I ,in general, (although trying very hard) have been doing very bad, crying, hard to sleep, ANGRY, just bad... out of control.
Updates... just the facts..
1. Main house refinance.. no real news... several more back and forth faxing documents episodes.. board did approve the loan and we are waiting for the appraisal to be ordered.. nailbiting times waiting for it.. broker says he has 2 more possibles if this one falls through but both higher rate and higher fees. Until the appraisal comes through I will not know for sure IF they can do the loan and how much my fees/contribution is. Hard to wait. Should hear from the appraiser this week.
2. Job.. Nightmare. New policy. NO WORK AT HOME for 3 months! I cried in the car after that conversation. Job is not hard. In fact I have little to do. How do I find these jobs where I have nothing to do? Days drag. I will ask for more work next week. Speech has taken a MAJOR HIt w the stress I am under. Drive continues to be an hour and half stop and go each way. With my deductions changed and no 401k I am bringing home almost the same making $65/hr as making $55/hr (last job). Thsi is with putting $1100 a month in savings. the amount I was putting w the 401k. Accountant will check deductions this week. Gas costs are SUPER INCREASED. I am actively searching for jobs but none yet locally.. LOTS downtown and out where my current job is.
3. 6 homes/house I am turning over--.. the house I was so excited to see last week? I got there and it felt like nothing was done. I was so upset, stressed and disappointed. and UPSET. Current update. House is commplete (except for fridge, washer/dryer. I will buy if I have to but renter may have his/her own). House for rent at $1250 (old rent under s8 was $925). It just went up YESTERDAY!!!!!!! a month to get it fixed up and on the market. INSANE! Anyway.. 6 calls the first day and showings today. Neighbor next door has a nephew she wants to recommend. This is the 3 bedroom w the MASSIVE garage (3 car w office/workshop). A section 8 person called w a voucher for $1300 who wants to see it. I want it filled iwht someone LONG TERM who is going to treat this and maintain it like their home. I am proud of how it turned out and the response (from neighbors even!)
4. 6 homes/house not paying rent--I am still very frustrated w this and how the new PM is handling this. We had a very clear conversation last week that I do not feel she is handling it and I need to have her get a handle on things. I said I feel I am running things and I do not havve the time to do so. She said she is used to being in control and I need to step OUT. I said I would not feel the need to step IN if there was not such a void of leaving voice mail messages and never actually getting in touch w the tenant. Either she can pay or not.. not 'well I left voice mails'. ANyway...$$ summary .. with this month.. she owes over $2000. I gave new PM until Wednesday and then will either handle it myself or turn this house over to someone else. We got $520 last week and she said she applied for help and is trying to make up the rent (she said that to ME. when I stopped by ) but the new PM has no new updates. I do not want her sitting there while she is trying to find a place not paying rent. Renter seems sincere when I talked to her but I have no money in hand... so words do not really matter. I reclaimed her security deposit already to help w cash flow and can pay it back if she pays. This house (based on the reaction next door) looks like we could fix it up and get rent increase too. currently charging $1000.
5. Other section 8 house. havving s8 adminstrative issues.. new PM says she will straighten out but another thing hanging over me and may make the tenant lose her section8. I can not afford another turn over right now.
6. 3 units continue to flow easily along. nothing to report. These are the ones the new PM has run for years.
7. new Property Manager. Mixed feelings. Higher priced help but things are getting fixed right. But realistically if I was more involved w the homes w the old PM (and I see the need to be upfront to learn the homes etc) wouldn't that be happening anyway? VERY VERY UPSET w lack of urgency, slow turnover of homes, and this passive 'I called, left voice mails' stance and NOT stopping by the house and lack of progress on the s8 issue above and the house not paying rent. Whatever deficiencies the old PM had.. I sincerely doubt I would have this situation going on. New PM is a 'by the book' manager and her solution to the renter not paying is to 'send her a letter, serve her now w a 30 day notice and then wait for court'... NEVER actually speaking to her face to face or dropping by to ' work something out' or get the scoop. I can not do that.
