All Forum Posts by: Carrie Giordano

@Eddy Dumire thanks for the great info!

@Patrick Lawson I will definitely ask about the re-issue rate, thanks for the tip! I spoke with the lender again today and he did say because I just used the title company that I may be able to get a discounted rate. 

When I spoke with the lender he said $1195 is the origination fee, $160 are the odds and ends like the credit report, the appraisal is about $475 and the rest is title. I asked about the bank covering the appraisal or discounting any of the other fees. He told me that his bank does not do that, that there are very tight laws on discrimination and therefore their fees are what they are. 

Even though I may potentially be able to get lower fees at another bank I think I am going to go through with this bank anyways. After listening to countless bp podcasts I've been seeking a small local bank to build a relationship with and this one seems to be my best option. They are the only bank I found locally that will do a cash out refinance at four months for the appraised amount not the sale amount. They will also do up to 10 loans and seem very easy to work with. They only issue is that I was hoping to take the loan in an LLC which they will not do. Any thoughts?

@Eddy Dumire  thanks for the tip, I will check out that site. 

@Shawn Thom thank you for sharing that, it gives me a better idea of all the charges to inquire about to the lender.

@Vincent Crane I have never heard of a refinance without any charges. Have you done this before? If so can you please refer me your lender? 

I have bought homes listed on hudhomestore but still needed a broker to make the offer and handle the sale. With hud unless you're an owner occupant you will probably lose your earnest money if you back out due to inspection issues. Otherwise, they have been positive experiences. 

I've placed several offers through auction.com but have yet won one.

@Shawn Thom the loan would only be about $65k. I would be paying the taxes and insurance myself. We really didn't discuss a breakdown of all the individual fees. He said he estimated it around $3600 and then gave me those three categories, I'm not sure if that includes an origination fee or not. 

I'm going over my options to cash out on two properties. I spoke with a few local lenders today and was a bit surprised at the cost to refinance. I would love other people's opinion on the current going rates. 

The lender I am most interested in working with said the closing could run me $3600-$3700. He did say that estimate may be a little high but he wanted to be prepared for that. He said the bank charges $1195, an appraisal will probably be about $475 and the rest are title fees. Does this sound fairly accurate? It seemed very high to me for title fees. 

@Alison Mercer without knowing the exact area of the house I am only speaking from my experience investing in Ohio.  This deal sounds pretty realistic to me. Many buyers in Ohio shy away from homes with structural issues so if you're willing to take on the project you can find deeper deals. there is always more risk and fear investing out of state but sometimes you need to take a chance. However, I've never bought from a wholesaler. Have you tried speaking to any other investors who have worked with this wholesaler? 

Also, distressed wood and the accent walls that are horizontally paneled with wood. I keep seeing those on hgtv too! 

Even though I still like them I think farm house sinks will go out of style.  Also, stacked stone fireplaces.