All Forum Posts by: Kofi Carpenter

Hi BP community.

Just received 3 refi quotes and need to know which option is best. My plan is to max a cash-out refi which will provide funds to improve my current primary reseidence, as well provide funding for my first REI buy and hold. I want a refi with the lowest possible rate and am willing to keep monthly mortgage payment equal to or below my current pre-refi loan which is $1420.

I have 17 years remaining on current 30yr loan @5.3% interest plus an additional $19k @8% HELOC w/$19K balance.

Very interested in a quote received for a 20 year fixed cash out refi ($40k after closing for me), 4.65% interest, monthly payments will be $1,453. A few bucks higher than my current payment.

The best quote for 30 year fixed is $1,228 per month but at 4.89% interest.

Do I prioritize the monthly payments which I can afford if they remained about the same, or the term of the mortgage? Adding another 30 years when I have already paid for 12 years sounds expensive. We don't want to live in this house forever (another 5 years perhaps).

Looking forward to your thoughts!

Thanks!

Kofi

About to jump into REI with this transaction.

Rick Baggenstoss and Mike Osterman, thanks for the helpful leads. I'll definitely look to attend the next tax sale. I heard similar good advice on a BP podcast about asking other local investors for their return mail lists and targeting those owners. I've got much to learn, but I'm also eager to get started.

Moderator, didn't mean to post twice. Please delete this post. Thanks

Beginner wholesaler here and while I have been a lurker for several month on BP, this is my first post. I need to take action, so I'm willing to stumble through each step until I can get my first deal done!

About 2 weeks ago I received my first list of tax delinquent home owners from the county in my target market, but I don't really know what I'm looking at since this is a raw data. I need to establish who the most motivated sellers may be on this list and for efficiency's sake, focus my firstdirect mail campaign on these owners.

Does anyone have any advice or best practices when targeting tax delinquent owners? How long before this list becomes stale? Do I need to order this list monthly? Is their a minimum amount owed or late for x days I should hone in on? 

Has anyone had any added success door knocking with tax delinquents? Sounds risky, but also like it may produce greater returns.

Money is tight and I really want my first direct mailings to yield the most leads. Sending 1000 pieces for my first campaign isn't do-able all at once.

Thanks!