Howdy, just wanted to share the short version of my call with a mortgage person:
I told her what I wanted and where. she asked for my ss#. I told her I didn’t want my credit pulled, but knew the fico. I gave it to her, and told her I wanted to get an idea of rates and what I was looking at with my score - low 600s.
Her first response: why is it so low? Threw me off a bit. So, I told her. Then she said, I would be looking at ‘high’ rates. … I thought double digits! She said 8.125 or so. I thought, gee, at least that’s below 10.
Then she proceeded to ask how much cash I had for closing costs etc. I told her.
She said I would need more to put into the deal, because my past had shown that I would cover my primary property 1st, and let the rental go. (ouch. 3 lessons - don’t let “friends” rent from you, know the eviction rules, know the eviction rules, oh and know the eviction rules, and have cash reserves.!!)
So, I told her I could use more cash, just didn’t want to.
So… the short version of the story is, I’ve got a lot to learn.
Although my motto has always been, if someone says no, you go to someone else until you get the answer you want on the terms you want, I will sit the real estate biz out for a while, until I have a bit more cash, and more knowledge.
On the upside, I did go out and see a 2/1 each side, duplex for the upper 50s, rentable @ $500 a side. It cash flows, but apparently, it’s not meant to be right now.
I’m going back to the books, graduation is next month, and I’ll catch u all later.
Happy investing. ’
CC
