All Forum Posts by: Kon Zel

There's a few banks that are over 2% for a savings account, check bankrate.com  

I'll echo what some others have said and mention T-Bills.  4Week bills are close to 2% and are literally the most liquid of any investment vehicle.  If you want to juice your yield a bit you can buy floating treasuries and eliminate any duration risk of rising rates. 

Last thing to keep in mind is that the Fed is going to raise rates next week, so likely all of the savings/CD products will readjust.  As will T-Bills and any floating product.  

@James Mc Ree There are plenty of valid examples where appraisals come in below expected.  Appraisers are humans and have bad days.  I've often heard that if you have 10 appraisals on the same property - 8 will come pretty close, 1 will be way low, 1 will be much higher.  

Again if the appraisal comes in lower, you can give the buyer the option to pay up out of pocket or you can lower the price.  If neither happens, most likely the buyer will dissolve the contract.

2 things I'd mention

1) I've always thought of this strategy as the initial purchase happening with cash or hard money.  Therefore the refinance is just putting debt on the same property, not overleveraging based on an appreciating market.

2) You can get up to 10 FNMA/FHLC loans, but 5-6 is probably a good idea to start networking.  

Ahhhh, I do not miss the commute to the city.

Good luck to you on your jorney.  

I've been in several situations where appraisal didn't come in as expected (and none in my favor).  If the offer is contingent on appraisal and it comes in lower, there are a few options:

1) You can lower your price to the appraisal amount - the loan is based on the lower of the appraisal amount or the purchase price

2) The buyer would have to come up with cash to bridge the difference.

3) Appeal the appraisal - usually a good agent can do this pretty easily.  They would send over reasonable comps to the appraiser and see if that would change anything.

Unfortunately since you're under contract at that point, you have to follow whatever document you signed.

Even with the selloff in rates the last few days, we're still near all time lows for cheap money.  I'd pull it all out now and use it as needed.  Lock in long term finacing at these levels.

Please send details to me as well.  

 Does it require flood insurance?

Interested as well, please send details.