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Old 01-23-2013, 10:22 PM   #81
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I now have 3 rentals. I have done a few flips just to get a bit of fast cash. I am too lazy to do a bunch of flips.
Too lazy?

You're in the perfect industry to flip, you get the best rates and you most likely have real estate friends that can keep their eyes out for deals.

You could do so well with a little effort. Get a partner and get flipping!!!!
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Old 01-23-2013, 10:49 PM   #82
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Too lazy?

You're in the perfect industry to flip, you get the best rates and you most likely have real estate friends that can keep their eyes out for deals.

You could do so well with a little effort. Get a partner and get flipping!!!!
I do very well with my company. No need for more.
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Old 01-23-2013, 11:45 PM   #83
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I do very well with my company. No need for more.
I have a husband/wife buyer who both have MDs and they are looking to get a $1M MD loan for their purchase (up to $1.5M). Do you do MD loans?
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Old 01-23-2013, 11:46 PM   #84
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I have a husband/wife buyer who both have MDs and they are looking to get a $1M MD loan for their purchase (up to $1.5M). Do you do MD loans?
Nope. I think B of A is the only one. It is nitch they offer. They hold the note so they can make different rules.
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Old 01-23-2013, 11:48 PM   #85
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Nope. I think B of A is the only one. It is nitch they offer. They hold the note so they can make different rules.
Oh, I didn't know BofA offered them...the only one I could think of was BBVA Compass.
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Old 01-23-2013, 11:53 PM   #86
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Oh, I didn't know BofA offered them...the only one I could think of was BBVA Compass.
I wish I could. I have turned down at least a dozen doctor loans.
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Old 01-23-2013, 11:57 PM   #87
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I wish I could. I have turned down at least a dozen doctor loans.
Too bad there aren't lenders out there that let you broker them, guess you gotta go direct with portfolio loans like MD loans.
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Old 01-24-2013, 12:06 AM   #88
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Too bad there aren't lenders out there that let you broker them, guess you gotta go direct with portfolio loans like MD loans.
I will see if can research any that might let me. But I did before with no luck. Yeah i am on the wholesale side, that will be more retail/portfolio.
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Old 01-24-2013, 12:37 AM   #89
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Too bad there aren't lenders out there that let you broker them, guess you gotta go direct with portfolio loans like MD loans.
What's the benefit of doing a MD loan? Better rates? - or just another subset of a jumbo loan?
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Old 01-24-2013, 01:38 AM   #90
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What's the benefit of doing a MD loan? Better rates? - or just another subset of a jumbo loan?
Up to $1M with as little as 5% down without PMI (used to be as little as 0% down). If you need a loan amount over $625,500 and under $1M it is a great choice if you or your spouse is an MD.
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Old 01-24-2013, 02:24 PM   #91
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Griff - just got a quote from a friend, 3.625% 30 year, no closing costs, just have to pay for the appraisal. seems bit high, no?
LTV may be a little above 80%, I'm waiting to hear back if I buy down the principal what the rate is, but with perfect credit, 80% LTV, etc., where would you target a 30 year rate?
15 year was quoted at 2.75% which seems more inline with other rates out there...

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Old 01-24-2013, 02:27 PM   #92
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Griff - just got a quote from a friend, 3.625% 30 year, no closing costs, just have to pay for the appraisal. seems bit high, no?
LTV may be a little above 80%, I'm waiting to hear back if I buy down the principal what the rate is, but with perfect credit, 80% LTV, etc., where would you target a 30 year rate?
thst is not bad. rates jumped up a bit so that is fair. might be able to get 3.5
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Old 01-24-2013, 02:38 PM   #93
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thst is not bad. rates jumped up a bit so that is fair. might be able to get 3.5
do you know where I can find a calculator that doesn't just compare 15 year vs 30 year. but would allow for me to calculate a 30 year but making extra principal payments to pay off in 15 years? curious to see how much in interest would be lost if going that route...
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Old 01-24-2013, 02:41 PM   #94
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do you know where I can find a calculator that doesn't just compare 15 year vs 30 year. but would allow for me to calculate a 30 year but making extra principal payments to pay off in 15 years? curious to see how much in interest would be lost if going that route...
off hand. nope. I have a program that I pay for that breaks it down for me

you can just calculate it backwords..

calculated industries makes a great calcualtor for mortges
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Old 01-24-2013, 02:46 PM   #95
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Old 01-24-2013, 02:46 PM   #96
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^thanks just realized bankrate has one as well.

If I did a 30 year mortgage, but made same payment as 15 year, it would take 20.5 years to pay off...decisions, decisions...
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Old 01-24-2013, 02:50 PM   #97
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do you know where I can find a calculator that doesn't just compare 15 year vs 30 year. but would allow for me to calculate a 30 year but making extra principal payments to pay off in 15 years? curious to see how much in interest would be lost if going that route...
http://www.eastwestbank.com/english/...agePayoff.html
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Old 01-24-2013, 02:50 PM   #98
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^thanks just realized bankrate has one as well.

If I did a 30 year mortgage, but made same payment as 15 year, it would take 20.5 years to pay off...decisions, decisions...
If you are playing on over paying take a 20 year loan.
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Old 01-24-2013, 03:12 PM   #99
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^thanks just realized bankrate has one as well.

If I did a 30 year mortgage, but made same payment as 15 year, it would take 20.5 years to pay off...decisions, decisions...
Why would you ever over pay with rates this low?

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Old 01-24-2013, 03:22 PM   #100
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Why would you ever over pay with rates this low?

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then what are you investing in?
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