All Forum Posts by: Adhyas Avasthi

Hello

I am under contract for a multi-unit property in OK and am seeking references for mortgage brokers and insurance brokers. Is there not a lot of folks doing lending brokerage ? I could not find one yet, only banks. Can someone please provide reference to brokers who can work out a deal for me for OK purchase ? I am also looking for insurance broker reference.

Thanks in advance.

- Adhyas

This is a super useful thread from all the comments. Thanks a lot everyone who provided their inputs. I am learning new things.

Thanks a ton @Dmitriy Fomichenko This is very helpful.

@Brian Eastman Thanks for the references.

@Greg Adlington I will touch base with you. Still vetting the deal first.

Hello Folks

I am looking to buy from my IRA LLC and am looking to see if there are lenders who may fund large properties on non-recourse lending methods. Is anyone aware of lenders or people I can talk to in this regard ? Would appreciate any recommendations. Thanks in advance.

-Adhyas

It is indeed helpful. I have sent you a contact request.

Thanks @Laura Winkel

I do plan to invest some more, so seriously considering more cash out.

@Percy N. @Jeff Fink I know the loan agent very well (did more than a dozen loans/refi with her in the past) and trust her. She is offering me < 4% at 0 cost (it is really 0, I have done a lot of these with her in the past). If I go up to 4%, I can actually make money to pay for property taxes etc.

My biggest concern is risking my primary to derisk a rental which I want to sell in a couple of years anyway. But, if I don't do that, I am feeling I will walk away from a good deal when the rates are low and I can potentially consolidate at least two loans into one.

Yeah, I guess there is no right or wrong answer here. Hmm. Confusion does not end though.

Hello Experienced Folks

I am newbie to BP. I have made some investments in CA in the past (own 4 SFH including primary). In restrospection, I made several mistakes though I am not yet at a loss owing to investing at the right time.

My loan agent (who was with a broker company but recently joined Wells Fargo) is trying to sell me into refinancing and doing a cash out on my primary SFH in order to do loan consolidation. I am quite confused on what to do and need some advice from the experienced folks. Can you please help ?

My primary has two loans:

1st at 420K at 3.625% 27 years left out of 30 year fixed

2nd at 72K at 4% 7 years left out of 10 year fixed

I have 3 rental SFH:

Two have loan amount 212K at 4.75% 30 year fixed (recently refinanced)

Third has loan amount 193K at 4.75% 30 year fixed (recently refinanced)

All three rental SFH have value >= 275K (in that ballpark, not more than 300K)

Primary has value > 1M

Her advice is to do a 700K loan on primary, pay off 1st and 2nd, and pay off one of the rentals or use for next purchase cash down, so as to do loan consolidation (as per her it is hard to get loans when you have too many financed properties).

I am looking to do my next investment (around 425K with 100K down, 4 plex), and I don't really need to do refi to achieve it.

Does her advice have value to me ?

My biggest concern is that none of these three rental properties I really want to keep long term. 2 of them I plan to sell in 2-3 years as they increase in value (which I believe they will), and 3rd possibly a bit later or soon after. So, why should I pay them off ? But I may be thinking less rationally, so seeking advice from the number gurus on the forums.

Looking forward. Sorry for the long post but I wanted to provide all data.

@Scott England I am looking to do some investment in OK shortly. I am planning to go for conventional loan or non-recourse loan. Would you please be able to help me with some references to banks I can talk to in OK regarding this. I am talking to other nationalized banks, but just want to see if going local helps me more. I'd appreciate.