Home Buying & Real Estate Thread

[edshoecator]

cliqstudios, and other all wood rta cabinets can be had for a reasonable price...

Just all depends on your layout and type of cabinets (pantries can be 2k alone).

 

[ekrev98]

Made it on the Biggerpockets IG! Pretty cool!

 

[girlslovewaffles]

That bathroom remodel is A1 - good work boi

 

[smokey13]

We wanted to go see it. Is that even possible though ? How can you accept an offer when the buyers didn't even apply for a mortgage ? I'd think 99% agents wouldn't take them seriously. Its been up for 3 months.

It's not an ideal offer but if it's been sitting for 3 months the seller might be desperate for any offer

 

[capital sb]

Congrats ! @ekREV98 that should be a big boost for you and your partners business.

Podcast episode 179 is pure gold, probably my favorite episode .

 

[just reason]

Congrats ekrev98 that is a big move like dude said.. I can't wait to get a few doors under my name.. Working with some investors at the moment.

 

[ekrev98]

Congrats ekrev98 that is a big move like dude said.. I can't wait to get a few doors under my name.. Working with some investors at the moment.

Nice! What area?

 

[yanky]

Made it on the Biggerpockets IG! Pretty cool!

Very nice!

 

[alfa]

Made it on the Biggerpockets IG! Pretty cool!

 

Congrats fam! It must feel good to get a shout out from BP on your work. 

 

[tripleplusone]

Excellent remodel above!!!

We sold our house last May and lived with my parents for 9 months while we built. (Me, the wife, and 4 kids) with my parents was pure hell but the payoff is great. Highly recommend any one moving to build. Process was fine. And although all new construction can have some small imperfections/problems, it sure beats buying into someone else's problems who is selling. Very happy with outcome. Getting a paver patio put in as I speak. Can wait for it to be done. Will post a pic when complete.

 

[mr jordan04]

Advice needed
Considering refinancing at the moment and here is my scenario
I'm 3 years into my loan at 4.625
-Refinance for a 20 year (3.375) and pay an additional $35 a month (from what I pay now)

-Refinance for 30 years (3.75%) and save about $180 monthly (from what I pay now)

 

[ekrev98]

Advice needed
Considering refinancing at the moment and here is my scenario
I'm 3 years into my loan at 4.625
-Refinance for a 20 year (3.375) and pay an additional $35 a month (from what I pay now)

-Refinance for 30 years (3.75%) and save about $180 monthly (from what I pay now)

I'd do the 20 yr. hands down. $35 isn't much. It's like a tank of gas or a dinner for 2 is how i would look at it.

 

[ekrev98]

 
Congrats fam! It must feel good to get a shout out from BP on your work. 

Thank you! I didn't even know BP had an IG account. lol. I started getting emails last week from people who were local to SD and they wanted to work with me. Told them i was looking for interns and they agreed to meet with me. Met with 2 people off of BP and hit it off and they are now interning for me. Both of them mentioned that they saw my name on BP's IG so i had to check it out myself and i was shocked when i saw my project on there. Truly thankful...

 

[moeblack21]

Question I've lived in my house for 9 months now and my original lender (they sold the rights) is trying to get me to do a stream line refinance. Has any ever done one? Is it way to early to be refinancing? Pros and cons?

 

[jewseejay]

 
Thank you! I didn't even know BP had an IG account. lol. I started getting emails last week from people who were local to SD and they wanted to work with me. Told them i was looking for interns and they agreed to meet with me. Met with 2 people off of BP and hit it off and they are now interning for me. Both of them mentioned that they saw my name on BP's IG so i had to check it out myself and i was shocked when i saw my project on there. Truly thankful...

free labor FTW

 

[pdino]

Question I've lived in my house for 9 months now and my original lender (they sold the rights) is trying to get me to do a stream line refinance. Has any ever done one? Is it way to early to be refinancing? Pros and cons?

I did streamline after 7 months, because I locked in 4.5% at first. Interest rates went down and I refinanced to 3.5%, lower payment, rate, and term. Only refinance if you're going to get a better deal..

You'll have to pay closing costs again, or they'll wrap it into the loan and increase your balance.

 

[crcballer55]

Question I've lived in my house for 9 months now and my original lender (they sold the rights) is trying to get me to do a stream line refinance. Has any ever done one? Is it way to early to be refinancing? Pros and cons?

From a time standpoint, no. Just do a break even analysis of what you would be saving vs. any out of pocket expenses. I have lived in my home for almost 2 years and have already done 2 refinances and am on the verge of pulling a 3rd after the rates dropped from the Brexit vote. I always do a slightly higher rate with a no cost refi since they typically ladder the different rate tiers at an 8 year break even.

Advice needed
Considering refinancing at the moment and here is my scenario
I'm 3 years into my loan at 4.625
-Refinance for a 20 year (3.375) and pay an additional $35 a month (from what I pay now)

-Refinance for 30 years (3.75%) and save about $180 monthly (from what I pay now)

Agreed with @ekREV98. Go for the 20. You're used to making the payment now. Don't go backwards and reset the clock when you can lock in a great rate.

If I had to bet, I would say rates will go even lower within the next year, so you might even be able to get a better deal if the economy goes south.

 

[dam itz lou]

You made a sacrifice

From a time standpoint, no. Just do a break even analysis of what you would be saving vs. any out of pocket expenses. I have lived in my home for almost 2 years and have already done 2 refinances and am on the verge of pulling a 3rd after the rates dropped from the Brexit vote. I always do a slightly higher rate with a no cost refi since they typically ladder the different rate tiers at an 8 year break even.

Agreed with @ekREV98
. Go for the 20. You're used to making the payment now. Don't go backwards and reset the clock when you can lock in a great rate.

If I had to bet, I would say rates will go even lower within the next year, so you might even be able to get a better deal if the economy goes south.

Doesn't refinancing cost a lot of money ?

 

[mr jordan04]

Rates gonna drop even more?
Refi now or try to wait it out a bit?

 

[ekrev98]

Doesn't refinancing cost a lot of money ?

There will be closing costs involved which can be added into the loan. The amount for the closing costs will vary depending on the bank or company you go with, loan amount, etc...The only out of pocket might just be for the appraisal.

 

[ekrev98]

Rates gonna drop even more?
Refi now or try to wait it out a bit?

Depends on your situation. What's your rate and term currently?

 

[ekrev98]

free labor FTW

Yup. But I've made an agreement tonpay them for any deals they can bring to me. And when I close a deal, they can shadow me and see what goes into flipping a property. So it's a win/win situation.

 

[super t1ght]

I owe 215k on my house. I think itd be appraised at 280. Right now I have a 15 yr at 3.125% that i refinanced last year

Im thinking about looking for an upgrade... want to be in a more established neighborhood with A schools for my kids. I could rent out my current home, and buy a new home in the 450k range.
I wonder if I should refinance this one and if i can, get some cash out to help with the down payment, and i wonder if i should change it to a 30 year since itll become an "investment" home? I feel like as an investment home its less important to have a 15 year.

On the new home id hate to do a 30 year but if im pushing the upper limits of what i can afford, I may have to do a 30. If i can make the numbers work Id still rather do a 15. Not sure what to do. Id need to put down 20% to avoid pmi right?

 

[jewseejay]

3.1 very nice!

Bought to sell my townhouse and buy another one in Delaware even closer to the beach. 30 yrs at 3.5

 

[mr jordan04]

Rates gonna drop even more?
Refi now or try to wait it out a bit?

Depends on your situation. What's your rate and term currently?

4.625 and have 27 years left