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Everything posted by 8ball

  1. I do the appraisal measurements and photo's for a 3rd party company We work with local banks and Fannie Mae. What we provide them is overall measurements of the structure, an interior schematic of the property, photo's of each room and photo's of all the HVAC equipment. I don't look for minor blemishes but will look for obvious items that need repair. I also ask the homeowner about any improvements they have made in the last 5 years. Things like updated kitchens and baths, new flooring, roof etc.. add value.
  2. I have been keeping more cash then usual because I'm thinking about buying a new car. My work vehicle is a 2013 Honda CRV but it only has 80,000 miles on it and has had no problems. I'm not convinced that the market won't take another big dump so I've moved most of my investments to 75% cash, 25% stock index funds.
  3. Will there be a housing crash, of course! When and where? Who knows. We are starting to see signs in New York City and San Francisco as people are moving to the suburbs. If you're a conservative living in Seattle your probably starting to look elsewhere. Conversely, if your living in the Hampton's your seeing an all time high in housing prices. Real estate is local and what you might see in one area might not be a national phenomenon. Or, we might get hit by an asteroid and all the survivors are living in caves.
  4. There was a thread on here awhile back about tracking expenses. Some people thought it was a waste of time. I have always believed it was a good idea to know your spending habits and where you can cut back if necessary.
  5. "Since the collapse of the economy in 2020, 16 large companies have suspended their match so far, including Tenet Health THC, -1.56% (119,660 active 401(k) participants), Marriott Vacations Worldwide MAR, -3.68% (9,715 active participants), and Amtrak (18,780 active participants). (Active participant data are for 2018 from the Labor Department’s Form 5500.)" https://www.marketwatch.com/story/employers-start-to-suspend-their-401k-match-2020-04-21#:~:text=Since the collapse of the,Amtrak (18%2C780 active participants).
  6. It's always been an interesting topic to look at 401K's and IRA's. They used to preach the three legged stool of income streams- Pension, Social Security and Savings. For most people pensions have gone away and with Covid, companies have started reducing or eliminating the 401K matches. That leaves what? Social Security and whatever savings a person is disciplined enough to put away. There is an interesting group of regular posters on this board that seem to have that discipline to put money away, probably because of past actions that got us here. I worry a bit for the next generation that might not have that discipline.
  7. If you are about to buy a house don't give your loan officer a heart attack by going out and buying a new car.
  8. Some people like to track every penny because they're anal. Others like to track because it gives them a good basis for retirement to have a realistic look at their monthly spending patterns.
  9. Whenever first time home buyers come to me I send them to a "good" loan officer for an initial conversation. (You can talk to friends or co-workers who have recently purchased to see who they were happy with). People can often qualify for a much bigger loan than they are comfortable with. The best idea is to decide how much your realistically able to afford each month, and still have a life, and that will determine the price of the house you can afford. Your credit rating will be part of what determines the type of loan you can get FHA or Conventional loan as well as the down payment. (FHA generally has a lower down payment requirement but many banks also have a 3% down conventional product).
  10. From our weekly update the Brokerage supplies- New Listings, overall, are still down about 20% over last year. In a recent NAR Flash Survey, more than 3 in 4 potential sellers (77%) said they were preparing to sell their homes following the end of the stay-at-home orders in their states.
  11. My partner and I have sold 5 AB&B properties for one group that has 20+ properties. We will see if their business rebounds this summer or I imagine we will be selling more of their properties.
  12. We made our weekly pilgrimage to Sam's Club yesterday. Finally no line to get in at 11:00 AM. We tried to pickup some Ramen soup for the kid but they were still out. No TP, we didn't need any, but wife was happy they finally had dinner napkins. I had to pickup a couple of prescriptions and the counter looked like a tellers cage in Vegas. Thick Plexiglas separating you from the clerk. The clerk was wearing a mask and then proceeded to put on latex gloves. I though I was about to get a Prostate exam. 😲
  13. According to most reports in 9 months we'll be doing this all over again with next years Flu season.
  14. I received an e-mail from my preferred lender at Leader one. A few excerpts- LeaderOne is no longer allowing loans to be locked with Government financing with a credit score under 640. This is a big change for us, as we have helped many clients with scores as low as 580. In fact, it seems that many lenders are raising their minimum FICO scores for FHA loans to as high as 660, which would prevent a large section of borrowers from accessing an FHA loan. A new normal I guess.
  15. I'm not a NJ expert so you would want to verify this- Qualifying for an FHA Loan After Foreclosure To qualify for an FHA mortgage loan, you must wait at least three years after the foreclosure. The three-year clock starts ticking from the time that the foreclosure case has ended, usually from the date that your prior home was sold in the foreclosure proceeding. Generally, the home is "sold" at the Sheriffs auction. The high bidder, usually the bank, is awarded a Sheriffs deed. Most states have a statutory redemption period, in MN it's 6 months but it looks like 1 year in NJ. During the redemption period you have the right to buy the house back from the high bidder for the amount they bid. If the house isn't underwater we work with sellers to sell the house during this period. I would just call and talk to a local lender to find out what their dates are? Some lenders have tighter rules than what FHA publishes.
  16. Checking in Thursday for 11 days in Cape Coral, Fl. VRBO rental , 4 bedroom house with hot tub and pool. Daughters family will arrive Friday night and the grand kids will be heading straight to the pool. (It's cold up here in MN). Paid for with Wells Fargo Cashwise Visa
  17. I just wanted to add a little more- I just meet with a BOA loan officer we work with and asked her your question. She agreed on the 2 years but said that if you were applying now they would ask for 2017 and 2018 tax returns and a P&L for 2019. (Since most people haven't filed 2019 so they can't pull it from the IRS).
  18. That will vary by lender but I think the conservative ones will want to see at least the last 2 years of tax returns to see consistent income.
  19. I sell real estate and work with a lot of lenders. They like a debt to income of 35% but FHA can go to 43%-45%. Since your above a 580 credit score you can get a 3.5% down loan but they are going to go off your AGI. The fact that your income has gone up recently doesn't count for much with self employed income. They want to see consistent income over a period of time.
  20. We get a lot of vigorous exercise in Minnesota. When the windchill is -20F you tend to walk fast. 😁
  21. Eddie is going to wait until Mpls gives him a nice fat payout to leave the lease early.
  22. There should be no problem rolling over, if your current plan allows for it, from an old 401K into a new employers 401K. If you were moving it to a roll over IRA there is a suggestion that keeping it separate is best. While the maintenance of separate accounts is not explicitly required under law, it helps to avoid potential issues during a bankruptcy proceeding. With separate accounts, the origin of assets is easy to document and the asset pools are easy to track for purposes of securing all available bankruptcy protections. https://www.investopedia.com/ask/answers/081915/my-ira-protected-bankruptcy.asp
  23. We split the difference. My wife took hers right away at 62. I'm still working, selling real estate, and I'll wait until at least full retirement age. If I croak then the wife can switch to 50% of mine. I look at SS as longevity insurance since we don't need it to pay the daily bills.
  24. I'm not sure what restoring the job market means? Smoke belching manufacturing plants are not coming back. It seems like the key to not be mired in debt is simple- Get an education or learn a skill. Don't get married until you have a stable job. Don't have kids until you have achieved the 2 above. None of that means there won't be problems in life- medical bills, divorce or a failed business can sneak up on you at any time. If you have job skills or a trade to fall back on it's a lot easier to rebuild. There is a lot of success stories on this site of people that have recovered from an adverse situation and are doing fine now.
  25. As an R/E Agent this is something we constantly warn our clients about. Always verify with the Title Company before wiring any funds.

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