All Forum Posts by: Hudson Walker

@Steve Vaughan total amateur on my part by not putting down the original rate. It’s a 4.5%

So either way I would be saving over a point.

@Hudson Walker

My original interest is 4.5%

In the process of refinancing my home. Spoke to 3 different lenders. Having a hard time making a decision. Need some guidance with this one. This is my personal home. I plan on moving out in about a year and keeping the home as a rental for the long term. Like 10 years or more.

Currently on a 30yr fixed with monthly payments at $1905. Bought in July of 18 with 3.5 down.

Original appraisal $245k

Original loan was $237k

Amount owed $225k

Will refinance for another 30 yr fixed. My main goal is to lower my monthly payment and no cash out.

Which one would y’all pick?

Here are the 3 lenders and the terms:

Note: all lenders have waived appraisal

JPM

Appraisal: $310k

Loan: $248k

Rate : 3.25

APR: 3.257

Monthly payment + escrow: $1,653

Closing cost: $8,898

Cash to close: $3,445

Pay off estimated: 12 months

Rocker Mortgage

Appraisal: 350k

Loan: $253k

Rate: 2.99

APR: 3.137

Monthly payment + escrow: $1663

Closing cost $11,166

Cash to close $50

Pay off 20 months

Ally Bank

Appraisal $310k

Loan $247k

Interest 2.625

APR 2.785

Monthly Payment + escrow $1503

Closing $13,130

Cash to close $9,000

Pay off 2yrs 10months

As y’all can see they are very different loans. JPM can close in 6 weeks, Rocket in 3 weeks, and Ally 3-5 weeks.

Appreciate the help

@Marcus Johnson, I find it funny when real estate investor look down at stock investors. Like they are immune to economic down turns. This is what we call a “black swan” event. When the economy goes down, the DOW goes down, people lose money, companies lose money, people lose jobs and don’t have any type of savings, can’t pay their rent, and thus you as an owner of a rental property cannot make money. As a plumber once said “**** runs down hill”. That’s why it’s important not to be over leveraged and have enough cash in a bear market.

Stocks are not King

Real Estate is not King

Cash is King

@Jason Allen it’s 2020. Nobody uses PayPal anymore 🤣

Hello fellow BPs! I’ve worked and saved up about $30k. I want to get into real estate investing, but not sure if $30k is enough.

My long term goal is to have enough long term and short term rentals to quite my 9-5. I estimated that if I can generate $6k a month then I am FIRE! Although, I know it’s never free, you’ll always be working on your properties and you should.

So if I get 20 long term SFH all generating $300 a month in profit then I can achieve my goal. But how to get to there.

I don’t want to just dump all $30k into one rental. It would take forever to get to 20 homes.

Thoughts?

@Christopher Davis why would you drive 3 hours for a random “service call”!? That’s what a property manager does! Sounds like you are putting the cart before the horse bud!

@Charlie Moore

Rich Dad Poor Dad

ABC’s of Real Estate

Steve Jobs by Walton Isaacson

Should I fight my property tax this year???

Bought my home in July of 2018. Paid $245k. The county tax office is saying it’s worth $239k.

So would it be a good idea to fight my taxes if I over paid on what they think the property is worth?

So I am starting to look at some deals in my area and talking to wholesalers and individuals selling by owner.

When buying some of these deals should I have a real estate agent in my corner and pay them 3%?