So in general.. very rough and I am stressed. I am coping by doing my treadmill before and after work and trying to tire myself out so I do not think about this stuff (or throw stuff at the wall). I am trying to be clear w new PM and set timelimits, boundaries and investigate other options before moving on. I am trying to give her a fair chance and be reasonable. I need someone though who can go out to the homes as needed and help me w contractors etc and can deal w non paying tenants in creative ways.
For now I am hanging in there money wise but have used up $15k of my rental emergency fund (have $1300 of that $15k left) and that is WITHOUT paying the 6 homes principal payment last month. I need to come up w $3900 to be on track w the loan. Seller is ok if I come up w that in payments next year. I want to come up w it THIS month so I am on track so take full deeded ownership of hte house I fixed up next month.
I need this lack of rent situation resolved, this house filled and this s8 issue figured out ASAP.
I know she does a great job w the 3 units. but those are simpler, smaller etc.. She says she came into alot of issues which is true but this wanting to handle it all via phone just does not work and lack of urgency does not work.
Gave her til Wednesday to update me on the 'lack of rent lady'
Side effect of all this treadmill walking and getting my anger out is I am toning up nicely. This week I am cooking all my food for the week today so I can eat well. I thankfully lose weight easily so if I keep this up I can lose some quick weight and fit into my size 8 clothes easily. They are tight now and I got some new slacks in size 10 at Goodwill so I do not have that added stress (of tight pants) but it would be nice to lose 5-10 lbs and have them fit again. 10 are loose but more comfortable than tight size 8's.. so right between.
About it for now. I need to check in more often.. it helps me to vent too.
So for this month. I am NOT adding to savings. I am instead trying to pay taht $3900 payment from last month to the 6 homes seller (provided I feel secure Wednesday that the s8 issue and the non paying tenants are under control)
Coincidentally the house w the s8 tenant (admin issue) has very low rent too (but has not been updated) do not want to turn it over now.
THANKS to all here on this board who suggested I increase my rental emergency fund and encourage me. I would NOT be surviving without your suggestions and support.
Continuing to believe in these homes and just focusing on 'SURVIVING' right now.. even if it means holding off on savings in the short term. They are small, incredibly easy to rent, solid, and should be good long term and allow me lots of options once paid off (3 years 8 months) to keep/save/invest the cash flow.. or swap the homes out for other/differnt/better ones. I would not be stressed at all. if the non paying renter was 'stabilized or w a plan, move out or pay" and I did not have this vague s8 issue AND I did n ot have this main home refinance where I do not know how much money I need to come up with hanging over me
Thanks for reading
Viewing the 'Main home refinance' Category
THANKS for the feedback and ideas for the commute. I will try to leave later next week (leave 7:45am and come home at 4:30 pm .. (get home at 6).. that way I can work out in the am and get stuff done and feel normal and not be so sleep deprived. Going to library today for books on tape.
Boss gets back Tuesday will ask him if I can work at home 2 days a week.. Friday's drive was EASY by the way and coincidentally that is the day I did both my interviews so that is why my estimates were so screwed up. Turns out FRiday everyone works at home. If I get 2 work at home days (and I will push for them.. others have them) I will take Mon, Wed work at home, Tues/Thurs office and Fridays drive was easy so office there too.
Got feelers out for jobs... per recruiters we are in a job lull right but expecting it to pick up in Aug/Sept w budgets. I want a work at home job.. even part work at home..
Loan appraisal ordered.. should happen early next week (will have to work at home or take day off).. need $525k value
6 homes.. fix up on that one house is done.. looking at it in 30 minutes...it shoudl rerent fast (guy said he had people stopping by during rehab). House next door (rent situation) Lady asked for rent help for one month from the county and if she gets that she can catch up in full within a month. She wants to stay she says. I feel I do not have a handle on that at all. I am the ONLY ONE talkking to her. THe new PM is saying 'well I called her and left messages' and then she sends a letter. I need someone who can aggressively get a handle on things. I told her this last week I need her to go out there and figure out what is going on and 'assess' the situation and give me her opinion. Basically I feel I am running these homes myself and I do not have time for that. Some other miscommunications occurred too. I talk to new PM today but she does not appear to 'have the time' to get out to the homes and does not appear to want too (has complained several times about the time she is putting in). .Doing what???. You can not run these homes entirely from your office and phone. Sometimes you have to earn your money. Anyway frustarted in her unwilingness to 'get things done'.
