All Forum Posts by: Dennis Canon

Get an appraisal on the property now. This will determine your “Stepped-Up Basis” when it’s time to figure in Capital Gains tax.

Alex Cornwell how are you setting up your payments with the seller? Essential you will have two payments to be made every month. One to the seller and one to the conventional lender. Is that correct? Also, how would the lender know the 20% isn’t coming from you and not from the seller to cover the 20%?

You can probably go up to 80% LTV if it appraises for $225k. So you’re looking at $180,000k cash out refi.

You’re farther from Los Angeles the more south you go. You’ll want to be in central OC which is Newport Beach and Costa Mesa. North OC is nice as well. You have Tustin, Anaheim Hills and Yorba Linda. All great areas. South OC is Dana Point/Laguna Niguel. Kinda far but houses are very nice down there.

Now that VMs can be transcribed, I just read them. I only call back if it benefits me. Maybe you’re not offering something that is benefitting your target consumer?

You could ask the seller to carry back 10% or more.

This is why gap funding and 2nd position is much less favorable. Hope you get your money back. Please keep us posted.

taken*

What do you mean by taking over?

I always figure in 2%. Here in SoCal, we don’t have $40k home prices.