All Forum Posts by: Meg K.

currently im not underwater but i doubt the equity is more than 10k...i dont qualify for HARP...my mortgage is not owned by fannie or freddie

@Joe Delia Thanks for the referral. Will see how it works out.

Meg

Hello,

Can someone please explain refinancing in layman's terms. I am an owner-occupant in a duplex. I overpaid for the property 10 years ago through a closed bid. Anyway, recently i got a letter from my new mortgage co.--KeyBank stating that my escrow is short. This has increased my mortgage by $60! Rental income is $725...my mortgage payment is $982.00 My loan is at 6.125% for 30 years. I did try to refinance last year but a friend said it was not worth paying the closing fees of $3,000. My house was underwater for a long time...still is? Not sure...the property values in my area are lower than what i owe...my house is in great condition (except for needing a new roof)...

I am considering buying more multifamily property with a partner since i cant seem to afford the 25% downpayment on my own. I also have a lot to learn...thankful for this site.

Meg

@Dawn A. I agree 18% is too high. The house belongs to an old woman (90s) who is going to a nursing home. Her children are selling the house and do not want to go through so much hassle. They reiterated cash.

I have decided to drop the deal after feedback from this forum...specifically the 50% rule. Thanks everyone.

Can anyone explain to me how to use the excel spreadsheets for Rental Analysis and Analyzer? I downloaded them but could not input my own data.

Meg

@Kevin Yeats :) Thanks for your support

@Kevin Yeats. Thanks. The credit union ended up approving $20k @ 12.5% interest for 60 months...im feeling comfortable with this one...thoughts? I opened the spreadsheet and cannot make heads or tails @JamesVermillion. Am i supposed to input my own numbers?? Maybe my new MacBook pro does not have the program?

Thanks, Meg

@JamesVermillion: which files specifically should i be looking for? There are so many :)

Thanks, Meg

@Darren Sager. Thank you. I would appreciate it very much.

Meg

So, I am glad my credit union approved my appn for a personal loan since I decided to pay cash for a property for sale by owner. It is a 2 unit, 2 BD each. Not great area but i did not see any vacant houses on that street. Sale price for "as is" $28600 includes appliances (big deal?). Owner states house needs new roof. Zillow assesses the house value at $34k

Loan amount 20k @ 12.5% (ouch) for 60 months. Payments will be $454.25/mo

Balance will be paid in cash.

I can potentially rent each unit for $550/mo.

Worth it?

Thanks, Meg aka newbie :)

@JamesVermillion. Thank you! I really need to "hear" the harsh truth and face reality. My mom says i can be stubborn. LOL I enjoyed reading some of your posts by the way. Math is not my strong suit but i agree. I need to learn first, I need to remove emotion from the equation, etc.

Thanks again!

Meg