All Forum Posts by: Craig Brouillette

Welcome @Ryan Monier.  Where in NOLA are the flips you've done and where are you looking to work?  If you have any deals you're looking for a partner on reach out to me and let's talk.

The link Michael posted above is a great tool, but just be aware that they show the proposed flood zones that are not in effect yet.  You have to click on the tool box "Effective Firm" to show the current maps.  For my properties not in a flood zone the premiums are around $350 annually for owner occupied and add $250/year to that for investment properties becuase of the new fee.  If you are in a flood zone get the elevation cert and then get it quoted out.

I might be missing something without the whole story but my understanding is since your FHA loan predates 2013 when they made the MIP permanent your MIP should automatically cancel after 60 months and your LTV would have to be at 78% of the appraised value when you purchased it. If it appraised for your purchase price then you would need to pay your balance down to 159.9k for the MIP to fall off. Instead of paying closing costs to remove the MIP I'd rather you pay your principal balance down.

Wow, you're planning well ahead with your move in 2 years!  I have some contacts I can share when you are ready, just ask.

Sounds like you have a good idea of what to do. With your situation I would invest my money as follows: 1) IRA 2) save for your next property 3) pay down debt. If you invest in the stock market focus on something that is negatively correlated to real estate and keep in mind we haven't had a real correction in 4+ years so you might be buying near the top.

And that's a general rule on the roof but it doesn't mean yours won't last 30 years. You can have a roofer check it out for free and tell you an estimated remaining useful life.

The HELOC is an option but with limited LTV. 85-90% is probably the best you'll find, which might not be worth it with closing costs.

If you keep it and your current loan has PMI do a cash out up to 80% and get the PMI off. If not just do a HELOC. Don't trust the zestimate uptown as they are typically low and take into consideration if you will have any major repairs in the near future such as aging roof, AC's, etc. and maybe sell before they wear down and you have to replace them.

Hey Ron, I'm in Nola too so know a bit about the tax sale process here. Your attorney is right getting a quit claim would be your best bet but getting Fannie to sign that will be like pulling teeth. That doesn't mean don't though. What's your plans with the property, Flip or rental?

I think you have to wait 5 years with an FHA loan for the MI to come off even if you are under 80% so you'll need to refi into a conventional loan. Then if you have down payment funds to buy another property just go the conventional loan route again. If you don't have funds get a HELOC on your condo to use for your down payment.