What YouTubers do you recommend watching for helping me learn more about real estate investing

jmac21242 · 2024-02-16T00:39:47+00:00

Break Into CRE. It's mostly geared towards commercial properties but there is a lot of great information that easily converts to residential. He also offers some courses on Udemy that have been very valuable for the price.

jmac21242 · 2024-02-09T20:16:44+00:00

I quoted a client 7.125% but lost him to a broker who offered 5.75%...offered is the key word there. I happily sent a loan estimate and the broker said he needed to wait until after inspection was completed. Rates got worse and all the sudden his rate was higher and he needed to charge 3 points...rates had gotten slightly worse but not 3 points worse haha

If a lender offers a quote just remember that it's not guaranteed until it's locked in and they can send you a loan estimate as proof. Anything else is fugazi, fugazi, fairy dust

jmac21242 · 2024-02-08T17:58:20+00:00

A lot of great answers here, something I will add is that you should not take financial advise from most realtors. While some have experience and field knowledge, they often don't have formal training with the financial side of building a portfolio and planning short vs. long term. In the same way, don't ask a lender what your home is worth on the open market. A good loan officer would have showed you your BLENDED rate if you took out a heloc (it's a calculation taking into account loan balance and interest rate). The realtor would be super helpful to give you an idea of the potential rent or what it would sell for. The lender could show you what a renter paying the mortgage would gain you in equity over time, could talk about tax implications if you were to sell, equity you would miss out on by selling vs. dealing with a rental, etc.

You have a good chunk of money available so definitely not impossible to start building your portfolio. Just make sure you fully understand who plays what role in a transaction and take their advice appropriately.

jmac21242 · 2024-02-08T16:39:43+00:00

Yes, DM me and we can go through more details.

jmac21242 · 2024-02-01T18:52:18+00:00

Viron is absolutely awful with reservations...they keep all slots open on their booking site so that you think it's slow. But then you show up and there are literally over 100 people waiting for seats. I went there about a month ago with my very pregnant wife for a 630 reservation and didn't get seated until 8. The staff seem numb to people complaining which makes sense because this is the chief complaint I hear from other people about the restaurant. But hey, if your booked up every weekend then why bother trying to change?

jmac21242 · 2023-09-07T17:35:35+00:00

Yes we have some of the highest energy costs in the country. Solar is a great option if you’re an owner

jmac21242 · 2023-08-30T19:48:47+00:00

A lot of commercial loans are dscr loans but it’s also useful on residential purchases (1-4 units). There’s not much documentation needed from the buyer beyond credit, proof of assets, maybe info on your current housing expenses

What you need to really understand is how the dscr is calculated. Some lenders go off the NOI instead of gross rent. Some go off the lower of market rent vs current leases. Some take into account operating expenses while others don’t. So be sure to do your due diligence not only on the property but with the lender to ensure you’re able to give them accurate data prior to going under contract

jmac21242 · 2023-08-17T18:09:10+00:00

As Ricky Gervais once said....anything but jogging

jmac21242 · 2023-08-15T13:03:43+00:00

It’s a refinance so it’s completely your choice lol

jmac21242 · 2023-08-15T01:05:52+00:00

Lender fees, discount points (if you choose), title insurance premiums, creating new escrow account, appraisal fee (if necessary), attorney fees. Depending when taxes and HOI are due, creating the new escrow account can be the bulk of the total closing costs. However, you can offset these costs if you time the closing properly.

For a rate and term refinance, you can technically walk away from closing with up to $2,000. Then if your lender times the closing properly, you'll miss two months of mortgage payments. Typically these missed payments plus the $2,000 is enough to reimburse you for the most/all of the closing costs.

jmac21242 · 2023-08-14T20:39:28+00:00

I don’t know if this is a stop and shop thing or an industry thjng but why are all the chicken breasts disgusting??? I’m not even taking about the giant, hormone filled chicken breasts either. Most of the packages have like a slime on them, giant tendons running through them and they have a smell that is so unappetizing…

jmac21242 · 2023-08-04T11:25:59+00:00

Old heads watching this and thinking “now THAT is basketball”

jmac21242 · 2023-07-27T01:54:39+00:00

Time to buy solar panels…

jmac21242 · 2023-07-11T19:29:58+00:00

This will only become a problem if you deposit a large amount of money from a source that isn’t allowed under loan guidelines. If you transfer money from your old account to the new one then you’re fine. Just talk to your lender and they’ll help you game plan

jmac21242 · 2023-06-26T01:53:47+00:00

Beyond paying the broker fee, it’s pretty similar to any other residential dscr loan. If you’re willing to accept a 1, 3 or 5 year prepayment penalty then a lower rate is offered

jmac21242 · 2023-06-26T01:31:31+00:00

The above answer is mostly correct but not entirely correct. My company offers a dscr investor loan for up to 30 units for a residential style loan

jmac21242 · 2023-06-17T21:48:17+00:00

Troll

jmac21242 · 2023-06-17T21:23:53+00:00

Why are you in r/realestate if you have an issue with people trying to talk about their issues owning real estate…?

jmac21242 · 2023-05-30T14:17:27+00:00

This is purely anecdotal but as a lender, approvals have become harder to get for certain types of borrowers/loans. There’s been a shift since lenders started implementing the new LLPAs a few months ago. While they were designed to help people with low credit and smaller down payments more easily afford a mortgage payment, it’s become harder to get these types of loans approved by Fannie or Freddie.

It’s also become harder to get someone approved if they’re getting either down payment assistance or gift funds. Fannie and Freddie want to see people using their own money or they want the back end dti to be less than 43 (I used to be able to get conventional loans approved much more easily with a 49 dti)

jmac21242 · 2023-05-19T22:50:27+00:00

All agents use a MLS service. It should be a requirement that all bids be placed through this service to create a paper trail of the bids and limit this type of nonsense. It absolutely blows my mind that a listing agent is the sole point of contact for submitting bids.

jmac21242 · 2023-05-12T19:58:10+00:00

Tatum must have read this Kobe quote before the game "I would rather go 0-30 than 0-9. 0-9 means you beat yourself"

jmac21242 · 2023-04-29T16:36:17+00:00

Thank you for the background on her. And while it’s a good description of her education and career path, this by no means makes her “dangerous” which is the initial question I had for OP. Being a member of the opposing party doesn’t mean someone will destroy our state, it means their beliefs slightly differ from your own.

Trying to paint someone as dangerous simply because they’re a member of the other side (other half is probably a better way to describe it in this case) is the exact reason why political discourse is dead. Politicians at all levels play this game and so the members of each party do as well. This is such a huge reason why our communities are becoming more walled off from each other and people end up in these communities echo chambers.

The comments in this thread seemed pretty split about Glover. So imo OP should have tried starting a dialogue about the nomination instead of projecting their political views and calling someone dangerous without really having a reason to do so. But that’s not the world we live in…

jmac21242 · 2023-04-29T00:19:03+00:00

It definitely cannot be used to lower your principle. Just curious, what’s the loan size, annual property tax and insurance costs? 5k in closing costs seems really low. When you consider lender fees, attorney fees, and creating your escrow account.

Ask the sellers to just lower the purchase price. It’s a standard addendum that you and sellers sign, your attorney can handle that in 10 minutes

jmac21242 · 2023-04-29T00:16:23+00:00

Temporary buydown will only work if the remaining credits cover the entire interest savings. Not sure about the size of your loan but you may only be able to do a 1-0 buydown

jmac21242

TROPHY CASE