That is a WHOLE POST which I will post later today.
Frustrated and strained w the 6 homes situation. I did a pros/cons of each property manager and went over it w some people and w the 'cons' I listed if they were 'fixable' or 'able to be mitigated;
I will share later for thoughts and I want thoughts.
Not giving up on mew Pm and she has some good points which I have learned from and can take elsewhere but her inability or unwillingness to jump in or lack of time is a BIG ISSUE. I can not run these homes by myself. Even w the 'rehab'. I am running it all on my own.. w Matt (other guy) he could meet contractors etc.. remind me of stuff I forget and 'get it done'
W this lady not paying.. (course I do not know the following) but I am fairly certain based on past experiences. He would have called until he reached her or stopped by until he reached her.. assessed the situation (yes she is going to pay. no she is not.. lets rerent it) and coordinated the move out or clearly established guidelines for the payments..I would not be sitting here in the dark.. calling her myself.. Crazy!
W this house (rehabbing) he woudl have had it up on the market by now (probably w it in such good shape had folks lined up to rent it or be investigating backgrounds already etc) and reminded me of stuff the contractor just did today and taken care of it. I do not ahve time to be hands on w these homes. I need someone who can be actively involved.. I told the new PM that I can make calls.. (and I have made calls and gotten through) I pay her to do more.
Frustrated and needs these homes smoothed out so I can move on to other stuff..
Too much energy spent being frustrated and less total energy available w this insane job.
I do not want to get off track and am off track now so need to get back ON. I am happier that way.
Whirlwind week (seems longer). My boyfriend took me on an impromptu 4 day trip to Gatlinburg, TN,, nice ...stayed in a cabin, did the zipline, hiking and other stuff.. We took the Genesis and it got over 30 mph.. still figuring out the cars.. now thinking to either sell Tahoe/keep Genesis or sell both and get something like a Camry or Accord (used). Figuring that out
JOBS.. NEITHER of the 100% remote jobs worked out yet. First one at $60.. I responded incorrectly to a VOIP question (saying I did not use it that much) and later found out the job was mostly project managing VOIP.. WHOOPS!. MAJOR error in prep by the recruiting house. Anyway they have other PM jobs and are considering me for those (hopefully). $65/hr job. no response but they have hired 2 people.. recruiter concerned job is filled and I got in too late. We shall see. I start my NEW job Monday.. $65/hr.. large company.. 50 minutes from home but flex time and 1 work at home day a week (after a month on the job). I WILL STILL LOOK for a 100% remote job in the 60-65/hr range. Got a few new blouses and am approx 10lb overweight for several outfits.. my incentive to lose.
MAIN HOME REFINANCE.. exhausting but we 'appear' to have good news. I say 'appear' because I do not have paperwork yet.. Approved through 'pre underwriting' at 6%, 5 year term, 30 year amortization, 1 point to the bank, 1 or 2 to the broker .. HOWEVER they will only do 60% loan to value (loan I have now is 65% LTV)..appraisal soon.. house must appraise at $495k or better. Broker is NOT concerned w the appraisal coming in based on what he looked up online etc. I AM concerned based on the fiasco last time. They asked for my title company from last time and have contacted them for a quote on a 'updated title' and hten will get me the Good faith estimate and term sheet. PRAYERS and fingers crossed. They want to close by the FIRST.. (9 days .. insane. .) This will use up much of my emergency fund to do this but will be worth while big time
Post is getting long will update 6 homes on next post..
Changing news.. a little stressful.
