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Home > Mixed news, jobs, main home refinance, 6 homes

Mixed news, jobs, main home refinance, 6 homes

June 24th, 2014 at 07:55 pm

Hi all,

Interview went very well but I was not hired 'on the spot' and I am apparently now going to hear Thursday (vs today) which makes me nervous and a little disappointed (i was SO PSYCHED to hear today. .. but liked the job.. not a bad drive at all. flex time (start early leave early if I want)..one work at home day a week and FRIENDS and social contact at the office.. right now I have none.

6 homes.. good management but struggling w all this 'deferred maintenance' and fixing things not fixed right. upsetting.. ..but getting it done.. I will be happy once this is over and we have filld the home the s8 lady is moving out off.. LOTS to do.. but good properties long term.. just short term stressful

LOAN GUY CALLED. (did not talk to him. he left voice mail) that it looks like a GO.. and that he met w the bank president or senior guy.. showed him my file, my letter, my info and looks good. he is going through underwritign pre approval now to get a letter w specific things I need to produce..

Rate (and afraid to say this out loud it is so good) would be 2 points, 30 year am, 5 year term and 6.25!!

Praying right now (before my nextg work call) for this job.. $65/hr. .I REALLY WANT and need the money to reach my goals and settle down a bit and for this LOAN!!

It will be a BIG BOOST if I get the $65 job AND the loan.. wow and then fill that house and smooth things out.

Just hanging in there for now.. Thanks for the support.

Posted in Musings, General rental updates, Property manager transition-6 homes, Main home refinance | 6 Comments »

6 Responses to “Mixed news, jobs, main home refinance, 6 homes”

  1. mich Says:
    June 24th, 2014 at 09:14 pm 1403644458
    1403644458

    Good luck

  2. Another Reader Says:
    June 24th, 2014 at 11:07 pm 1403651225
    1403651225

    Now that's a deal I would seriously consider. However, you want to be careful about changing jobs while the loan is in progress.

  3. rob62521 Says:
    June 25th, 2014 at 12:11 am 1403655064
    1403655064

    Hope it works out for you!

  4. LivingAlmostLarge Says:
    June 26th, 2014 at 08:01 pm 1403812868
    1403812868

    how do companies decide to loan you money for so many homes? Is it that you have enough income to carry everything? Please don't laugh at my naive questions but I always wondered how people start amassing large amounts of real estate.

  5. Rachael777 Says:
    June 28th, 2014 at 01:09 pm 1403960984
    1403960984

    Living out large.. the 6 homes and 2 3 units were bought on contract.. which means the seller carried the financing..If I went through a bank the financing would be more restrictive and their are limits in # of homes for certain type of properites AND it woul;d show up my credit report making it harder to get new loan etfc etc.. My main home was in foreclosure (so i have a foreclosure on my record) I had to 'buy that back' from the bank (at a discount) but at a hard money loan rates.. 12%. I can not carry a 12% loan long term so am refinancing ASAP out of it.. into a 'softer' hard money loan (hopefully 6.25 for 5 years) Hard money loans are called hard because they generally loan based on asset value .. so 60% of asset value. you need existing equity.. investors get these for fix and flips etc that they hold for short amounts of time. My loan on the house I live in is 65% of house value.. that is the way hard money folks ensure they get their money back (and all sorts of signing your life away docs).. I can not get a loan through a bank with new rules for another 3 years..or 1 year for a purchase. My intent was to PURCHASE my hoome from my LLC and get an FHA loan in a year. however after talking to an FHA and loan guru realized I set the loan up incorrectly to make that happen so I am stuck w 3 years.

  6. LivingAlmostLarge Says:
    June 28th, 2014 at 02:29 pm 1403965773
    1403965773

    Where do you find homes with sell financing? How did you get into that sort of landlording? And how do people get into it? Do you need to be able to carry the properties with just your income or whatever that pens if you default? So interesting.

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