All Forum Posts by: Eric Williams

@Rick Santasiere I am in Boston area. Which broker did you find those terms? 

Look at Briodirect. Getting 2.27%

@Daniel Mendez I would read all pages in this thread post. Pretty sure Michael said he needed to pay out of pocket first and get reimbursed after. 

Gotcha...so the $9k includes the points for each loan? 

Sorry for all the questions but really digging into this over weekend. Did you pay the points up front or was it built into the mortgage ? For both acquisition/rehab loan AND cash out refinance loan. Thanks. 

When you calculate cash left in deal, I think it would make sense to factor in those holding costs. Would be nice to see if after doing a cash out refinance, if you can re-coop the money spent in the holding costs. Those holding costs are important because you must be able to float that money during the process before you refinance out. 

Is the $9k closing costs for BOTH hard money loan for acquisition/rehab and another $9k for the cash out refinance loan? or $4.5k each? 

@Clay Ickes Not really an apples to apples comparison regarding no PMI in these loans. The terms/interest rates make up the difference.

How were you able to so accurately determine rehab costs? Did your contractor come with you to see the house before you made offer? 

use click in flooring for a lower grade home like this. Cheaper and you can do it yourself. Search the installation videos on youtube. There are different types. I put in for bedrooms, living room and bathroom for not even low grade. Looks great and feels great. Waterproof/water resistant. 

https://www.homedepot.com/p/Home-Decorators-Collection-Hand-Scraped-Strand-Woven-Earl-Grey-3-8-in-T-x-5-1-8-in-W-x-36-in-L-Engineered-Click-Bamboo-Flooring-AM1502E/300011045