All Forum Posts by: Rhondalette W.

Hello all - I have been soaking up tons of info here on BP for a couple months now and have listened to many of the podcasts and would like to start by thanking BP and all of you investors for taking the time to teach, help, and advise all of us beginners. This community is incredible!! I have learned so much and am ready to jump in and change my and my family's life through real estate. I still am working a full time job but have been spending every extra moment possible reading and learning all that I can. I can say without any doubt that this is what I want to do, this is what I am going to do!!

 I have always loved the idea of flipping (rehabbing) and have recently learned about wholesaling (and loving it as well). Planning to start with wholesaling, and once I have some cash reserves saved up, start keeping the good ones for rehabbing myself. And eventually get in to some buy and hold. Still learning but am focusing all on wholesaling right now until I have it mastered.

I also started driving for dollars and looking up the properties I've found on the county appraisal site. Now I am getting everything in order and prepared to start sending mailers (planning on starting with handwritten yellow letters). I guess I should wrap this up, I apologize for the length of this post.

I can't wait to start talking with all the BP community, and to start meeting with some fellow Dallas people!! I am going to my second reia this upcoming Thursday, going to check out the NTAREI (if anyone in dfw area will be attending, please let me know so we can meet and talk). Thank you for taking the time to read my intro and any advice is greatly appreciated!

Impossible to answer with no info.  We have no idea how much of that is for insurance and tax escrows, etc.  the only way we can help you is is a line by line cost with descriptions.  Insurance costs will be a guess, unless You have gotten an actual insurance quote.

City, county and state transfer taxes and fees are quite high in your area. If that's the bulk of your closing costs on a purchase, that could be inline. We can all help if you itemize your costs here. 

Like everyone's said, your rate could be better, even on an investment property with mediocre credit, it could be better. 

It would depend on your credit, property condition, etc.  What lender are you using?  Conventional/Conforming or Private?  Private - seems it may be about right. Conventional or conforming - very high.

To me it seems a little on the high side in terms of closing costs (at the price point you mentioned) but the devil is in the details. I have seen better rates too. I just got a 30 year fixed at 4.25% on my 4th investment property. How much of the closing costs are prepaids/reserves? I like to have 3 lenders I can go to and I get a GFE from them. I focus on the fees that the lender charges for the loan and compare. They do not control the other third party fees. As for inquiries, they do matter but I would not worry as much if you are doing them for several (3) lenders within the same transaction period. Good Luck!

And, what kind of lender is it? You say an "investor's rate" which makes me think this isn't a conforming loan.

Also, how much are you putting down?

Hey Justin, what is a conforming loan? My loan is a conventional loan. I called it an investors rate because I was told that because I am an investor and not an owner occupant that I am paying a higher interest rate (5.125%) and will need to put 20% down. Do you think $6500 is normal closing costs, it sounds like a lot to me?

Are you paying points?

@Lew Payne from your thread " please provide a scanned copy of the contract you signed and all the associated paperwork, so we can make an informed opinion on here" 

Are you  some type of consumer rights related attorney? What type of your background knowledge makes you so confident to ask me showing you the contract?

If none of the above , PLEASE do not waste my time! I am talking $41,000 here ! talking this is a scam !