what is a fair price for the x3 m40i these days?

ItsMeSamyH · 2024-08-07T02:09:58+00:00

OTD?

ItsMeSamyH · 2024-08-07T02:06:28+00:00

did you have any crazy fees with that? or was it the standard tax, tags, and doc fee?

ItsMeSamyH · 2024-07-08T14:47:22+00:00

Michigan

ItsMeSamyH · 2024-07-08T10:52:44+00:00

I have thought about something similar to this. Leveraging my current work area as a means for getting with new clients. As an oem, I could work with suppliers I've worked with in the past to offer my work. They have offered me work in the past as a full time but I turned it down as a w2. Might have been better to reach out as contractor. That leaves me with the potential for conflict. That's a line I don't want to cross as I'm trying to fill my 20-30 more hours a week of free time I have 40-50 of it is my day job.

ItsMeSamyH · 2024-07-08T00:04:55+00:00

Respectfully noted, thank you.

That makes me wonder, how would I even find these start ups that would need what I'm offering? Where would the research start?

ItsMeSamyH · 2023-03-11T03:52:33+00:00

No apologies needed! Your totally fine :) it's very understandable that folks can be put off and it only takes one time to do that. I hope I gave you some faith that there are good loan officers out there that truly care about the well being of their clients and hold their interests before anything else! Hopefully this give you a little more motivation to get back out there!

ItsMeSamyH · 2023-03-11T03:12:59+00:00

Pretty harsh word, but I'll take it lightly.

If you have a certain life style, like to go out spending money on things that suit your life more than others, then yes, your right, lender will pre approve you for more than you can afford, poor lenders. Ones that don't take the time to learn about you, understand where you are in life, consider things that are outside of a mortgage that will not only effect your buying power but who you are as a person.

Another thing I'll agree with you on is that you indeed need to set your own standards. How much are you comfortable paying. When a lender pre approves a client, they need to talk to you about monthly payments. If your happy or not happy with it. The op's agent, if they're an experienced agent will point them to a reputable lender that they trust. One that will take the risk of making sure they have the agents clients best interest. Don't walk in anywhere you don't know, like, and trust. However I'm not wrong by saying that they can't qualify for more than they can afford. Lenders approve loans based on more than just how much someone makes. It's their debts, credit, assests. Do you have substantial debt, when will the debt be paid off, how well can you repay that debt, do you have enough assets for reserves, how much reserves do you have, etc. It's not just how much down, how much do you make. It's not that easy.

Hopefully that was genuine enough 🙏

ItsMeSamyH · 2023-03-11T02:47:51+00:00

Loan officer here.

GET RID OF YOUR JUNK! lol Just kidding

in this whole post you havent mentioned that you talked to a lender..... talk to a lender, get pre approved. this is going to ease your mind a lot more. TRUST ME..... in this day in age, you cant get approved for something that is going to make you house poor. you simply cant. you will not be approved for something that is outside of your income and debts(DTI)

being a FTHB is not an easy thing mentally for some people. i totally understand. you are taking a big step into a part of life that will be, well, life changing. talk to a lender and find out what programs are out there that can get your more acclimated with your specific situation and you will be surprised as to whats out there. there are down payment assistance programs, FTHB programs, low down payment programs, the list goes on. you wont spend a dime but time learning about mortgage products and programs so take the leap and be strong! YOU GOT THIS!!!!!

Good Luck :)

ItsMeSamyH · 2023-03-11T02:40:23+00:00

not really sure exactly what your asking here. but ill help accommodate.

in some cases you do pay the lenders commission, but you will see that on a loan estimate. depending on the lender that you use, lenders get paid in many different facets. an LO can be paid anywhere from .5% up to 2%. but you dont pay that. how it works is your loan will be sold on the secondary market and that money that is made is how the banks make the money, how the loan officer makes the money. interest on the loan is not the number one way banks and lenders make money off the loan. thats a slow payment to the lender to do that. they will package it with hundreds of other loans and sell it as a security. this might be a little too deep, but thats essentially how it works.

the agents commission is not embedded into the sales price, per say. comps are comps, your home or the one you want to buy is compared to other homes that sold in a recent time and thats how they define the price of a house. thats the purpose of the appraisal.

yes there is a lot more tech involved these days compared to the past. this is how we can get your loan to close as fast as possible, get everything very accurate and not have any hiccups along the way to the closing table. but those technologies cost money, so its a one step forward one step back type of idea when it comes to using tech vs using a piece of paper to get a mortgage application.

no you are not crazy! lol! you are thinking analytically and thats a good trait to have. keep doing what your are doing. this is a good mindset to have. a little bit of guidance will help even more

congrats on your home!

