All Forum Posts by: Matthew Rogers

I think it really comes down to your goals. If you're trying to build long term wealth and you plan to own the property for the long run, in most cases it makes more sense to go with the 30yr. Like many others have stated, when you do a 15yr you're inherently taking on more risk. We never know what tomorrow will bring us, maybe you lose your job, maybe you go through a period where you can't rent the house for 6 months. 

Most of the time your rate on a 15yr will be about 1% less than it's 30yr counter. The small 1% cost will bring you a lot of peace in the situation something crazy happens and you need every payment to be as small as possible!

You won't get your FB blocked however if you have no connections or association with the person there is a really good chance your message will go into their "Other Folder". When a message goes into this folder it does not notify them. However FB does give you the option to pay $1 so it goes into their normal folder instead of the "Other Folder" in the case you have no connections. FB's way of getting a buck off you.. 

Read This.

Like everyone else it seems the best option is to sell and move on. If there is a chance you could live in the property you could get that rate down but 4.5% is already pretty good. Maybe save a few hundred per year on the rate and no property management if you live there.

But in the long run this is a losing scenario. If you have the extra cash to overprice the house on the market and sit on it for a couple months that could work too.

Goodluck!

I think most experienced investors would advise against mixing the relationships. If you ever listen to Dave Ramsey he talks about diner tasting different on Thanksgiving if a family member owes you money.

Especially in the situation where she is going to be paying market rent. There is no real benefit for her to rent from you other then she knows you. Why take the risk of something going South if there are 10 other homes on the block she can rent?

9% fee. That's crazy if you ask me! I guess this is good for people that want everything now and aren't willing to wait.

I think this could have a huge impact on Agents down the road if they can reduce the 9% to 6-7%. 

You should check out Stephen Covey's book "The 7 Habits of Highly Effective People"

It goes in depth about what kinda of activities the most "Effective" people on the planet do day to day. The majority of "Effective" people are extremely wealthy!

At the end of the day you can pay them whatever you want.. I'm not saying you should take advantage of someone but if giving them 1% makes most sense for your numbers and it's a hot market maybe you stick to your guns.

There's always going to be another buyer. And if their clients really want your house than the ball is in your park!

Hey Bryan,

I'm in the same situation. Located in Tempe, 23 and working on a couple deals. 

Hey Matt,

I was a loan officer for a while and don't know of any lender that would be willing to take this kind of risk. That being said I had multiple deals that I was able to get pushed through when the seller did a "gift of equity" to the buyer. This is most common in family transactions where someone in the family is okay with giving away a portion of equity.

The big banks or any lender that is going to be selling the loan to an agency will only allow a "gift of equity" if the person gifting the equity is related some how to the buyer. 

Credit union's or other lenders that plan to portfolio the loan are sometimes okay with the "gift of equity" being from a non family member. Even if you could get this to work the owner carry would probably have to be a separate on the side kind of contract. If it were part of closing docs they would also count that payment into the DTI which would make it harder to qualify.

I guess you could get very creative and try to find deals where the owner has a family member that will buy the home and then in turn sell to you with 100% carry. Probably very unlikely but if you call enough people maybe you could make it happen..

I'm trying to turn of my email notifications for BP but can't seem to find the option in my notification settings.

Anyone have this issue? I just don't want to be notified every time someone else post on something I posted on and get 20 emails..