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Posted: 4/30/2009 2:01:20 PM EDT
We pulled the trigger on a (almost) new house and the employer of the owner finally approved the deal (they are eating the 45K loss he is incurring).

So we are signing those docs and we are refinancing two of our rent houses at the same time.  

Who should I thank for the depressed housing market and low interest rates?


We are going to try to pick up another rental before next summer.  



While I'm pretty stoked about the opportunity (and the new house), it is kind of nervewracking also.  The stress has screwed up my sleep a little.
Link Posted: 4/30/2009 2:03:41 PM EDT
Nice!



Wife and I bought some land last year, it is possible to get loans if you have some cash to put into the deal and great credit.
Link Posted: 4/30/2009 2:28:14 PM EDT
[Last Edit: 4/30/2009 2:28:28 PM EDT by sherrick13]
I forgot to add.  I'm 15 mi away from my gun club right now and the new house is only 5 mi away.  

I didn't mentiion that tidbit to my wife when we were looking at it.  I just talked about how beautiful the house was.


Priorities you know.  
Link Posted: 4/30/2009 2:29:55 PM EDT




Originally Posted By sherrick13:

I forgot to add. I'm 15 mi away from my gun club right now and the new house is only 5 mi away.




I didn't mentiion that tidbit to my wife when we were looking at it. I just talked about how beautiful the house was.





Priorities you know.




Good thinkin'! Best of luck with it all. The wife and I should buy something soon too.
Link Posted: 4/30/2009 2:32:24 PM EDT
How bad has the doc requirements become?

There was all the talk about proving everything, but that is always what I did before anyways. None of the "stated income" junk.
Link Posted: 4/30/2009 2:37:17 PM EDT
Going look at some property in South Mississippi this weekend.  I found some nice tracts of land, about 10 acre average size.  While there are plenty of great deals on homes in town, I'd prefer to have my peace and quiet of the country.    Not to mention enough room to dig a pond and have about an acre for farming.
Link Posted: 4/30/2009 2:38:57 PM EDT
[Last Edit: 4/30/2009 2:41:04 PM EDT by sherrick13]
Originally Posted By RDP:
How bad has the doc requirements become?

There was all the talk about proving everything, but that is always what I did before anyways. None of the "stated income" junk.


Email I just got from him.

Sounds Great I will see you both tomorrow evening.
If you can bring with you the following items.

Last two months bank statements on all accounts.
Most recent asset statements 401, stocks, bonds etc.
Any and all lease agreements.
Last two years tax returns with all schedules and W-2's

I will work up the rental property loan tomorrow so we can knock them all
out at once.


We are putting about 55K down.

So 3% down and 12 months at a job ain't going to cut it anymore.
Link Posted: 4/30/2009 2:41:10 PM EDT
No change than before.....

I was wondering and debating on refinancing one property. For my other properties, I lucked out on the rate last time of 4.875, so I don't think it will get below that.
Link Posted: 4/30/2009 2:47:01 PM EDT
Originally Posted By RDP:
No change than before.....

I was wondering and debating on refinancing one property. For my other properties, I lucked out on the rate last time of 4.875, so I don't think it will get below that.


That is what we got.  4.875.

I asked him about how much down we would need for an investment property in 8-12 months and he said right now about 15%, but it is getting more liberal and we probably wouldn't need that much by then.  The banks are starting to ease up some.

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