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Viewing the 'Main home refinance' Category: 5 years to Freedom
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Got my deed, loan and job update and musings. :)

November 26th, 2014 at 09:11 pm

Hi all

Loan update. Loan IS funding today .. YAY!!!

Got my deed! Cost me $198.. and I now know the process for the other 2 homes that I can pull out early

JOb update.. (this is the 3rd time this has happened).. I was the top candidate but now job on temporary hold. they are going through a re-org.. recruiter says if no news next week I should move on.

Frown

Cars.. Carmax was at $20k for the Tahoe.. seems like I can sell it online for $22k. Cashed in the warranty.. $2000.. Genesis worth $18-19k.. (not good resale value).. still figuring out if I should sell the Genesis or the Tahoe or both and get a smaller SUV. Listing Tahoe on Craigs List while I figure that out. Owe $171l1 on the Genesis but if I sell the Genesis I owe actually less because I had a full warranty on it and thzt will be refunded.

Goal-- have no car debt and a car that I can use and will do well in snow. Also feeling I need an SUV for the not for profit but not a higher end one..not for profit can kick in for that in some way if needed. thinking and doing up a excel sheet that I am filling in

I am assuming this job w the LOOONG commute is short term (few weeks/months) but I still have it so need to plan for the commute.. 50 miles each way.. crazy... I currently spend $350 a month in gas for the car.. thinking that will go up to $450 w the Tahoe..

If I am not planning on the car long term I shoudl sell it now because resale value is really dropping. Tahoe is really holding its value in a big way.

Happy Thanksgiving all!!

Main home refinance closed! and 3 unit update

November 22nd, 2014 at 02:00 am

HI all

Talked to 6 homes property manager. He was about to refer someone for my vacant 3 unit (that the current pm says is filled and moving in) for $650 rent.. bodes well for higher rents.

With each at $650 I fully close the negative cash flow gap at the 3 units. that is the goal for next year.

I will switch from the current 3 unit property manager as soon as verify this unit is filled etc..

Main home refinance CLOSED tonight!

I am officially out of my hard money loan! thanks all for the support. it has been a large (curvy) road. Smile

Main home refinance, I close tomorrow, and other stuff

November 21st, 2014 at 01:15 am

HI all

Got the clear to close. I close tomorrow on the main home refinance. I have to bring $294 which is fine.. rate 5.375%, 5/1 arm. Savings of $1200 a month. This frees me up from the risky high rate hard money loan and buys me 5 years but hoping to refinance to a 15 year conventional in August.

I was not escrowing taxes yet for next year so my 'real reflected savings' over what I was paying is only $261.. that will go to savings

Paying off the roof this weekend.. and other stuff.

Putting $750 more towards savings

Interest in the ellipitical at $75
NO interest in exercise bank or cage bank.I will call animal control and that low cost spay neuter clinic to see if I can get some interest even if I go down in price

Vacuuming my Tahoe this weekend and will get estimates from carmax and this local place

Work is insane.. 90 minute drive home.. and layoffs in 3 weeks.. boss was talking today about losing his job.. VERY high pressure and stress.. but on a high note.. got overtime approval again.. 5 hours. unfortunately they want 3 hours of that TONIGHT.. (tired from long crazy day w work and loan and drive home)

Have not heard on that job I interviewed for .. still hoping for good news soon

Onward.

Smile

Main home refinance update and job update, quick question

November 19th, 2014 at 12:43 am

HI all

Main home refinance is proceeding as planned.. looking to get a close date in the next 48 hours and they are trying to close Monday so it funds before the end of the month.. 3 day right of rescission on the loan

payoff estimate was slightly off.. I will have to contribute approx $1050.. rate is 5.375 do you suggest I roll that in (I can) or pay it.. I am thinking roll it in as I am trying to conserve cash

Job update.. talked to headhunter. they followed up last week and were told that they should get a positive response shortly.. no word since.. they are wondering if the company is determining where the funding will come from, start date or which supervisor this position will report too or something else happened. Current job cut hours back to 40. Frown

So job NOT in the bag yet.. still hopeful and praying..

Talking to 6 unit property manager more.. feeling satisified and in control..