Last day of work for me is today. I am a senior project manager for datacenter migrations at the worlds largest banking services provider basically in the world. If you have a bank we deal with it. First day at at work at new job is the 21st. I took a week off. NEW job is a 50 minute drive either way, requires business casual dress (I can wear jeans now) and my role is basically 'additional staffing'. SO they need additional project managers for random stuff (server upgrades, software rollouts, whatever.. projects are 3 months to a year and I handle a few at a time.) and they anticipate this need for some 2+ years.. It is at a large well known company
I took this job because of the ones offered it paid hte most and had flex time and one work at home day and I liked the atmosphere and drive was not too bad
I am now having second thoughts because I have 2 calls from serious recruiters and am in the works at 2 large well known NETWORK companies for datacenter migration work Datacenter migration work appears to be the 'rage' now and the new trend. These are 90% work at home. one pays $60 (had interview yesterday and went well) and one pays $65+. I talked to my network engineer friend at work and he confirmed what I was thinking. datacenter migration/network related work is only going to grow as folks move stuff around, consolidate, move stuff to the 'cloud' etc... and it is a more sought after skill set. If I go back to 'average joe projects' (especially server and software upgrades) it may be seen as a step down/backwards and my datacenter migration experience will have 'age-ed out' as more and more OTHER people start doing the work. Also 100% remote work (if these jobs only go for 2 years) allows me to search for work at the relevant time and have minimal downtime. Hard to search for work at an office setting..
Also in doing some driving this week. I really do not like driving in traffic and realistically I am adding 2 hours more to my day with the new job.
I am hoping to get the interview at the other $65 hour job and if I get an offer at either remote job datacenter migration job will seriously consider swapping jobs.
You recall I wanted to leave this job I have now also because no one was at work and I had no peers ( no girlfriends or anyone etc at work or anyone to talk too, laugh, joke, or just warm bodies). I thought about that and with these 100% remote jobs. .. I will go into the office from time to time but also these are such large projects that I will be in a TEAM of project managers doing this work so will at least have PEERS I can talk too and maybe I should just start enjoying some hobbies and make friends outside of work anyway/nearer home.
NO FINAL LOAN NEWS. sending more docs and broker is submitting me at 2 other places just in case but with likely higher costs.. little discouraging. I really want this refinance.
Tired today. BUSY day
1. boss can not match salary or extend me. last day Friday. I got calls though from another work at home job ..100% work at home... supposedly paying $65+.. crazy!! this datacenter project management is all the rage now.. makes me think that joining this job I accepted. 45 minutes drive.. may put me at a disadvantage for later as the job is just 'regular project management, applications, infrastructure' but not dataqcenter migrations per se ...putting in for the $65 hour work at home job just in case..And I have the phone screen for the $60 work at home job Thursday. (jobs are at competing companies.. interesting.)
2. bank called broker again... now no news til Thursday. bank did not havve all forms. we resent ... prayers
3. 6 homes.. woke up at 5 and went out to that house (that was vacated) to look at it myself. i want to be more involved as we turn these over.. do it right. lower cost. I was IMPRESSED and felt renewed in my confidence that this deal (6 homes deal) was a good one. house did need fix up but will look really nice when done.. nice neighborhood.. just felt good. and money spent now will go towards improvements or long term fixes.. STILL afraid new project manager will be slow to rent this out/clean it up. I am communicating more and will get some quotes myself. Talked to my accountant. he suggestd an idea I thought of last week. that I find some contractors for common things (either hers .. after interviewed or mine) and just use them so I have folks *I* can communicate with and trust and know their rates . VERY good idea and will do. I told her I want it fixed up by the 15th and we start to market for a hopeful move in day of the 1st.
All rents in except that one house .. owes 50% due from last month and this month. Pm going over there tomorrow. upsetting. We will take aggressive action if not out or paid soon. Lots of costs w the transition but all good .. getting things fixed.. taken care of.. just stressful
3 years 9 months left to pay this 6 homes deal off
2 months to my first fully paid off house deed
LOTS of people reporting mid year net worth and LOTS of leaps in investment account value. I WISH I had more $ in my accounts so I could reap some of that benefit.