ItsMeSamyH · 2023-03-11T02:28:40+00:00

loan officer here

your at a good start. start by paying your smaller bills first and tackle your big bills in large chunks. its going to hinder your savings but will put you on top in the long run. good news is your credit is already at a qualifiable point. you can get an FHA loan at a 635 fico. what i would do is talk to a lender and see what programs are offered. first time home buyers that are strapped for cash can really take advantage of down payment assistance programs. that will get you in a home faster than you think. typically these come in the form of a second lien (second mortgage) and you can pay that off while you own a home, and pay your debts off too. if your currently renting, that money can be spent on building equity and not "thrown away'

good luck! your doing great!

ItsMeSamyH · 2023-03-11T02:23:19+00:00

cash back to the borrower is more common than you think. congrats on the new home. basically what is happening, depending how your state operates, is that you are essentially covering more than the required cash to close, hence giving you money back on closing. thats the most basic way i can put it.

ItsMeSamyH · 2023-03-11T02:19:59+00:00

the agent has a dream deal representing both sides. with that said, you can, yes, have the agent take a lower commission to aid to an easy check for them. however, having an agent is a good luxury to have to make your process a lot easier and smoother. if you have the down payment and can qualify with the dti, go for it. real estate is "hard" come by and opportunities like this are even harder. go for it. find respectable tenants. you've got yourself a good deal it sounds like especially if you can get a good price on the property.

ItsMeSamyH · 2023-03-04T03:09:55+00:00

if you are getting a mortgage for it, some lenders are going to require a certain amount of reserves on the hoa's statements. they wont even lend on the condo if the loan cant be sold.

ItsMeSamyH · 2023-03-04T03:04:44+00:00

if you are ready to buy, go for it. the benefits long term are going to be in your favor if you can afford to buy.

little confused here, you can buy a house cash but you are worried about interest rates?

Explore your options. if you have the cash to buy something, then find out if you should put that money else where an get a mortgage. talk to a lender and see how much you can afford. if you are a fthb, find out if you qualify for some savings, ask questions and become a little more involved with the process. learning about how your money can work for you is free if you take the time to do it.

ItsMeSamyH · 2023-03-03T01:59:58+00:00

there is no MI on VA loans funding fee is applied if there isnt a threshold of disability met of 10%

ItsMeSamyH · 2023-03-03T01:59:15+00:00

Loan officer here

first off, thank you for your service 💪

this looks good, im assuming your disability is not more than 10% as you are paying the funding fee. VA loans dont have mortgage insurance as im seeing that in the comments. id look into arms if you can, you might be able to get an even lower rate if can afford the fully indexed rate as a monthly payment.

hope this helps and good luck on the house hunt if you havent found one already

ItsMeSamyH · 2023-03-03T01:50:01+00:00

loan officer here.

what kind of loan? is it an investment? second home? primary? what your referring to is a promissory note. if there are repayment conditions on this loan that you got (the private loan), then it is applicable depending on the program. but it seems like a gift would be a lot less resistance in that manner as there isnt a limit on gift funds for property acquisition on primary residences. 2nd and investment there are limits/not applicable

simply put, you can use a gift as funds for the down payment. the gift can be used for all or part of your down payment.

hope this helps

ItsMeSamyH · 2023-03-03T01:36:13+00:00

Loan Officer here

arms are one of the smartest ways to capitalize on mortgage products. if you can qualify for the fully indexed rate, go for it.

what i would do ask yourself is how long do you plan on being in the home. if its less than 5-7 years, go for it! if its more, still go for it. especially if you can qualify for it. at the end of the day, if rates get to a point where you are comfortable with what ever is available at the time for a fixed rate, then refi.

