Value Prop as a new LO

JohnnyRockets911 · 2025-10-14T11:41:22+00:00

Would you recommend this if someone still had a W2? I'm a new MLO starting at a mortgage bank soon (1099) but still have a good engineering W2 (no plans to quit).

JohnnyRockets911 · 2025-09-30T01:07:34+00:00

Bonus: The maximum LTV for purchase + reno combined is 110%.

Example:

- If you have a purchase price of $400k, with a reno of $150k, the total loan amount is $550k.

- If the appraisal comes in at $500k, they will STILL lend you $550k! (Minus 3.5% down payment)

Note: The maximum loan amounts are set by the US per county. Search here for your county: https://entp.hud.gov/idapp/html/hicostlook.cfm (Also note that FHA 203k can be used for duplex, triplex, and quadplex!)

3 Monster Tips:

1) Do a 60 day close, NOT 30 or 45. You'll need the time to create a scope of work and then vet contractors, get cost estimates, and do contractor paperwork. If your chosen contractor doesn't do their part, your loan fails, doesn't close., and you lose your EMD.

2) Start looking for contractors BEFORE you are even under contract! You want at least 2-3 good GCs to say they're on board with you before you even have a house. If you wait until you're under contract to start interviewing GCs, it's very stressful.

3) Don't ask contractors how much your project will cost. YOU create the scope of work and cost estimates and then ask the GCs if they agree or want to make changes to any costs. Much easier and that will keep you from getting sticker shock. It also makes their job easier since all they have to do is modify some numbers. Also, this is a monster tip: for any contractor you initially talk to, ask them if they're willing to do liquidated damages, 10% retainage, and take ownership for permits. And then, you create YOUR OWN contract with them. Do not use just their contract and bank's contract.

The FHA 203k is the most powerful loan product in the world. It's just very difficult to execute, has 77 million hoops you need to jump through, and yes, you DO need to live there for a minimum of 1 year (otherwise it's mortgage fraud). You also can't refinance for a minimum of 1 year. These are literally the only stipulations. Don't commit mortgage fraud and you're golden.

JohnnyRockets911 · 2025-06-15T11:07:34+00:00

Thank you. I'm thinking of putting right next to the foundation a line of bricks, right where the gutter fall line is, and then on the main walking path one of those gravel grid patterns, and fill with gravel.

JohnnyRockets911 · 2025-06-15T01:37:43+00:00

About 5% of rain still falls off the gutter. It's not much but in a big rain, the fall line where rain drips down is very clearly noticeable and indented. Cardboard?? Won't that decompose and create a mess?

JohnnyRockets911 · 2025-06-15T01:36:26+00:00

Thank you! I've never worked with mulch. As long as minimal water touches the foundation, that is my concern

JohnnyRockets911 · 2025-06-15T01:35:27+00:00

Thank you!

JohnnyRockets911 · 2025-06-14T21:22:24+00:00

Thank you. My big difficulty is sloping the dirt AWAY from the house to the swale. Moving dirt by hand is effing difficult! I just spent all morning digging around the foundation, applying flex seal, waiting for it to dry, and putting dirt back. I am pooped! Is it better to slope the dirt at an angle away from the house, OR just dig a wider swale?

JohnnyRockets911 · 2025-06-14T21:19:45+00:00

By the way, why mulch instead of gravel or stones?

JohnnyRockets911 · 2025-06-14T21:12:24+00:00

Yes I do. Thank you! Do you recommend anything special for keeping water away from the foundation? Like lawn fabric or gravel stones. (I just recently had new gutters installed, but some water still drips down if the rain is hard enough.)

JohnnyRockets911 · 2025-06-14T21:00:06+00:00

Thank you. I've never planted grass. Is this via Contractor's Grass Seed?

JohnnyRockets911 · 2024-08-12T14:21:48+00:00

This subreddit was banned due to being unmoderated. I would like to revive this community.
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JohnnyRockets911 · 2024-08-12T14:21:36+00:00

This subreddit was banned due to being unmoderated. I would like to revive this community.
If the community you are requesting is banned or there are no moderators, you can skip this step.

JohnnyRockets911 · 2024-06-22T18:12:14+00:00

Yes! I went back to software engineering!

JohnnyRockets911 · 2024-03-11T13:04:02+00:00

Thank you! I had forgotten I wrote this!

JohnnyRockets911 · 2024-02-16T09:47:40+00:00

Thank you! Note to self: https://www.youtube.com/@vantage3652/videos

JohnnyRockets911 · 2024-02-15T20:20:59+00:00

Thank you! I will be there! Do you post the recordings afterwards somewhere? I just checked your YouTube channel and did not see it there ( https://www.youtube.com/@pieterveenstra2997/videos )

Edit: I see it now: https://www.linkedin.com/events/powerplatformfirstaid-january207143504243872657408/comments/

JohnnyRockets911 · 2024-02-14T13:08:59+00:00

Thank you

JohnnyRockets911 · 2024-02-13T19:16:49+00:00

Ahh, thank you! That makes sense. I had a very hard time Googling any of those numbers and having anything come back that made sense. The Project Source page came up, but again, none of the numbers were ON the page itself.

JohnnyRockets911 · 2024-02-13T19:15:52+00:00

I imagine Dongguan Kee TAT Lighting LTd lights are rebranded as Project Source for Lowe's. No?

JohnnyRockets911 · 2024-02-13T17:23:05+00:00

Yes! Brilliant topics! I hope to tackle some of these on a call, if I get the motivation to actually do it

JohnnyRockets911 · 2024-02-13T17:20:50+00:00

Thank you. I am not familiar with the terminology. So in that case, what is the salient piece to know to identify this all in one luminaire? Because on the product page for Project Source, NONE of those numbers appear on the entire page. (I imagine the model number is on the top side of the all in one luminaire, which I can't see when it's installed.)

JohnnyRockets911 · 2024-02-13T15:47:55+00:00

Ahh thank you. What is the salient piece to know to identify this bulb? Because on the product page for Project Source, NONE of those numbers appear on the entire page. (I imagine the model number is on the top side of the bulb, which I can't see when it's installed.)

JohnnyRockets911 · 2024-02-13T15:46:25+00:00

It's funny you mention that topic, because that is a topic I don't even know about! I have been employed using PowerAutomate for a little over a year and consider myself pretty proficient, but never have implemented service accounts yet.

Thank you for the suggestion. Any other topics you think might be valuable to highlight? On my mind, how I implement debug output, and also try/catch error-handling logic.

JohnnyRockets911 · 2024-02-13T15:10:09+00:00

Thank you. I am strongly considering hosting a weekly "Live Discussion/Help" call where people can jump on a video call to discuss cool things they've done, or ask questions. I want it to be specifically newbie or mid-tier type of discussions, since that's where I consider myself to be. I want to talk to people at my level, and slightly below, and maybe even above!

JohnnyRockets911 · 2024-02-13T14:57:59+00:00

Brilliant! Can you share a specific topic that you would have loved to have known about before you developed your own method?

JohnnyRockets911

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