Gave notice today. start date 7/21.. current boss wanted to see if he could make it worth my while to stay. he is going to see if he can get me enough work (contract) for 2 years and raise me to $62/hr. news tomorrow
Loan guy called and said the bank called HIM and he should have 'paperwork tomorrow' and said 'not to worry'.. 'things look positive'. I am praying. My worry and anxious nature must show though
6 homes. lady moved out. current Property manager did the walk through.. not that bad (in terms of repairs due to her or cleanliness issues) but some updating needed etc. getting cost estimates. hoping to fix it up in a week and fill it by the first
House next door (you recall tenants Dad got sick blah blah and she now may want to move downtown to be nearer to him) no rent yet . she owes 50% of last month and this month. she HAS called though. Property manager is tracking her down tomorrow... if she is going to move I want her out now so I can turn that over.. I will ask for $100 more rent over there. Again that house will need updating.
At least I am feeling like my $ dollars are being used to update/improve or fix things correctly and for the long term vs wasted w the old property manager.
Anyway.. even with all the above... I am feeling things are smoothing out w the 6 homes and should be fairly well smoothed out in the next 2 months. fingers crossed. I NEED them smoothed out asap. too much uncertainty right now.
About it for now.
Hopefully news on loan TOMORROW
I will be so happy if this job works out, the 6 homes smooth out and I get the loan!!
I just heard I get paid WEEKLY on my new job. I will have almost a $2000 overlap between between jobs.wow..nice...maybe can go towards rental emer fund, the points for this new loan, investing. exciting to have an 'extra' possible #2k
selling sharebuilder. putting into Vanguard.. whatever you guys do . do not buy Sharebulder unless you plan to hold it a longer time. I am wasting money on fees to buy and sell. it was a good thought at the time.
6 homes. I am stressing on this house turnover way too much I am going to give my new property manager a list of what I expect and let her do it before stressing anymore. in fact off for a walk now (this is my work at home day)
Everyone have a great 4th. I am doing a parade and then some fest thing.. with a band.. and then Friday I want to lay out in the sun. have not done that in a while..and going out to a celebration dinner Friday pm. and then just whatever.. want to rest and relax.. stress eats you up!
Early release today at work. 3 pm.. trying to get stuff done.
PRAYING for this main home refinance to come thruogh and good news on the 6 homes turnover. still a good time to rent.. just want it done (NOW) haha
Documenting the journey
1. accepted the $65 hour job.. NO 401k for first year confirmed. I mapped out what I should be getting and should be able to save $3k a month.. already funded Roth so that will be all taxable accounts
2. Naperville job did NOt turn out. not enough E commerce experience.. oh well. this however helps me see that when I stop chasing money so hard I can get a good paying job near home without too much of an issue at $100-110k
2. still in for 100% remote job but wondering if I want it. I want to be out and social. the job (I accepted) has flex time and one day a week at home and 4 days at the office (social) so best of both worlds?
1. no news this week. now I should news mid next week. PRAYERS!! this is for the main house refinance. if this job, the lloan and the 6 homes smooth out ... WOW!!
1. s8 lady is moving TOMORROW.. Property manager is going over there tomorrow to do a walk through and see what we need to do.. will let me know after.. plan is to fix it up asap and rerent it for $2-300 more a month.
2. roof on one of the homes goes in this weekend... also did 2 sump pumps and water heater (replacements).. going to do a french drain and one more roof likely this year.. comprising hopefully MOST or all of the larger fix up areas w the rest of work being minor repairs etc..or small improvements tothe hoomes .. particularly the ones we are turning over..also will look at tree trimming etc away from the roof.. I can hold off on the 2nd roof if I want too..
3. most important thing is to get these new renters in and stabilize..I have 1.5 months of vacancy built into my budget #s
4. hoping new PM is aggressive and good with rerenting and turning things over fast..
s8 must not have known about the move out ... they paid for the whole month. after we have confirmed move out I will see if they want me to refund that or take it out of my next check
About it..hopefully good updates to follow. I wish I did not have so much up in the air.. loan and turning over this house.
