is what you will get from a loan officer before you go forward with a contract. It is not a GFE, good faith estimate, and is subject to change. However, the TIL will have all the fees, origination charges, appriasal cost, survey fee, etc... that you would expect to see from them. These fees can change frequently before you lock something up.

I am in your same situation now, but I have narrowed my list down to 3-4 lenders and now have a signed contract to move forward. I have another day or two before I have to pick one, currently hoping the market will drop a little in the next day or so.

What I sent out to the lenders when I was shopping around was a request for a TIL statement at 3 different rates (for me it was 4.375, 4.5 and 4.625 on an investment property loan). I gave them my estimated credit score, property location (not exact address since I didn't have it yet), amount of the loan, how much money I was putting down and LTV (loan to value) of the house which was assuming it would appraise at the amount I was going to offer, and the time it would take them to close. I then narrowed it down to 3-4 and called them to see how they sounded on the phone and get a feel for them. Everyday since, I have been asking for updated rates to be ready to move forward.

If you like one company over another but they don't have the best rate, feel free to go to them with the best rate you have and ask them if they can match it. They may be able to do it and then you will go with the company you think will fit your situation the best at the best rate.

These are just a few things that I have seen over the past month and previous deals I have done. I am not a loan officer and don't know all the inner workings of the buisness, just another investor like you. Good luck.

I'm interested to know how most of you purchase your SF or MF homes used as rentals. Are you buying them under one business name of a real estate company you set up? Separate LLC's? Single LLC? I have 3 properties now, 2 in Florida and 1 in MD but am continuing to add to my portfolio in the form of buy and hold rentals. All 3 I own now I have lived in and are in my name. However, as I go forward I will be using cash and investment property loans to purchase other rentals. I feel like I should be buying these under a business. What are the advantages and disadvantages of doing so? I currently hold umbrella insurance for myself in the event I have a liability claim in any of the houses I currently own to protect my personal assets. Any information will help, thanks!

I have always found that my banks and credit unions just aren't competitive with the online mortgage lenders.  I think I will try some online lenders this go around and see what I get.  The rates are good, just not sure about the service.  I have had a few friends recommend Sebonic Financial.  Anyone have experience there?

I am new to the forum and am about to buy my third investment property.  My question is about today's best method of getting a mortgage. 

I am looking to get a 30 year conventional mortgage with 20% down.  In the past I have shopped around with brick and mortar banks, internet companies and credit unions I belong to.  However, I was contemplating using zillow or some of the other companies that use multiple lenders to find the best rate.  

What is the best method of finding the lowest rates today from all of your experience?  I know my loan is going to be sold the month after I get it anyway so just looking for the best rate and lowest upfront costs now.  Thank you in advance!

-Bill