Not as satisfied w 3 unit lady and may end contract after 3 months.. and switch to 6 homes guy.. she tells these little 'lies' frequently .. saying somethign just to appease me when it is not true and then having to back down from it later.. and lack of complete communication

new tenant moves in Saturday she said but this is delayed from the 17th, delayed from the 18th, unit is STILL not finished (18 days after move out.. all we were doing was touch up paint, clean carpet and clean unit).. not a huge deal but adds up and overpromising under delivering gets old.. more to share here

Feels good to learn more and grow in these rentals and be able to think ahead and be proactive, raise rents, fix up.. proactively control my net cash flow.. really feeling these are good for me long term.. just waiting for time to go by so I can get out from under this high mortgage and cash flow pressure.

I am already running $300 LESS in projected negative cash flow a month across all units then I had in year 1.. w significantly RAISED reserve amounts for vacancy and maintenenance.

Hoping to close the $450 monthly cash flow gap on the 3 units w the new property manager.

6 homes gap will be harder to close (or not as fast) .. as homes have people who have lived there for 8-10 years and if I turn them over I can expect $3-6k?? updating fix up costs each. That is based on the turnover cost of the first two. I do not want to spend that cash right now (and do not have it) so am fine w the lower than market rents and steady income

Obtaining that free and clear deed to one of the homes is in the works!

Quick updates, savings, job, 3 units

November 17th, 2014 at 01:41 pm

All

Quick updates

Called seller on the deed.. no issues.. he wants me to fax him a note and he will call his attorney to get that working.. YAY

no word on job yet.. hoping to hear GOOD NEWS today.

My job now is very political..stressful and w this high profile program risky.. IBM guy said last 2 people who tried to turn it around by resolving highlighting issues were let go. I am already feeling the heat.. not good at all

hope to have a closing date on that loan today

$3200 more to savings (went to real estate emergency fund and will immediately go towards roof)

Boyfriend bought me $900 snowblower this weekend. NICE.. savings and a quality unit.

Saw 3 units today and took pictures.. made a list of long term items (sealcoat parking lot, trim trees back and either siding or repaint current siding).. I will get quotes and budget for next year

FEELS good to get involved and KNOW my worst case and costs

I DID sign up for 6 months w that lady (existing property manager) with a list of concerns I want her to address etc.. I will cut it down to 3 months if possible..caught her again fudging costs and she is simply not set up to turn these units over fast..I saw it on the 15th.. it was vacated on the 1st and NO WORK was done.. her goal is to have someone move in (already approved and waiting) on the 18th

Units were LARGE, well lit, updated, front and rear door first floor units, nice area of town.. rents are only $565-585.. she does not want to raise rents and is conservative in that way but the research I and Matt (other property manager) has done shows those could go for at least $50 more maybe a $100 more each and they are so small (500-600 sq feet) that turnover costs should be low. I have a $500 loss on those every month (on 5 year payoff).. It appears I can close that gap maybe in full in a yearish w raising rents.. lower costs. thatt would be a HUGE WIN.. this means more savings or more breathing room..

Onward to work!

Final loan outcome and interview news-good news

November 14th, 2014 at 01:26 am

HI all

Final main home refinance outcome.

Conventional was denied for now. Everything approved (income, credit, extenuating circumstances) but the fact that I converted by chapter 13 bankruptcy to a chapter 7 counts as 2 bankruptcies and (even w extenuating circumstances) I need to wait 3 years from the BK discharge so August next year. Broker will keep all info on file and has a diary note to contact me 8/15 to just resubmit income and assets to get the final approval. 3.6 or less rate if rates do not change too much

Meanwhile.. 5/1 arm APPROVED and they are trying to close next week. rate 5.375%, amortization 30 years, 2 points

MY PLAN.. do the 5/1 arm then switch to conventional in August, 2015. Why not stay w the hard money loan until August next year? (1) even w the points/and cost rolled in the loan (balance increase) .. it is $6600 less to do the 5/1 arm for 9 months then keep my current loan (2) my current loan is being called 11/15 no extension. I do not want to get up to September and find out I can not go conventional. This loan gives me some breathing room.

All costs rolled in loan. Payment $368 LESS than what I pay now AND includes taxes and insurance. I will auto save the $368.