Too many updates!
$65/hr job proposed start date is 7/21.. will give notice once I have the contract.. today?? but no 401k for a year!! will have to save in taxable accounts
Got a call for a $65 contract to perm job in NAPERVILLE.. put in for it.
Also I have an interview for $60 work at home job..
Loan submittal sent today.. hoping for good news by Thursday (prayers).6.25%.. 2 points.. need to exit this loan asap.
6 homes transition..rocky .. I am pulling out $10k from the emergency fund today for roofs etc.. s8 lady has not moved yet.. but still getting rent but upsetting.. have a call into s8 and property manager is going over there today to see what is up.. house next door did NOT pay second half of last months rent 565 missing and concerned for this month.. property manager is going over there today.. when it rains it pours. putting in new sump pumps in both homes and a french drain.. $$$$$$$...I have never seen so much rain in a year!! but all fixes from now on are long term..and done well. just lots of MONEY and rental uncertainty which I do not like... just feels very up in the air right now and a rough transition. upsetting. news hopefully today on rents and status. Property manager is meeting w ALL tenants in this next week or two.. walk thru homes. form a list of things needed.. money out the door but it will be good to get these back in order and running smoothly..
PRAYERS for money and some resolution (good resolution on the above)
No job news!!
I really want some job news.. tired of looking and want to move on.. I should have news today
Other stuff (task list for today)
1. calll on Genesis warranties.. cancel them.. ($ will go towards lien holder but will reduce loan so I get more $ from sale).. find out how refund works.. how long it takes. should I wait to cancel til car sold. looking to sell car pretty quick
2. clean out cage bank and list. price for it now if purchased new is $4500.. looking to offer it at 2k.. it is 3-4 years old but barely used.
3. submit all loan docs for loan .. they need docs BEFORE they can give me a written preapproval so not as firm as I had thought. bank statements, DL, and ss card and paystubs.. My address is currently at a friends (for llc loan). now need to switch it back for thsi loan. Hope this loan comes through
4. call on this website thing for my not for profit. potential $500 back to not for profit
5. call on website thing for me. potential $450 bacc k to me
Proud I have still retained the $1200 cushion..
I looked into car insurance if I just drop the genesis but keep the tahoe insurance will go down from $104 a month to $38 wow.. crazy. have looked a little bit at some cars online.. w possibility of selling both and getting a more gas efficent SUV .. or mid style sedan
Problem (or thing) is that I REALLY like my cars so if I can not get a nice car I basically just want a low cost car ($10k or less) to 'hold me' over for 4 years or so.. like I do not want to waste money on an average nice car that I will feel I have to hold onto for years.. we shall see..
I DID talk to loan guy about my potential new job ..he said no issue if in same field, same or higher pay and no m ore than 30 days downtime.. I will only take a week off
I WANT THIS WEEK OFF SOO BAD>. need a break
Onward.. Fingers crossed for job news today.
Hope this $65 job comes through.. 1 work at hoome day.. flex time for the rest of the days.. come early . leave early .. miss traffic.. friends and highest rate so far..
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.
I am on final interviews w 2 jobs.. all that I am waiting is for the job offer. to come this week (if it comes..).. I should hear on the full time job, the $60 job and the $65 job.
Main home refinance.. trying for a 6.25, 2 points, 30 year amortization, 5 year term loan.. NEWS TOMORROW.. (tentative approval, not firm)
6 homes.. lady on S8 we are trying to get rid of in order to raise the rent is CONFIRMED moving out 6/30.. we will look to rent it asap after.. may take a short while to clean it up. not sure.. current property manager out of town but left someone good in charge.. STIll happy I switched
Doing 2 roofs this month (next week).. LOTS of $ out the door but can not wait.. w the rain here (cloud bursts like everyday) need to get them done.. expecting to drop my account by $10k or more in the next few weeks..
