All Forum Posts by: Joshuam R.

"Investing is evaluating properties and the methods you can use to get them at the best price and make the most money. You use all the strategies over your career."  Can I steal this forever, this is definitely the gist of it. @Jonathan Greene 

This is key if not you will never get into action and take your unfair advantage calculated risks.

Excellent Bruce, very nice move. I am glad to hear similar stories on new construction properties. I wanted to see who else was going that approach with SFH versus just acquiring existing homes.

Any one done BRRRRR with new construction. Owe an asset, zero down, no pmi, Live in it for 12 months, move out/rent it and buy your next new construction home with same loan product. New construction home will cashflow and have low to minimal repairs. Once you are on your year 3 on the third new home construction, year 1 home do the cash out refi on the equity. Thoughts. Thanks.

Greetings friends, thank you for reading this post.

I have been a member with NFCU 2010 or so.

Beginning of this year I applied for an investment loan, I noticed and have picked up dealing with multiple licensed mortgage brokers (NMLS) at NFCU that not all of them share the full correct information on investment loans down payment. Which cause some confusion or delays on my end. (Also due to not asking all the right questions)

Their investment products are very limited.

Single family (SFH), townhome, or condo = 15% down on 15 year fixed loan

Duplex = 25% down on 15 year fixed loan

Wanted to give a heads up and a quick summary that my help some during the beginning stages of learning what they need with them.

I will be using their product on a townhome to buy , fix and hold, since is in pretty good shape and only minor repairs. Versus using hard money lenders (HML) that requires 20% down payment.

"Remember never give up, Try Try again, Always"

Greetings friends, thank you for your time in reading this post.

My self non license person and a friend who is real estate broker want to establish a new brokerage (our own brand) We want to hear your wisdom and experiences if any for such structure. 

My role would be anything behind the scenes dealing with LLC paperwork, accounting, initial funding, etc (will not be involved with showings, or anything dealing with a listing or sellers or buyers)

The friend with the license and owner will deal with all real estate requirements of the business.
 

@Michael Metzger I see what you are saying. Meaning the two funds available are actually investing in diversified options. 

Also I missed to mention this is with the Roth401k plan they have.

There really is nothing else to it , only VMFXX and VSCGX are only ones remaining after March 17. 

Maybe later months they add new ones. 

Thank you for offering to review documents.

@Kevin Romines Yes I believe they always at play, If not mistaking due to the pandemic some forbearances can be up to 12 months. I as the money person (bank) would not risk giving a second loan or third to a property that may default on all three. like you said it makes sense for them to control their money, same way we do and should by looking at conditions. But it affects members that are ready and willing to pull the trigger on their next strategic investment risk and just can not and need to wait in the meantime.

@James Leigh Yes, I hear you. I noticed they always mention the worst case scenario in closing time, but they move as fast as you move. I get the same estimate with Navy, but I am always responding within 20 mins with any documents they request, also I call or send email to rep once 24 hours hit of no replies from their end. Last one I tried took 6 weeks from application to appraisal and closing date selected. We did not close on it because sadly missed our target appraisal value. Also do to credit history hiccup last minute it missed the above 720 credit score mark which is best for a 90% ltv. 

We are now in that position, started the clock again with them. Application was started March 01, Credit pulled, documents signed and returned. I foresee that next week will be the appraisal scheduling /payment. Once Appraisal visit the home I give them 1 week for the to turn it around to the bank.

I say for others reading this, the only way to know the true turn around is move fast on your end with all your documents they request, and call back no more than 2 days of them not acknowledging you, and good luck.

Only 2 funds will be available after March 17th,2021

-Vanguard Lifestrategy Conservative Growth Inv

-Vanguard Money Market Reserves 

The other 22 funds will end. They will automatically transfer your investments to only one of the two remaining.

Here is the message:

"On Mar 17 this investment will no longer be available. Future contributions to this investment will be redirected to Vanguard Lifestrategy Conservative Growth Inv unless you change your investment selection no later than the close of trading one business day prior to this date"

All savvy members that can share good knowledge and feedback on this we welcome you.

@Kevin Romines Same as the others. Current forbearance of almost up to 12 months due to pandemic. Not wanting to risk new loans for possible future forbearance. But I contacted them and they said hopefully soon they start again. But at least for now we do have the option and can go for a cash out refi.

But we did feel the chills for a good hour or so.