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diffeldoof said:   Sorry, I misread the furniture part. My bad. I have a really good guide somewhere if you pm me.

I sent you a PM. Thanks.

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Any recommendations on mortgages for rental properties? I have a 5.5% 30 fixed with citi that I'm looking to refinance. Penfed was a no go since this unit is a condo. 

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callMeAmit said:   I'm refinancing my rental property in WA state.
I have current offer of 2.875% (42 day lock) 15 yr fixed with $1210 in total closing cost on 314,000 remaining loan amount.



Who is giving you 2.875% on a rental?

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johnnybs said:   
callMeAmit said:   I'm refinancing my rental property in WA state.
I have current offer of 2.875% (42 day lock) 15 yr fixed with $1210 in total closing cost on 314,000 remaining loan amount.



Who is giving you 2.875% on a rental?


  Yes - Please let us know!

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Looking at a foreclosure property now. Listed for $43k, last tax assessment was $90k total. $80k for building, $10k for the land. Would my basis for depreciation be $33k?
 

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89transam said:   Looking at a foreclosure property now. Listed for $43k, last tax assessment was $90k total. $80k for building, $10k for the land. Would my basis for depreciation be $33k?
  General way to do it which wouldn't turn any heads at the IRS would be to use the ratio of building/land during last tax assessment as applied to the new value (purchase price).

So using that allocation, the basis at list price would be ~$38K + extras from the closing costs.

Of course, I'm not your accountant, so consult a tax professional for advice

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I am looking to sell my Duplex. I have a buyer ready with a VA loan and apparently has to go through a particular agent (I do not understand why). Either way, she says she would charge 5% commission fee if I am not represented by an agent at all. She would charge 5-7% if she were to represent me as well. If I did have an agent then her commission would be based on what my contract with the agency is. 

I did create a listing on Hungryagents. However, I would like to proceed as soon as I can before the buyer changes his mind.

Bottom line: I am looking some advice and for a realtor who can help me save some money.

Thanks in advance. 

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How do you evaluate equity loans?

A: 70% LTV, 30 year fixed, 7.2% interest
B: 75% LTV, 15 year fixed, 5% interest

A has longer term but higher interest. B has lower interest but shorter term.

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kogerk said:   I am looking to sell my Duplex. I have a buyer ready with a VA loan and apparently has to go through a particular agent (I do not understand why). Either way, she says she would charge 5% commission fee if I am not represented by an agent at all. She would charge 5-7% if she were to represent me as well. If I did have an agent then her commission would be based on what my contract with the agency is. 

I did create a listing on Hungryagents. However, I would like to proceed as soon as I can before the buyer changes his mind.

Bottom line: I am looking some advice and for a realtor who can help me save some money.

Thanks in advance. 


Are you saying that you have a buyer and you haven't even listed the property yet?

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rufflesinc said:   How do you evaluate equity loans?

A: 70% LTV, 30 year fixed, 7.2% interest
B: 75% LTV, 15 year fixed, 5% interest

A has longer term but higher interest. B has lower interest but shorter term.


Evaluate in what context? All depends upon what your long term goals are...Also what's the amount borrowed. 2.2% could be a lot or a little bit of nothing.

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rascott said:   
rufflesinc said:   How do you evaluate equity loans?

A: 70% LTV, 30 year fixed, 7.2% interest
B: 75% LTV, 15 year fixed, 5% interest

A has longer term but higher interest. B has lower interest but shorter term.


Evaluate in what context? All depends upon what your long term goals are...Also what's the amount borrowed. 2.2% could be a lot or a little bit of nothing.

  long term goal is cash flow, don't care if paid off or not.

amount borrowed could be 20k if i have existing mortgage. 50-60k if it's bought after i exhaust the 10 mortgages

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kogerk said:   I am looking to sell my Duplex. I have a buyer ready with a VA loan and apparently has to go through a particular agent (I do not understand why). Either way, she says she would charge 5% commission fee if I am not represented by an agent at all. She would charge 5-7% if she were to represent me as well. If I did have an agent then her commission would be based on what my contract with the agency is. 

I did create a listing on Hungryagents. However, I would like to proceed as soon as I can before the buyer changes his mind.

Bottom line: I am looking some advice and for a realtor who can help me save some money.

Thanks in advance. 

  That is so bogus...she could be giving the buyer a rebate, and thus scamming you.  Make sure that is in he agreement, no kickbacks.    The seller, not the buyers agent determines the commission.  That is the wackiest thing I have ever heard.  All you need is a lawyer to draw up the paperwork.  

 

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Getting a 5% rate for 30-year fixed 417k, 20% down, excellent credit. Seems high for an investment property. I plan to buy 3 properties in different states in the next week... Can anyone recommend a lender who can do TX, MO, and IN?

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Do underwriters get nervous giving loans to foreclosed or recently flipped houses?

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innuen6o said:   Do underwriters get nervous giving loans to foreclosed or recently flipped houses?
 I have bought a few of both and not had any problems, same process as regular owner occupied seller. But I used conventional loans, I read that FHA has more stringent guidelines.

