All Forum Posts by: Derek Gardner

Cost to me is like $300 or less. Escrow already confirmed they can write and record it without issue. No loan fees aside from interest which I would already pay anyways once long term financing in place.

primary

When I look online it seems like refi is better rates than cash out refi

Erik - I was told I would get better pricing if I place a deed at the time of purchase.

That way I am doing a normal refi (taking out a hard money loan) and not a cash out refi. The hard money loan itself will cost me very little. I have a friend in that business who would be using his own money and charging at his cost.

Yes, my goal is to put $835K as my long term down payment and finance the rest so about $630K loan amount.

About to close a deal all cash for $1.46M and was going to get a cash out refi after to take out about $630K in cash. A friend in lending told me I'd get better pricing if I have private lender do a $630K loan, record a deed of trust, before I close and then get a conventional loan after to refi the existing debt. I know a few people with plenty of cash who can do the private loan for me without issue.

Curious if this makes sense and if so if anyone has any good resources for getting best pricing on fourplex loan. So far I just know to check Bank Rate to see who is offering what at any given moment but I imagine there are resources beyond that -   Thx!

To clarify the property I sold I owned free and clear. I would likely buying the new property in cash for about 2X the proceeds of my previous sale. Even if it wasn't cash I would put down 100% of the proceeds.

"This is a tough one because even though their name isn't on it, if something goes south, are you going to go after them?"

No I would not. I would hire for them for their expertise to guide me on what I do. Not to do anything for me.

OK, so I recently sold a local rental property and just went into escrow to buy a replacement. My friend convinced me to use him as a QI as he's done it before over the years and it would save me money. I'm second guessing that decision now and would feel a lot better if I paid someone to review things to make sure it is being done correctly since my friend does not do this as his day to day.

An agreement was signed prior to my sale, and assignment of the sale contract and escrow sent the proceeds to my friend. Now I am at the stage of negotiating a repair credit on the upleg and then removing contingencies.

I know this is an unusual request but is there anyone who is experienced with 1031 that I could hire to make sure I do this right any my friend doesn't misguide me and mess this up? Your name would not go on anything, just need someone to review and advise on best course(s) of action.

Also, not sure if there are nuances with California but experience with that state would be a plus as a noticed this: 

https://www.ftb.ca.gov/file/personal/reporting-like-kind-exc...

Thx!