All Forum Posts by: Terry Miller

Pay off your credit card.

Keep on saving.

Use FHA or a first-time homebuyer's program to get a quadplex, triplex, or duplex. Live in one unit, and rent the rest.

"Only be addicted to your goals."--Terry D. Miller 3:16

I heard this somewhere about forty years ago. It was repeated by several people. Even at ten years old, I knew it was wrong.

"Real estate always goes up."

I came in the thread to type this: OdoBan.

I thought it would help with the discussion to have a list of typical line items to reference. These are from the National Association of Realtors:

• Down payment
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Home inspection
• Appraisal
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording
• Title insurance policy premiums
• Land survey
• Notary fees
• Prorations for your share of costs, such as utility bills and property taxes

Right now your and your wife are the perfect candidates for an umbrella insurance policy to cover yourliability.

If nothing comes along in the next few days, you might have to eat the $800 that your lesson costs. I wouldn't be surprised if you get some consolation in about six months or so when the bank is still sitting on that property.

They are in the banking business, not the real estate business, and will suffer more from this than you will. They will lose thousands.

I reported him yesterday before he even got this bad. I have a skill for seeing the trend, and I knew if he was left unchecked, then he would increase his bigoted/blowhard behavior. Reported today, too.

Can I be a mod?

Subway and that Jared pedo situation brings up another point. Part of the allure of a franchise is a pre-built brand name and system, but part of the pitfall is being lumped in with the other franchisees whenever something affects the brand.

My thinking is that the bankers wanted to have easy recourse against a Florida entity because that is where you live. There is no law that says they had to request what they did. They simply felt more comfortable going that route.

No offense to this awesome resource, but CreditBoards.com is the BiggerPockets.com for credit, hands-down. I JUST read a thread there today on this very subject:

https://creditboards.com/forums/index.php?showtopic=601523&hl=