All Forum Posts by: Duane Hundley

Some large banks do portfolio loans in Danville.

Jd Martin No that would be with rent money.

Jd Martin The purchase price including repairs is $24,500 with about $500 leftover and the 4% bank fee of $980 0% for 12 months. I thought about getting a loan on the property but after the first year I should have it paid down to around $19,500. With the loan being so small I thought about moving it to my credit union card at 7.99% for a month or so until I can transfer it back to the 0% for 12 months or 1.99% for 14 months. Basically I'll end up with a 4% rate for 11 months and 7.99% for one month.

Bump

I purchased a 2br 1b home and have a renter in place to move in Sept. Please help me break down where the income from the property should be put? Here are the numbers. Purchase Price $22,000 Loan amount (purchased with cc 4% fee 0% 12 months) Then 10 year loan or transfer to 0% and maby use credit union card I have at 7.99% $25,000 PIT $250 during first year on a 10 year payoff schedule Rent $500 first year no increase Tax value $31,500 Repairs expenses (Roof 5-6 years) only major repair noted during inspection $3,000 How would you all direct the $500 in rent? I know around $41 a month for insurance and taxes. I was thinking $50 for the roof replacement on a 4 year schedule. Please let me know what you think or what you would do different? I also was thinking of paying extra while in the first year for 0% (4% fee) window but I want to take some profits from the property. Thanks!

Frank Klarich yes it's 4% fee. Since it's a small purchase price I'm considering moving it to my credit union card at 7.99% then move it back to the 0% a month or two later. Will basically be 4-6% a year loan.

When should or shouldn't you purchase title insurance? I'm looking to purchase a property for around $23,500 so the insurance is very small amount around $230.

@Chris Mason I plan to hold about 8 months before getting the mortgage, so they will go off of appraisal value. 

Chris M. I see the rule for Fannie Mae but does this apply with a conventional loan also?

Chris M. It will be under $10k on the credit card at 0% for 12 months so I'll have no problem paying it off before interest hits. On another note..so I can get a Fannie loan with 3% down if I'm purchasing it for my mom? My sister will be living there also. What are the guidelines to get a loan like this? Will my mom have to provide anything for the loan or be involved besides just moving in? Thanks