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fourmore said:   Getting a 5% rate for 30-year fixed 417k, 20% down, excellent credit. Seems high for an investment property. I plan to buy 3 properties in different states in the next week... Can anyone recommend a lender who can do TX, MO, and IN?
  Three states?  Are you intentionally trying to make this hard?

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Anyone ever contact the previous owner of a foreclosure? Found the person via tax records and facebook. I'm thinking about inviting the person to lunch to chat about any major issues, how is the neighborhood, etc. Realistically the person will not want to meet but seems like a good source of information.

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89transam said:   Anyone ever contact the previous owner of a foreclosure? Found the person via tax records and facebook. I'm thinking about inviting the person to lunch to chat about any major issues, how is the neighborhood, etc. Realistically the person will not want to meet but seems like a good source of information.
  lol. 

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rufflesinc said:   
89transam said:   Anyone ever contact the previous owner of a foreclosure? Found the person via tax records and facebook. I'm thinking about inviting the person to lunch to chat about any major issues, how is the neighborhood, etc. Realistically the person will not want to meet but seems like a good source of information.
  lol. 

  
Hopefully he will disclose that he poured concrete into the toilets before he left.  LOL!!

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Yeah I went and looked at the place today. Total mess, concrete in the toilets would not surprise me.

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Ask the current neighbors about the neighborhood. Home inspection for major issues, if the previous owner went into foreclosure who knows what they really know.

And just one batch of concrete in the toilet usually doesn't do that much, if they poured it into the clean out in the basement, then you'd have issues. Same thing with the chimney, bag or two of cement there.

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henry33 said:   
And just one batch of concrete in the toilet usually doesn't do that much, if they poured it into the clean out in the basement, then you'd have issues. Same thing with the chimney, bag or two of cement there.

  Nothin the drain king couldn't fix 

rated:
drew2money said:   
kogerk said:   I am looking to sell my Duplex. I have a buyer ready with a VA loan and apparently has to go through a particular agent (I do not understand why). Either way, she says she would charge 5% commission fee if I am not represented by an agent at all. She would charge 5-7% if she were to represent me as well. If I did have an agent then her commission would be based on what my contract with the agency is. 

I did create a listing on Hungryagents. However, I would like to proceed as soon as I can before the buyer changes his mind.

Bottom line: I am looking some advice and for a realtor who can help me save some money.

Thanks in advance. 

  That is so bogus...she could be giving the buyer a rebate, and thus scamming you.  Make sure that is in he agreement, no kickbacks.    The seller, not the buyers agent determines the commission.  That is the wackiest thing I have ever heard.  All you need is a lawyer to draw up the paperwork.  
 

that's one ballsy agent. I would offer her 3%, take it or leave it. 

more importantly - are you sure you are getting [at least close to] market value?

rated:
Anyone know a cheap place to order new appliaces? I figure Home Depot or Lowes. I need 6 fridges, ovens, and over range microwaves for a complex I'm remodeling. They priced me black ones for a total of $6,600 but I have to pick up and install. No big deal, just wondered if there was any place online that was cheaper if I buy a truckload. Thanks

rated:
dpa789kd said:   Anyone know a cheap place to order new appliaces? I figure Home Depot or Lowes. I need 6 fridges, ovens, and over range microwaves for a complex I'm remodeling. They priced me black ones for a total of $6,600 but I have to pick up and install. No big deal, just wondered if there was any place online that was cheaper if I buy a truckload. Thanks
Have you looked at a place like HD Supply or Wilmar?

http://www.hdsupply.com/facilities-maintenance/

http://www.wilmar.com/


 

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I often buy my appliances at Sears Outlet, also call around to your HDs and Lowes, sometimes I get their clearance appliances as well.

rated:
vadeltachi said:   
dpa789kd said:   Anyone know a cheap place to order new appliaces? I figure Home Depot or Lowes. I need 6 fridges, ovens, and over range microwaves for a complex I'm remodeling. They priced me black ones for a total of $6,600 but I have to pick up and install. No big deal, just wondered if there was any place online that was cheaper if I buy a truckload. Thanks
Have you looked at a place like HD Supply or Wilmar?

http://www.hdsupply.com/facilities-maintenance/ 

http://www.wilmar.com/ 


 

  Thanks. I had checked with Wilmar but they don't have a distributor close, and they were both a little higher than HD suprisingly. I guess I'll just stick with HD.

rated:
If buying from Home Depot:

- Get giftcards from Cardpool, average savings about 10%.
- Buy online through ShopDiscover, usually 5% CashBack.
- When you go in to pick up, tell them you want 10% off everything, you just don't have the coupon. They'll do it.

Basically 25% off posted prices altogether.

rated:
dpa789kd said:   Anyone know a cheap place to order new appliaces? I figure Home Depot or Lowes. I need 6 fridges, ovens, and over range microwaves for a complex I'm remodeling. They priced me black ones for a total of $6,600 but I have to pick up and install. No big deal, just wondered if there was any place online that was cheaper if I buy a truckload. Thanks

Get a 10% off coupon, then but the gift cards online. Combined that's about 17 to 19 % off.

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