All Forum Posts by: Pat Lulewicz

check with your agent, assuming you're using one. They generally have a go-to in their back pocket. Otherwise, look on here under the "Network > Mortgage Lenders" area.

FHA loans add points to the loan themselves. I believe you can wrap them into the loan, so in reality, your equity in the property goes from 3.5% to 1.75%-2% (depending on points). If not, you have to pay that at closing, so on top of the usual 2.5%-3% of usual closing costs. On a $180,000 loan you're closer to $5,400 - 7,650 closing costs. Adds up quick.

Consider a conventional loan vs FHA. FHA loans require you to refi to get out of PMI. Conventional 3.5-5% down will auto convert out of PMI. Plus, as you hit milestones in LTV (loan to value) of 95% or 90%, your PMI% can automatically decrease to "reward" you for building equity. I'd absolutely reach out to a lender or mortgage broker...take them out to lunch, its what I do...and fire away to get better intel.

Assuming you aren't buying cash, your downpayment and closing costs both seem a bit low, but based on lender I suppose

Look into the Triad, otherwise known as the triangle that connects Winston-Salem, Greensboro and High Point. Its a light version of Durham/Raleigh/Chapel Hill, however the 1% rule exists there. These get snapped up pretty quickly so I'd take a look at recently sold properties up $100k, compare against rentometer.com to get an idea of where you get close or hit the 1% rule, and check for new listings regularly in those areas that you've designated. Greensboro, more than the other 2, is growly significantly and is a wonderful place to invest.

Great equity and fantastic cash flow - congratulations! This is a great wealth builder!

Whereabouts in Raleigh did you find THAT price? What are the BR/BA specs on the house?

How long after closing did you pull the trigger on the refi and would you mind sharing the perm lender that let you do that (PM if necessary to not get in trouble ;)]

It'll depend on the square footage of the roof, the type of material you want to use and generally where in NC you are. I replaced an entire roof on a 1400 sq ft home in High Point for $5k, including gutters, and that may have been high because I needed it done quickly for insurance coverage to go into effect. Happy to provide roofing company info if you PM

To @Jiri B.'s point, rentometer.com can help there. Also consider going to meet-ups and talk to folks who own SFH investment properties in the area. Real world evidence.

Welcome @Lacey Dillon! I'm out of Raleigh and investing in the Triad. Genius idea to come on here where everyone needs a loan to help build a client base! Doing any investing yourself or strictly working on the lending side?

@Vish Patel@Vish Patel

@Matt Burns