All Forum Posts by: Curtis H.

@Chris Mason

What I have discovered thus far is that the mortgage rate from one state to the next. I didn't know that was a thing. So if my property were in Missouri, it would be a half a point less than in Atlanta. Why is that? 

@Thomas S.

Yep I hear you. I was just thinking out loud. I do expect a downturn within the next couple years though.

@Jason D.

I never thought about that option, but even though I do plan on keeping this a long time it may be something to consider. It would keep payments low and cash flow higher the first 7-10 years and I can just dump more money into the principal pay down. In 10 years the loan amount would be so low it doesn’t matter if interest rates are a few points higher I suppose.

@Thomas S.

Starting a good relationship with a broker may not be a bad idea. I just don’t have a lot of time since I’m already under contract and didn’t think someone I already did a loan with would give me such crappy numbers.

@Chris Mason

I get the compliance costs, but isn't that interest rate (5.375%) high?

@Cameron McCown

Forgot to mention that this is in Georgia. Not sure if it matters. 

I mentioned to him that I thought loans were in the 4s right now, and sure it should be a little higher since it's an investment property, but 1 whole point higher? He said it was accurate since it's a rental. Now I noticed that the rate was 4.875% if I put 25% down. Also the $660 discounting of the points also isn't there on 25% down.

Hello BP family, 

I'll be quick, just checking to see if this loan is decent or not...

Property type - Investment

Amount - $165K

Down Payment - 20%

Credit - 760 and above

Rate - 5.375% (30 yr fixed)

Origination Charges - $2215

Discount Points .5% - $660 (I'm not sure what this is about)

Appraisal - $405

Title Fees - $1000

Owner's Title Insurance (optional) - $400

I guess my main question is the 5.375% rate. Is that normal for an investment property at today's rates? 

Thanks!

Curtis

@Rick Baggenstoss

I totally agree with that.

Well the good thing is there is a Meetup tomorrow for Atlanta area hosts and I'll be going to that. I assume there will be some pretty good leads there, or at least people who can refer me to someone.

@Luke Carl

I'll surely do that as well, but nothing beats a good referral so I figured why not ask around.

Hello my fellow Atlanta BPers,

If any of you know of a good host for Airbnb in the Atlanta area, please let me know. PM if that's all that's allowed. Please only send people you know have a track record, or have worked with yourself. These hosts charge a hefty fee usually whether they are experienced or not, so I'd rather have experience than not for the same dollar if that makes sense. 

It is located in the Jefferson Park area of East Point, which I understand is not a hotbed for STR, but that is ok. I'm not trying to set the world on fire with this place, just solid bookings for a place close to the airport, 15 minute drive to downtown, and even closer to the studios. Looking to meet with people the next 7 days while I'm here.

Thanks, 

Curtis