CARS. I have 2 cars.. 2011 Hyundai genesis (owe $18k) and 2008 Tahoe. worth probably $22k still. paid off. I was seriously looking into selling the Genesis (should get $23kish) and keeping the Tahoe or selling BOTH and getting just a 'reasonable' car (camry or some lesser Hyundai) that will last these next 5 years and pocket (and invest) the difference.
Final interview tomorrow am at the Z$65/hr job... wish me well!!
Still looking at refinance offers for the main house.
the 8.99& program for 3 years got pulled
Now working on some 6-7% programs for 5 years
I anticipate a lot of back and forth to clarify and nail these guys down..like I had to do with the first loan... but at least trending in the right direction
Had an interview for a full time job today. should have news next week. I have a fairly good chance at this.. also waiting for a an interview at another $65 hour job and SUPER wanting that $60 remote job.. I should hear on interest on the remote job next week.
Breathing a semi sigh of relief.. that renter called and is planning to drop off rent to new property manager Friday. that will complete the rent for the month and I feel things will run smooth after that... course we are still fixing issues etc.. but smoothing out over time. she is also meeting w the old property manager at 5 to do knowledge transfer.. get keys etc. We still have the outstanding issue of the tenant we want out and that is in the works (getting her out). S8 is thinking of 'violating' her and threatening to take away s8 ifd she is not out by month end..
Praying the PM transition goes well and was the right decision. 6 homes are a major retirement component
MAIN HOUSE REFi
Current best offer is 3 pts, 8.99 3 years ..starting Aug/Sept. I verified I have the credit for it. Total savings over 3 years $18000 INCLUDING the offset for the points.
I have called my current lender and am trying to get them to lower the rate and extend the loan (likely less points/fees). I talked to them today and will hear tommorrrow (her time estimate)
NEED SUPER PRAYERS FOR THAT>
Maybe they can do it for just costs.. or 1 point or even 2.. every point is $3k
I know some of you think I am crazy out there for this refinance loan but I do not think hard money loans are coming down.. I think they will be going up (certainly not less than 8.9) and this is an opportunity I need to grab. I need to exit my current loan in a year anyway..Escrowing taxes w the current loan payment will be super hard. I will find it very hard to get a longer loan and why would I want it at hard money rates..
No job yet but 2 interviews this week. I am thinking of taking FULL TIME vs contract (stability, vacation and I think I can get $125k).. I only make $55/hr now so $125k is a big increase.. also I need and WANT stability for these last few years. less stress!!
Thanks for the support.
8.99/30 year amortization and 3 year term
3 points total
and normal closing cost of estimated less than $3000
2 year prepayment. I can not pay it off prior to 2 years.
This Rate is more than I was hoping. Hoping for 8.25, but points are less. I will pay off the costs of this loan with the savings in 12 months.. and after that save approx $700+ a month.
1. send a note to the current lender .. see if they can match or exceed the deal. If I go w the current lender my cost will likely be less. The Broker is getting 1 of those 3 points above. Also current lender should have less closing costs (**thsi is done, waiting to hear from them**.. be a dream if current lender coudl do it**)
2. research some other lenders.
HR call at 3pm for another job.
Refinance update. My 'failsafe' loan option officially fell through. No way to get the FHA Back to Work Loan in 1 year. that is out so I have to get a 'softer' loan than my current 12% loan but w longer term.
I need a bridge loan for 3 years to hold me until I can get an FHA loan under normal guidelines
Broker called.. he thinks he can get 8.25, 3-4 points, 3 year term, 30 year amortization. He will get more detail tomorrow.
4 points is $12000, loan costs unclear at this point but a few thousand.
My payment would go down $739 a month and I would be putting $200 (average) a month towards the principal.
Let's say total costs of loan are $15k. I would make that up in approx 16 months.
My current loan ends in 1 year 6 months so have to get out of it at some point.
1. clarify details, see what the barebones offer is and ALL costs
2. compare that to the costs of keeping the loan
3.evaluate if it is likely I can get anything better
4. talk to current lender.. and see if THEY will do a similar loan for 2-3 points (saving points and closing costs)
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