All Forum Posts by: Mark Perea

@Nathan Asher Robson

In my case I found this nice little house. It was a house we found and ask if our realtor friend could let us in. It was super cute minor renovations needed. The kitchen had sharpi on the walls I figured a little kid drew arrows all over the walls and circled dots all over. So we kept walking through while my realtor friend was looking up info on the property. She stopped us dead in our tracks and said we don’t want this house it has a stigma attached too it. So me being Curious I googled the address and guess what popped up first. Man was bludgeoned to death in the home. Yep we got in our cars and never looked back. The house was on the market 2 years and 60 thousand under market.

@Stephanie P. This!!!! This is the answer I didn’t know I was looking for. This is exactly what my friend was talking about!

God I Bigger Pockets! Everyone on here defiantly brings good stuff to the table. Thank you Everyone!!

@Stephanie P. Makes perfect sense

@Victor Robinson. Wow your good! My wife and I did buy it with an LLC. Your getting followed for sure. I spoke to one of my friends who said yeah after 5 years there are several ways I could handle the market rate when or if it jumps. He said worst case if it went too 7 I'd be looking at a 100 or so bucks. He said don't sweat it. I'm gonna be the guy at closing reading every page and I read slooooooooowwww.

@Colleen Weaver I bought the house with my Llc name. Thanks for the tip.

@Jessica G. I’ll ask but I think they only do a 20 year

@Kyle J. I’m doing a burrrr

I paid 28 cash and refinancing to get all my money back and pay for renovations

So this is from my lender. Is there anything too be worried about here.

Good morning guys,

The loan is approved on a 20 year term, fixed for 5 years at 5.5%. A loan amount of $64,600 is a payment around $445. On $50,000, it’s $345.

I ask what it will go too after 5 years.

Her response : It will go to the market rate at that time. Right now, prime rate is 5.5%.

So is this an Arm?

@Jay Hinrichs. Thank you! You have put my mind at ease.

@Stephanie P. I was discussing a deal I just done and a guy had said be careful don’t go too fast. Some banks can just recall your loan at a moments notice. I was like WHAT YOU TALKING BOUT WILLIS!