All Forum Posts by: Yuriy Skripnichenko

@Account Closed

It doesn't matter what bank you use. As far as the term on the loan they offer fits your criteria and your deal. Let's say if a big bank offers 30years fixed rate at 3% and local offers 20 years amortization with 12 years balloon and 4%, I'd go with the big bank. But again, it all depends on your plan and the deal you're looking at.  

@Doug Lawrence

I've done a couple deals with auction.com. I saw reviews that the title company they use suck but other than that I didn't have issues. Also I was using my title company. They will tell you something like if you use their title company then you can save some money and it will go through faster. What exactly scared you away? 

@Jared Taylor

I'd do calculation base on one unit rented. You need to see the actual cashflow/loss and see if you be able to cover your expenses or if you need to put money out of pocket every month. I haven't done house hack myself. However id I did, I'd look for a deal where I don't have to pay out of pocket. 

@Nicholas Lanni

Hi Nicholas, welcome to BP

@Nicholas Lanni

I'm not in NJ but not far from Trenton. Feel free to reach out if you'd like to chat or meet and chat over coffee 

@Rush Ricketson

You can still use your agent. Most likely the seller will not cover agent's fee so you will need to put that on the top on your purchasing price. You can use an attorney or if you feel confident and know what you are doing you can make an offer yourself. If you do not have an agreement of sale you can call title company that you are going to use and tell them that you are making an offer and need agreement and all papers required by your state for the transaction. Hope this helps 

@Peter Tverdov

+1

@Phillip Kim

Cn you give us more details on the loan and what bank you're using. 

 Hi Lana,

Make sure that you will be able to qualify for mortgage after you use your HELOC for the downpayment. That may affect your DTI ratio. If you want to refi, reach out to me I will give you contacts of a local CU that has better tares and will do refinance with no origination fee and I believe they do $0 closing cost as well.

@Lana Lee

It all depends on your plan. Refi may be better option if you are planing on using the money right away. The difference is that with HELOC you do not pay anything until you use money and you can use any amount you want. With the refinance you will get another mortgage that you will have to pay from the get go

@Lana Lee

That means you have 3 years to use your line of credit. After you either need to refinance or just keep paying it off. 

@Jimmy Watts

I had and still have similar questions as you do. 

However, my first private lender was a friend of mine. I, first, secured a deal. Then started talking to people I know about the deal and that I need to raise money for it with such and such return for the investor. My friend had a line of credit with his bank and was glad to make a spread between what he would pay to the bank and I'd pay him. It worked well for both of us. My second deal was very similar and a friend was willing to lend me money for the deal and needed repairs.  So my suggestion is talk to the people you know, let them know about the deal you have and how much money "someone" can make on it.

Hope this helps.