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All Forum Posts by: Matt Turbitt

Matt Turbitt has started 0 posts and replied 162 times.

Post: First mortgage advice?

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

you're not in the military are you?

Post: Why are investors not using PMs?

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

it really depends on how many the person has and in what areas. Rentals in A and B areas often don't need a pm due to better quality tennants and less upkeep often needed on those homes. When you get into B- thru D properties that's where a pm can have more value by removing hassle. Also, rentals 1-3 on your own are not really a big deal. 4+ it makes more sense to have a pm

Post: FHA First Time Home and Investor

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

it's possible yes, but the scenarios that would have to happen for that to happen are rare and lengthy. 

The key is if you and an investor bid during the same bid window and bid the same amount, the o/o always wins.

Make sure you read up on strategies for bidding government foreclosures,while they are not always 100% accurate they give some important ballpark ideas and concepts to keep in mind while bidding. Also, that your Realtor is well versed in bidding them.

The other thing is have you looked into non fha loans at all? If your credit and DTI doesn't require the fha loan you can get alot of great deals on 5% down programs. If you go fha you'll throw away over $4,000 on upfront pmi for what it's worth.

Post: FHA First Time Home and Investor

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

depends on if you are buying as an investment or if you plan to occupy it and rehab it that way. Owner occupants get first rights with all 3 of those programs. They would all rather sell to an o/o then an investor.  However if you are trying to buy investment property then you are bidding against investors and cash is king. But since you can't buy investment properties with fha funds you'd be buying it as an o/o no matter what.

Post: Getting house FHA approved

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

for what it's worth if you don't need the fha due to credit score or DTI their alot of better programs offered by local banks. An example of this would be we have a local lender would to a 5% down, 30yr, 3.25-4.00% fixed, with private pmi with no upfront pmi and closing costs for $600.

Point being while it's a big name program, their are alot of better options out there.

Post: Extent of Renovations for Flip

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

I'd encourage taking a look at the flipping calculator and letting that guide some of you decisions on at what pointment are you sacrificing profit for personal preference. 

As others have mentioned if your intent is to sell you need to explore the comps to get an idea as to what bathrooms and kitchens need to look like. 

Personally I like to gut the kitchen, but leave the cabinets if they are in decent shape and paint them, Add stone counters, ss appliances, lighting, backsplash, sink. On bathrooms I like to always gut and redo them because when I do the work myself a master is about $1500, full bath is under $1000 and a 1/2 is under $500. Also I like to do this because I've never seen bathrooms as nice as mine in my area and price range so it has become my thing and personal touch to the project but it doesn't necessarily make it the right call.

Also don't let the tv shows and houzz articles cloud your better judgement. The 5k basically always pays for itself. It's the 30k kitchen that rarely does.

But in the end what really matters is what can your market bear. 

Post: Newbie with a first deal question

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

it depends on what your goal is. You need to be vetting your lender and they will be doing the same to you to see if you 2 can move to the next step of the deal which is evaluating the property. So yes, the first step is to line up funding. Second is showing them the details of the deal after you have it under contract to see if they are fully on board.

you definitely cannot do the work and draw on the loan. The lender will never cut you a check, they will cut them directly to the gc or back against the principal Balance owed. Also 203ks are a mountain of paperwork both during the process and getting them started so you will be paying for that in your lenders fees. Find a lender in your area that has a conventional 5% product that's not fha or the like. Those programs are really only meant for if your dti and credit won't allow you to get other loans. Put 5% down, use the rest to do the rehab. Refiance once the house has seasoned if you need that money back out. (Keep in mind 9x% of lenders require 12 month seasoning time on homes to use the ARV. Though there are a few that allow for 3 or 6 months which at that point it's not really a mortgage as much as it's just a portfolio loan. Good luck!

Post: I don't want to wait 2-years to buy another property...

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

anyone can essentially buy as many houses as they can afford in any time frame. Where you get into limitations are cases where you take advantage of special programs. Examples of this are: you can only buy 1 HUD as an owner occupant every 2 years. Living in the home for 2 years so you don't pay tax on the profits. Fha financing, special down payment assistance programs, some you sign saying you'll live in them a year therefore cannot sell for a year like hud. Your lender and agent will have great knowledge on these programs and the benefits and limitations of the path you choose.

Post: Dealing with difficult seller and seller agent

Matt TurbittPosted
  • Grove City, OH
  • Posts 167
  • Votes 66

prop1 sounds like they are trying to drum up higher prices. Our bids have always included verbiage with an expiration date and time that they must respond ye/ne to. If it were me I'd stick to my guns or walk, never play their game, always another house.

Prop2 is pretty common. Probably suggested you knock because then it's tenants discretion. Here for example if they were to want to schedule a showing the Tennant has to have advance notice and has some refusal rights. It costs the seller nothing to have you do the leg work. Either way you'll get to see it no matter what and can always walk based on something on the inside being a 'surprise'.