All Forum Posts by: Coco W.

@Nghi Le that's my experience as well, thank you for sharing yours. I'll be looking elsewhere too.

@Jay Hinrichs I can see that. Phew it's just much steeper than I had expected. Do you mind sharing with me in pm your rates?

I need some advice and pointers, I'm very close to closing a cash out refi deal but am really frustrated at the unknown additional costs that keeps coming. Is it normal for a lender to do this without prior disclosure? So far I have paid out of pocket for condo certificates x2, $1500, appraisal x2 $500, second appraisal because the first one came back too high $550, now there's repair items (window paint, ceiling paint, screen door) and there will be another inspection afterwards before closing. This process has so far taken 4 months, the properties are in Orlando and has had stable rent for a few years. The closing cost will take another 5k included in the loan, my total loan cost is a lot higher than I had expected, interest rate is OK, I opted for the 5/1 arms @ 5% range, but with prepayment penalty the first 5 years, and it is a recourse loan at only 65% ltv. I feel like there has to be something better out there. Has anyone dealt with them before? Feedbacks? Or pointers to other hard money or private lenders? My sole income is from rentals, so far I have not qualified for any traditional loans.

@Ray Lai & @Debra Grumbach You have a point, I also think it is best to stay put for now until Houston itself has stabilized some. I got words from the property manager today that nobody can go around to even assess the damage yet, glad I didn't make the drive. I'll be helping with recovery from home state instead.

@Agus Hartono I imagine you are right. The rebuilding will be slow and insurance will surely go up. Families may choose to move away from the area. But for the most part, any living space will be in high demand and I expect to see rent increase in any inhabitable space, both commercial and residential. Apartments will be in high demands, I imagine more of those will get built to replace the SFHs. I expect to see an decrease in market, then an increase after the residents have regain normal lives, maybe 5 years timeframe. I'm judging from my local market after a the 2011 tornado.

I live in Missouri but have couple properties in Houston. Do you suggest I get out there immediately? They were both rented but I'm sure they are both under water now. What's the best strategy to bring it back to locals conditions? Bring my own contractors? As previously said there's going to be influx of disaster relief related workers, I'm assuming building materials too?

I'm about an hour from you, what did you end up doing with the property? 

What an awesome episode! I can relate to a lot of the beginning pain you described in the podcast, especially regarding financing after quitting a W2 job. Thanks for your story. I do have one question that I'm facing right now and would like your feedback - I inherited a property that is performing poorly, when do you know it's time to sell vs. keep on spending turnover money on it? Especially when it's difficult to obtain bank financing at the moment?

John Ching I'd love to come to the Springfield meet, to network and to get a feel of how yours is ran. I've been talking to others about starting one in Joplin. Can you pm me more info?

Correct me if I'm wrong, I'm still learning. From the your original numbers, looks like you'll be keeping right around 40-45 regardless of the plan, so aside from potential damage from bad tenants, what would be other reasons to not keep the house? You mentioned you have other rentals, will you buy this one as a rental? What numbers will you get if instead of refi 70%, you refi just enough to pay off your original cost, leaving you with a smaller monthly payment hence cash flowing a little with no out of pocket money going forward?