All Forum Posts by: Isiah Ferguson

@Chris Mason Hey, I know this is an older post lol. 

But I was wondering, when a person refinance their property do you have to pay the point upfront from your own pocket or do they take it from the cash out ? 

We definitely need some advice moving forward. Thanks in advance !!!

Me and my wife combine currently make $55K a year which will potential go to $70k a year with my new job offer. I'm currently in the background phase. We're both 27 years old.

Also we have 2 free and clear rental properties. An duplex potentially conservatively at market value worth $125k and town-home $135k. In total our grass income per-month is $2,555

We also have 18k in debt. CC, lease cars, few others. That we want to clear up.

We currently renting a 1 bedroom apartment with 1 son and another kid on the way. We need more space.

I'm here asking you guys because none of our family members are financially savvy to our knowledge.

Our next move, is this buy our primary home and we trying to figure our the best way to approach this. Of course we get the FHA loan or use conventional to avoid PMI. Show we just save up a down payment once we clear our debt and go the FHA first time home buyer route ? Or should we save and go conventional ? And keep our properties free and clear to keep that large amount on cash- flow coming in ? And get HELOC's for both properties to be able to pull make just in case ?

Should we take out the equity of both homes and potentially take back $191,000 cash back and cash flow roughly 300$ between both properties after expenses ?

Use the $191K and put 20% down payment on a primary residence, put 5k a piece for each rental for reserves, and put reserves aside for our primary as well ? And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

Any thoughts ? We not sure what route too go.

We definitely need some advice moving forward. Thanks in advance !!!

Me and my wife combine currently make $55K a year which will potential go to $70k a year with my new job offer. I'm currently in the background phase. We're both 27 years old.

Also we have 2 free and clear rental properties. An duplex potentially conservatively at market value worth $125k and town-home $135k. In total our grass income per-month is $2,555

We also have 18k in debt. CC, lease cars, few others. That we want to clear up.

We currently renting a 1 bedroom apartment with 1 son and another kid on the way. We need more space.

I'm here asking you guys because none of our family members are financially savvy to our knowledge.

Our next move, is this buy our primary home and we trying to figure our the best way to approach this. Of course we get the FHA loan or use conventional to avoid PMI. Show we just save up a down payment once we clear our debt and go the FHA first time home buyer route ? Or should we save and go conventional ? And keep our properties free and clear to keep that large amount on cash- flow coming in ? And get HELOC's for both properties to be able to pull make just in case ?

Should we take out the equity of both homes and potentially take back $191,000 cash back and cash flow roughly 300$ between both properties after expenses ?

Use the $191K and put 20% down payment on a primary residence, put 5k a piece for each rental for reserves, and put reserves aside for our primary as well ? And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

Any thoughts ? We not sure what route too go.

Invest in the hood with section 8, It’s a simple process. Also, you still want too keep your vetting process in effect background checks etc. 

There are good people in the hood. Due to circumstances they might not have high paying jobs etc. You can also target people with steadying paying jobs with good backgrounds. I go off vibes too. Sometimes your gut feeling can ween out the NOT good tenants. 

45 minutes and I dislike it. It's better when u can drive 5 minutes away to see your assets. lol

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Thanks again people. There's so many opinions here. I think I will pass on these tenants. I am a big vibe/energy person. Based on that and their qualification ill rate them at a 6 on a 10 level number scale. I want to feel a lot more confident with the tenants I select. 

 Thanks. It is a D class rural neighborhood. I believe it would be quite difficult to find quality tenants w/ great income. 

@David Fernandez @Account Closed Hey, would you guys recommend, that I make the co-signer get the Addendum Agreement notarized ?