All Forum Posts by: Charles Lecky

How does the inflation rate affect the renting versus buying home? What does it directly affect (i.e., the security deposit, the monthly mortgage payment, the monthly rent payment, the annual appreciation of a home)? I am having some confusion after using Nerdwallet and Smartasset's Rent vs. Buy calculator since I am trying to use a spreadsheet myself and understand WHAT and HOW inflation directly affects these two decisions.  Please be concrete on the explanation. Thank you

A private installment note between two private parties (no banks).  Note is for a commercial industrial building in OC, California.

Here are the current terms (this was originated in November 2016). Monthly payment with interest is said to be $6,525. 

Installment note terms:

Principal sum today: $1.05m

Interest rate: 5.1% for the life of the loan

Amortization: 25 years (so about 22 years left)

Prepayment penalty year 1 (this year) - 5%

Prepayment penalty year 2 - 4%

Prepayment penalty year 3 - 3%

Prepayment penalty year 4-8- 1%

One and only balloon of $26K due December 1, 2019.

Simple due on sale clause. A late charge of 6% fee after 10 days. No annual requirements on audits or reviews of financials (save money from hiring CPA consultants). There were no origination or appraisal fees. No other fees. Trustee/Trustors will allow assumption of the note to a new party if all terms remain the same. No transfer fee.

What are your thoughts on this existing note? Would a new buyer consider the loan assumption versus a traditional bank?  The current building is for sale at $1.7m, so a 62% LTV required unless there is a second mortgage.

What is the industry average terms and rates for a commercial building (industrial) in Orange County?

25% LTV and 40% LTV

Amortization for 20 or 25 years

I am curious about these websites like Nerdwallet or Smartasset. These personal finance websites do not directly mortgage products themselves.  They provide affiliate links and reviews; they also disclose their advertisement sponsorship.  So do these two companies require NMLS licenses to operate since they are not offering the loans themselves?  If they are required NMLS licenses, then do they have more strict guidelines to follow?

Thanks

Hello developers/technology enthusiasts,and mortgage lenders:

I am looking for a free API for mortgage rates, either updated weekly or daily.  Looking for:

-30 year fixed

-15 year fixed

-ARMs

-Commercial 

-SBA

-Refinance

Please share whatever you might find helpful.  Maybe they are from different sources? Can anyone confirm bankrate.com has one?

Thanks!

Thanks for the answer, but not as helpful.  Anyone else have any other methodology or source? 

Looking to find a list of inherited properties in each county (california, texas, and washington; more to come if possible).  I am looking for heirs or trustee that just inherited a property.  Absentee owners or occupied does not matter, although an option to filter those would be great.

Where would you find this list? Can you subscribe to list, even possibly for free?  I understand that any transfer of title will be recorded at the county. However, I don't have the new owner's name so I cannot search them.  What is your best and free method?

Hi Biggerpockets,

There are three questions I need help answering:

1.  Where am I able to access the national database of all property records for free (e.g. address, homeowner, zipcode, etc)?  I understand that the county clerk have these records, BUT am I able to subscribe or access their database? How would you address this question if you are trying to build a national database? 

2. Is there a national database that I may subscribe or pay a small fee to access all the property records in the United States?

3. Also, there are websites that offer inherited trust records or probate cases;  how do these companies access these records in all counties and be continuously updated with new cases/inheritance?  Do programmers create a script to scrub the data, but then where do they get the data?

All inquiries and tips are appreciated.