All Forum Posts by: Craig Jeppesen

I will bet that the bank put up the signs and fence up and the neighbors are just parking their crap there. Tell them you just bought it and they need to move their stuff.

Hi Chris,

It is Craig from Accounting. If you ever want to talk real estate investing, stop by my office. My first re purchase was a townhouse in Pheasant Ridge and I have been doing flips with my brother the past few years. The market is pretty tough right now but deals do pop up.

I would not do an interest only loan on a long term refinance. If you want to use an interest only heloc to purchase or rehab the property that is ok. Stick to the numbers for a brrr. If the numbers don’t work the price is too high. Offer less or move on to the next deal.

Down payment is the biggest difference in owner occupied or not. You can do a 5% down for an owner occupied conventional loan (will pay PMI if under 20% down).

You will have to do a 20% down (or 25% for best rate) for non owner occupied. 

It doesn’t matter if they know or not. You signed the contract and agreed to it. They believe you are an honest and trustworthy person. Don’t break that trust by committing mortgage fraud. 

There is nothing wrong with mutual funds. Less risk than single stocks. I have a lot of money in mutual funds and they have done well for me. Dave Ramsey is a super conservative plan that helps a lot of people get control of their finances. I don’t agree with everything he says but I am also more educated in finance, leverage, good and bad debt etc than the average joe. I dont agree that Dave is misleading the public. I think his plan helps a lot of people especially learn to budget and get out of debt.

I wouldn't look at tax assessed value to calculate ARV. The county only assessed about 20-25% properties on a yearly basis and so the data gets skewed and does not keep up with the market. For example my personal residence is appraised about $50k less than one neighbor and $60k more than another. If we all put up our homes for sell today they would all sell within $5-$8 k of each other. We are all on a different schedule for re appraisal with the assessors office but our homes are all worth about the same in the market.

Probably not. I wouldn’t wait if you are ready to buy or refinance. Of course no one really can predict interest rates. If someone could figure it out they would be very wealthy.

Yes that is an investor loan. Personal residence rates are 3.5% today or 3.75% for cash out. I use my local credit union: ICCU

Rates went down yesterday after China’s currency announcement. A 25% down Fannie loan is now 4.375. Add 25 bpts for cash out. Now is the time to lock your rate.