That last roof on that house (of the 6) is being done this weekend
Looking to sell the Tahoe next week.. pay off the Genesis and save the rest
Looking to wrap things up for year end and end strong..trying to pull as much savings out of the hat as I can
Finally calling seller to get that first deed. Asked realtor what he would estimate the SELLING price of that house would be so I have a value. he is researching

Goal w rental emergency fund is to finish this last roof and then build fund back up to $15k and leave it there..

Interview went well. I should have news tomorrow or early next week on the new job.Same rate I am at now.. Oakbrook (much closer), can wear JEANS!!, flex time and they are open to some work at home.. and contract to HIRE if I want to be hired... SOLID household name (on every corner company)

Fingers crossed.

Relieved loan decision is DONE for now

Rachael

Interview today, loan news, and more savings

November 12th, 2014 at 03:57 pm

Hi all

Over $2000 in savings this month so far with a forecasted $3500 more (which will go right to the roof on that last house)..trying to tie up things and end the year strong and then set strong goals for next year.. need to get this LOAN STRAIGHTENED out.. hard to plan with that outstanding

Loan news

1. conventional guy sent me a text (a text, what an idiot) ..saying they were not able to get it through the system etc and he is basically giving up. upsetting. I called him immediately and will continue to call until I reach him.. loan was approved manually they were just trying to figure out the new system. I need info on details of loan etc.. any error codes so HE can either keep trying or I can try someone else.. very upsetting like he gave up.also called Fannie Mae directly and they need that info to look into it.. they say this occurs w new programs but hte manual underwrite approval is a good sign. I mean maybe we can show more assets, go for a 30 year not 15, or whatever. I need to know the reason it is not getting through to solve it and if for some reason it does not work not I need to know when it will so I can plan.. VERY upsetting this no call back

2. 5/1 arm still pending

Interview today 2pm.. feeling good..prayers!

getting lots of overtime opportunity at work (at straight rate).. maybe can make up to $4-500 a week extra.. crazy but nice..

First full rent month in what seems like a LONG time (July!).. crazy.. finances are much better w full rent.. with the property manager switchover I had 4 months of not full rent and high costs.

Answering questions from Another Reader made me realize I will only owe $119k across the 6 homes at the end of nexxt year.. why not formulate a plan to gather that $119k (or as much of it as I can) and pay them off early a the end of next year

WHAT A AWESOME thing that would be. Can you imagine? even I only got $75k gathered.. be great to speed up the process considerably. I would rather work really hard, think creatively and just get it done.

$119k is not big in the scheme of things but need to think outside of the box if I am in to get there (and need to get this loan settled)

Main home refinance update

October 31st, 2014 at 12:53 pm

HI all

Main home refihance update.

1. 5/1 arm 5.375%.. 2 points. they accepted my old appraisal and are submitting to underwriter now news late next week on approval . if approved should be able to close SUPER FAST

*that is my 2nd choice**

2. 3.625 15 year conventional loan, has been with underwriter a week.. still with underwriter.. they are currently pending for some official documents from the DuPage recorder of deeds that lists the actual date the transfer of the foreclosed homes happened.. when they got out of my name. I assume they need thsi to verify the foreclosure occurred AFTER my BK which it did. Fingers crossed. also shouold have news on this next week. If this goes through I will leap up and down and be done. The loan up top requires me to refinance again in a few years. I want to be done w that. I have a chance of qualifiying for conventional as a new rule came out that if you bankrupted out of homes that were later foreclosed you use the BK date to start your waiting period not the foreclosure date. With extentuating circumstances I fit this.

5/1 arm payment is $2500 w taxes and insurance
15 year arm is $3100 w taxes and insurance

These #s are rounded UP and are a little higher than quoted

I pay now $2970 withOUT taxes and insurance.

Onward. Praying for a loan soon!! (and a closer or work at home job)

SNOW today.

I earned a free and clear deed!

October 29th, 2014 at 09:30 pm

HI all. I finally paid off enough to earn a free and clear deed to one of the homes in the '6 homes agreement'. I am going to choose the one I fixed up 2 months ago that rents for $1435. I will do paperwork next month or December. If I default and can not recover I still keep all deeds I pulled out so this house is MINE (soon).

I can pull my next home out 2/2016

Homes paid off 4/2018.

3 1/2 years left on the 6 homes agreement. I will breather easier once we are half way there.October 2016.. is the half way point.

No loan news yet
Job interview tomorrow in Oakbrook. Fingers crossed!!