The Official Homeowners Thread

[OfTheCross]

I closed on my first investment property last Friday!

It's a duplex in Minneapolis. I live in Cali, so its long distance, I'm super anxious, but also really excited.

I'm happy for you. That's great.

What kind of cashflow are you anticipating from Minneapolis?

I'm travelling to San Antonio soon to do some shopping...

 

[GoFlipAPack]

I need some advice from yall on refinancing. My initial thoughts are to not accept it bc it only knocks $15 off my monthly payment. Mind you I didn't apply for a re-fi. This is the bank that's servicing my mortgage and they have been trying to get me to re-fi ever since they acquired my loan back in August. What do yall more experienced brehs say.


Here's what they're offering me....

"Mr. Black James Bond, it was a pleasure speaking with you today and congrats on the new low rate and payment! You are eligible for this interest rate reduction through the VA IRRRL Program based on your payment history, loan amount, and current rate, so you do not have to re-qualify. That means no credit check, no appraisal needed, and no out of pocket cost. The fee from the VA that is rolled in to your loan amount is only $584. Your term remains the same at 27 years and 8 months. This will reduce your rate to 2.75% which will lower your payment to $729 and more importantly save you nearly $15,000 in interest. Disregard the escrow amount of $2765 for your property taxes and home owners insurance as part of “closing costs”, you already have an escrow account, and we will just move over your current balance to cover that. Once we move that over and get all the numbers corrected, you will receive the final documents you will need to approve again to move forward. You should have received a separate email to e-sign. Let me know if you have any questions."

 

[Rawtid]

I need some advice from yall on refinancing. My initial thoughts are to not accept it bc it only knocks $15 off my monthly payment. Mind you I didn't apply for a re-fi. This is the bank that's servicing my mortgage and they have been trying to get me to re-fi ever since they acquired my loan back in August. What do yall more experienced brehs say.


Here's what they're offering me....

Spoiler

"Mr. Black James Bond, it was a pleasure speaking with you today and congrats on the new low rate and payment! You are eligible for this interest rate reduction through the VA IRRRL Program based on your payment history, loan amount, and current rate, so you do not have to re-qualify. That means no credit check, no appraisal needed, and no out of pocket cost. The fee from the VA that is rolled in to your loan amount is only $584. Your term remains the same at 27 years and 8 months. This will reduce your rate to 2.75% which will lower your payment to $729 and more importantly save you nearly $15,000 in interest. Disregard the escrow amount of $2765 for your property taxes and home owners insurance as part of “closing costs”, you already have an escrow account, and we will just move over your current balance to cover that. Once we move that over and get all the numbers corrected, you will receive the final documents you will need to approve again to move forward. You should have received a separate email to e-sign. Let me know if you have any questions."

I would do it. Reduced rate, same loan terms, and no out of pocket fees or closing costs. Sounds like a great offer.

 

[Taharqa]

.

 

[GoFlipAPack]

Anyone ever had a mole issue? I recently brought a home and it’s going really well. As of recent, we’ve been getting the mole mounds all over the fukking place. We did the pin wheel shyt and they dipped for a little bit, but now it’s like he brought his homies wit him.

Theses nikkas have gotten so comfortable I can record them and they be checking me

Get your h0e card pulled by rodents brehs






















Rat poison

 

[newarkhiphop]

Anyone ever had a mole issue? I recently brought a home and it’s going really well. As of recent, we’ve been getting the mole mounds all over the fukking place. We did the pin wheel shyt and they dipped for a little bit, but now it’s like he brought his homies wit him.

Theses nikkas have gotten so comfortable I can record them and they be checking me

tomcat mole killer.

 

[CreepyMcCreeperson]

Anybody put up rta (ready to assemble) cabinets? The prices are looking good, and my kitchen “update” by refinishing the cabinets isn’t satisfying me.

 

[JBone4eva]

I'm happy for you. That's great.

What kind of cashflow are you anticipating from Minneapolis?

I'm travelling to San Antonio soon to do some shopping...

Thanks breh. I'm honestly not trying to speak too soon because I only inherited one tenant, with my more expensive unit being marketed now. If I get what I ask for with this vacant unit I should get $300+ per unit which I'm happy with. Once I get the inherited tenants close to market value (or replaced) I should be close to $400. But again this is all up in the air, I try not to plan for best case scenarios. I'll be making cashflow, which is all I really care about, and whatever I do make will get invested toward my next property.

 

[GoFlipAPack]

I would do it. Reduced rate, same loan terms, and no out of pocket fees or closing costs. Sounds like a great offer.

are they getting over on me? I'll pay this month but then my next payment wont be until April. Are these mofos getting over on me?

 

[Rawtid]

are they getting over on me? I'll pay this month but then my next payment wont be until April. Are these mofos getting over on me?

Not based on what you typed. VA IRRL Is a legit lending program, you can research it.

 

[beenz]

I closed on my first investment property last Friday!

It's a duplex in Minneapolis. I live in Cali, so its long distance, I'm super anxious, but also really excited.

this is dope. how will u manage it being so far away?

 

[JBone4eva]

this is dope. how will u manage it being so far away?

I hired a property management company. They seems solid so far, haven't had any issues, but its early. I also have family that like like 5 mins away from the property, they were really helpful during the house search and the due diligence process. They're also close by to randomly keep an eye on the house if the manager is busy. If you invest out of state I suggest starting your search in an area that you have family located, and/or an area that either you or your family that live close by are familiar with. Its my family that knows a good amount about Minneapolis, they gave me alot of info before I dug in and started researching the market myself.

 

[beenz]

I hired a property management company. They seems solid so far, haven't had any issues, but its early. I also have family that like like 5 mins away from the property, they were really helpful during the house search and the due diligence process. They're also close by to randomly keep an eye on the house if the manager is busy. If you invest out of state I suggest starting your search in an area that you have family located, and/or an area that either you or your family that live close by are familiar with. Its my family that knows a good amount about Minneapolis, they gave me alot of info before I dug in and started researching the market myself.

Why didn't u get a property where u live? Is it cuz California is so expensive?

 

[JBone4eva]

Why didn't u get a property where u live? Is it cuz California is so expensive?

Yeah, I live in the Bay Area and its wild expensive. You don't really get much cash flow here, investors tend to get more return on appreciation. Twin cities are a bit in the middle, you get decent cashflow there monthly and you see a decent bit of appreciation in a lot of areas over time. Add to that I plan to move the family over there once I get my student loans paid off to be closer to family that I have living over there. So once I move over there I want to have a couple properties.

 

[Orange cream shake]

Anybody put up rta (ready to assemble) cabinets? The prices are looking good, and my kitchen “update” by refinishing the cabinets isn’t satisfying me.

What company you looking at? I’m going to have a whole laundry room and I wanna add cabinets and would like to go this route.