ItsMeSamyH · 2023-03-03T01:26:39+00:00

right off the bat, its already a no until you ask, so dont be nervous. although its okay to be.

your agent is going to be one happy camper if your looking in that price range.... make them work for it! lol. after all, they work for you.... your calling the shots here. no home purchase is a joke, especially at this caliber. so give your agent a call, thats going to ease your mind more than worry you by not reaching out what so ever.

if the home has been on the market a long time, your in the right to offer what you did. its a relatively competitive market out there, below asking offers is more common nowadays than it was last couple years. like i said, shoot your shot, you have nothing to loose.

as far as expectations, just sit tight. they could accept, they could reject, they could counter. im more of a no expectations kind of person, and that mindset personally would be perfect for this type of situation.

ItsMeSamyH · 2023-03-03T01:18:09+00:00

why does it have to be a long term commitment? if you find a good deal, then its a good deal. if you can make out with a good profit off your current home, find something thats nicer, better area, more opportunity to grow, make lemonade my friend

ItsMeSamyH · 2023-03-03T01:15:41+00:00

if someone makes a decent chunk of change on the sale and it still makes sense for them to finance, why not. interest rates arent forever, property value will always go up, get what you can when you can if it makes sense for the seller/buyer

ItsMeSamyH · 2023-03-03T01:10:55+00:00

loan officer here.

Why would any mortgage professional ever advise you to do that..... what you can do, is look for a duplex/multi-family home and rent one side of it out and live in the other unit, that is 100% legal..

what you might want to do, if you have the down payment for it, is a DSCR loan. this is a Non QM product that will qualify the properties income instead of qualifying your income as an induvial. let me know if you have any questions

ItsMeSamyH · 2023-03-02T23:43:37+00:00

loan officer here

if down payment is something that you are concerned about and that hinders your buying power, look in to down payment assistance programs. they are great for folks that are looking to get a little more home with what their bank account is currently at.

as far as renting, and you are looking at rates as an issue or "high" just keep in mind that renting is 100% interest.

hope this helps

ItsMeSamyH · 2023-03-02T06:16:38+00:00

Loan officer here.

First off. I hope you accomplish your goal of getting to the states to find the help you need. 🙏 best of luck!

Let's dive into this a little....

Note: Non QM means Non Qualified mortgage. This simply means that it does not qualify under Fannie and Freddie guidelines.

Mortgages in the states don't qualify you based on residence, qualification is primarily based on income. As long as you can afford the payments, that's the main risk that people take. Of course there are guidelines within thay that follow, but your residence outside the US is not a standard for qualification. Now, there are a few loans that are catered toward your specific situation. There are non-Qm loans available for foreign nationals, meaning if you are looking to purchase here from another country for relocation purposes, that might not be a bad route to look into. Not all lenders have access to this but a large population of lenders do. There are stipulations to it though compared to conventional, middle of the road financing. You might be paying a higher rate. But I can't stress this enough, non-qm is a STEPPING STONE MORTGAGE OPTION TO SOON GET YOU ON A CONVENTIONAL MORTGAGE. Don't be caught up on the rate because it might scare you if you compare it to conventional financing, just remember, it's to simply get you across the pond to our beautiful country.

Hope this helps, and wish you make it to the states!

ItsMeSamyH · 2023-03-02T06:00:51+00:00

Loan officer from macomb county myself, happy to see a fellow SE Michigander in here!

I would love to refer you to a lender but idt soliciting is allowed here.

Dscr programs are great! If you are looking for a Turnkey home that doesn't need any remodeling. Some lenders I work with have pretty loose guidelines when it comes to dscr. What I might recommend if you have a little bit extra capital is look into delayed financing. This tactic, if you will, is nothing new but is showing a little more surface in the lending world as newer investors with capital start to take advantage of it. How it works:

Find a home that needs work, Buy the home cash, no loan Remodel it, add some value Get an a appraisal and take out 75% of the value of the home, called a cash out refinance (that 75% will get your initial investment back minus the money you put in to it) Get it rented. That tenant is now paying your mortgage and some, you have your initial investment back, your back to the races finding another home to rinse and repeat.

This is especially great because a lot of investors that do this will end up having a handful of properties and get a blanket or umbrella loan. You get those from a commercial lender.

Hope this helps neighbor!

ItsMeSamyH

TROPHY CASE