All Forum Posts by: Rebecca Rios

@James Hamling condescending much? If you treat all new investors this way, it might be you in need of therapy.

I never said it was “okie-dokie” or even alluded to it. But I don’t make my personal decisions based on my gut, I base them on facts/laws, which is why I asked a simple question. I’m not sure why that enraged you so much.

@James Hamling What makes removing a toilet and doors that YOU OWN a crime? Is it the lease (which the tenant already broke via nonpayment) or some statute? I’m a new investor but I’d like to read it for myself.

I’m super new to investing but one thing that comes to mind is to determine how much you’d like each one to cash flow and then work the numbers backwards from there. Idk if this is what the “experts” might suggest or not.

@Morgan Granger Look for appliance outlet type stores & clearance section of big box stores & sometimes even FB marketplace! The outlet stores here have new appliances at a big discount because they were maybe floor models or they were delivered and the customer returned them or they’ve got a ding or dent.

@Michael Peach until? Things settle down with COVID?

@Martin Nowak so you didn’t get an inspection?

I’m new too!

@Dan Li I’m new here and am still in the education/building relationships phase. My realtor referred me to Erika Moore at First Bank of Omaha (Castle Bank) for two refis. She quoted me $1800 in closing costs and I *specifically* asked if that included appraisal, title, lender fees and she said it does. Also, if you get a checking/savings account with them you can get a $200 credit towards those closing costs. I don’t know if it’s the same for new mortgages but I’m hoping so. Hope that helps!

@Julee Felsman it’s Fannie Mae! Its still 4years away from the midpoint. I’m going to refinance anyways but I thought I could save some $$ in the meantime. I soooo appreciate your knowledge and willingness to share your wisdom!

@Julee Felsman I can’t find the actual appraisal. I have all the loan documents that basically say the loan is for $134k. It couldn’t have appraised for less than that right? Or I would’ve had to put money in? And I definitely didn’t put any money in.

@Bridgette Delva it's not FHA. Does it matter if it's an investment property or OO? It was my primary residence since 2005 and we just moved last year, keeping the loan and recently converted it to a rental.

@Eric Johnson I have been trying to! Called two weeks ago and they send they’d send me a cancellation packet - still nothing. Called today and three times got different “this mailbox is full - goodbye” messages. Finally got to an actual person and conveniently her computer is down and she gave me the impression she was in a hurry to get rid of me. She PROMISED to call me back by end of business today. 🤷🏼‍♀️😣

Can someone help me figure out whether my PMI should've automatically been cancelled by now? I've read that by law it should automatically cancel if my balance drops below 78% of the original value/purchase price. Is this right? Here are my details:

Original Purchase Price: $155k (2005)

Refinance in 2014: $135k (-ish)

Current Loan balance: $103k

I'm still paying PMI. Does the 78% refer to the refinance amount or the original purchase price? I've tried to contact my lender multiple times. It's really hard to get ahold of an actual person. :-( I'm looking to refinance now but it seems like I have more than reached the automatic limit?