All Forum Posts by: Zachary Schimenz

I just got pre-approved for a conventional loan through a lender recommended to me by a Turnkey company. Wanted to make sure it's a good deal -this is my first house:

Loan for a $100,000 to $200,000 house with 20% down
30 Year Fixed Rate Loan
4.375% - 4.875% with no points being charge
Lender fee: $1194.00

In the email he also said " There will also be 3rd party fees that will be charged. They will also vary depending on the state and sales price. I would be safe to go with another $1,500 - $2,000." Are these just normal closing costs fees?

I have good credit (780) and am buying an investment property (single family house) in the midwest/south region of the United States

Thanks and let me know if you have an opinion on this!

I'm buying my first house, using US Bank as a lender. During the preapproval process the guy told me my interest rate would be in the low 4's. Now that I sent in the actual property and he's saying it's 5.5%!! Which is WAY more per month than 4%.

Is this typical? Is it like a "bait and switch" technique or am I overthinking it?

My credit score is about 760, so I thought I'd get a much better rate than that. 

Thanks, and I'd appreciate any input you have on this,

-Zach

Thanks so much!

Hey, I just bought my first house in Gary Indiana (as an investment to rent out). Does anyone have a good insurance broker they'd recommend?

Thanks, and let me know!

-Zach

\I just bought my first house (put my earnest money deposit down yesterday!) in Gary Indiana. Does anyone have a good Property Manager in that area?  If so I'd really appreciate a recommendation!

Thanks,

-Zach

Hey, thanks  for all the suggestions, but the deal fell through :/

I was using a site called Roofstock, and they said it was for sale, but when I went ahead to actually buy it it said they'd already sold it

Hey, I just bought my FIRST property ever! It's in Milwaukee, wondering if anyone has a property manager they'd recommend. 

Thanks and let me know!

-Zach

Ahh I see, so basically I would be paying more because property managers are going to charge everytime they have to rerent it out, so there's that turnover charge, plus more repairs due to bad tenants. That makes sense. Thank you!

@John Underwood so when I say the numbers work out, I'm referring to the Cash on Cash ROI, so that accounts for fixing up the house, and how much rent I can get for it.

@Eileen Mazza I still don't understand, so are you saying  I'm not  going to be able to hire a property manager  in these areas because they won't accept the work? Because if they do accept it,  then I wouldn't have to deal with high  turnover or bad tennants because the property manager would deal with that. Am I misthinking this?

I hear the advice pretty often that you want to stay away from D neighborhoods, but if you're hiring a property manager anyway, why  does this matter? You won't have to visit the property anyway, so as long as the numbers work out wouldn't it be a good deal?

Let me know if I'm missing something!