All Forum Posts by: Michael Rice
Michael Rice has started 1 posts and replied 12 times.
Post: What Insurance Carrier is the cheapest?
- Posts 12
- Votes 8
USAA
insured for life! Lol
I've got 4 loans and primary and landlord policies with them.
Originally posted by @Matthew Porcaro:
For single family, I'd say that the HomeStyle is probably your best bet. It requires a bit less paperwork, and you don't need to pay PMI upfront like the 203k does (1.5% of loan amount at closing).
A loan officer that specializes in renovation loans should direct you to which renovation loan product works best for your specific situation and financial profile.
I think your next step should be finding experienced renovation lenders in your market, and starting the conversation with them to get a pre-approval for the program(s) that work best for your goals.
Thanks for the response!
I mentioned to a person I volunteer with my plans to buy that house. She gave me her lender info. I'm super pleased with the customer service. They do in house portfolio loans.
Post: How can this market continue seeing such highs?
- Posts 12
- Votes 8
Originally posted by @Josh Edwards:
@David A.
So my question is how is the current student loan situation any different from the housing market in 2008? Isn’t the exact same thing happening right now with student loans that happened in 2008?
I don’t understand why the government is backing such high risk loans understanding the fact that many of these loans may not be payed back?
Many do eventually get paid back. The government will garnish your wages and you can't include them in bankruptcy. Many people will pay on them for the next 30 years with many many deferments.
I want to buy a property that needs a complete rebuild with the exception of "some" framing and foundation to make into our dream home.
What loan suggestions do you have?
purchase $125,000
Rehab $50,000
ARV $234.000
Possible ideas 203k, Fannie Mae Homestyle, construction loan
I'm really wanting the lowest down payment.
Thank you
keep calling around. There a ton of agents out there. Find the right one and they will change your life
Craigslist, facebook, mls, meetups, agents, friends, family
As an example, facebook generally has a few for sale with owner financing but generally high priced in my area. You could negotiate a deal potentially. See facebook marketplace > categories > housing for sale
alternatively cold calling "for rent."
categories > housing for rent
Post: First Timer How to Finance with no cash up front
- Posts 12
- Votes 8
I wouldn't touch a 0% interest. You might talk to a bank about a Heloc but don't touch that original loan. That's a dream come true.
Post: Best place to learn creative financing techniques?
- Posts 12
- Votes 8
No experience but Joe Crump seems good based off his videos.
Post: Joint HELOC if only spouse is on deed?
- Posts 12
- Votes 8
I just did this. I have a mortgage in my name prior to getting married. While I was married, we got a HELOC on the same property. No issues at all.
Post: Biden Eviction Moratorium
- Posts 12
- Votes 8
I think it only applies to covid related like directly, provable loss of job and such.