All Forum Posts by: Tom Server

https://www.google.com/finance/quote/FVX:INDEXCBOE?sa=X&... The 5-Year Treasury rate is generally the right benchmark for non-owner occupied Non-QM (assuming thats the direction you are in) - and rates will generally move in concert.

I'd be happy to look at your scenario and let you know opinion on if its in line with current rates - that being said, economic data has been brutal this week and yields have risen every day, so its unlikely that rates have gotten better since you locked in last week (if you got a true rate lock)

thank you for the information

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How can i see what rates are from investment property purchases? Im in the middle of buying a no owner occupied triplex and my lender locked in about last week.. i keep seeing stuff online about rates are dropping. I asked him about it and said something about rates dropped 3 days ago and got the low rate. Im just curious to see what its at now. I think i locked at 7.6% and paid like 3k in points and also saw 8.0% apr on contract

If i asked what the rates are at now does he have to tell me. I always feel like he beats around the bush when i ask..

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Quote from @Jacob Sherman:

should consult with local real estate attorney or property manager and they will advise the best way to do it

Thanks Jacob

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If i have a triplex and receive the tenants security deposits.. do i need to open 3 separate interest accounts with the tenants information? Or do I open any saving account with all 3 units ?

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Question.. On a lot there is a front house that is a 2 family home , and then in the back is a 3 car garage that has a 2br 1ba unit above it.. For insurance reasons... must i get 2 policy's .. 1 for the front house and then 1 for the back unit ?

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Quote from @Scott Wolf:

Quote from @Tom Server:

im purchasing a co-op that needs rehab.. im purchasing the property with a cash offer.. Is there any loans to apply for to use to fix up the co-op?

If you're buying cash, you can get a regular loan to pull funds for the rehab.

I need about 30k to fix it up.. what kind of loan would i apply for ?

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Quote from @Scott Wolf:

Quote from @Tom Server:

im purchasing a co-op that needs rehab.. im purchasing the property with a cash offer.. Is there any loans to apply for to use to fix up the co-op?

Are you planning to live in it? Or Flip it?

live in it for the time being

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Quote from @John Morgan:

@Tom Server

I’ve done five 401k loans for up to 50k to buy real estate. I pay them back asap with the rental cash flow and any extra cash I have sitting around from my W2. Then repeat. It’s a quick and easy way to rack up cash flowing rentals with no out of pocket $. I’ve got two 401k loans out right now I needed to buy houses in the last year with. Lol. And I’m taking out a 20k 0% interest for a year cc loan tomorrow to buy another house. And I just paid back a 32k line of credit I borrowed from a bank at 11.5% interest with no extra fees on Friday I used to buy a house in January with. I’ve been able to get creative in ways like this to buy houses without using my own savings. I take out these loans and pay them back asap. I’m into RE with zero of my own $ so it’s infinite returns. But I find ways to get the money vs using my own savings. It’s much faster and easier this way for me.

You can only borrow from your 401k once a year for a 50k max correct?

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im purchasing a co-op that needs rehab.. im purchasing the property with a cash offer.. Is there any loans to apply for to use to fix up the co-op?

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So not sure if this makes any differences for tax reason but

i was thinking of using my 401k money as a loan towards the down payment for a multifamily rental. I don't plan on opening a LLC .. Could i take any of the left over cashflow and transfer to my personal account and use it to pay the 401k loan back? I know the amount of cashflows isnt always going to be the same but i would if their is a positive, i would like to use the funds to pay back the loan

could i set up a checking account with automatic payment to the 401k loan from the left over cashflow deposited from the leases ?

does it matter either way which way?

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All Forum Posts by: Tom Server

Tom Server has started 52 posts and replied 116 times.

Post: Where to see rates

Post: Where to see rates

Post: security deposits for triplex.. how many saving accounts are needed?

Post: security deposits for triplex.. how many saving accounts are needed?

Post: insurance on a triplex

Post: loans to fix up a co-op

Post: loans to fix up a co-op

Post: repayment of loan with cashflow

Post: loans to fix up a co-op

Post: repayment of loan with cashflow