All Forum Posts by: Jackie F.

Hello BP,

My 45 day selection period was disrupted by hurricane Irma.  Furthermore, the property I was getting ready to close on last week may fail re-inspection in which case I may have to move forward with another property.  This means, I may need more time beyond the 45 days.  All the properties I identified are no longer available.

The obvious solution is to use the 180 days for all hurricane repairs to be completed prior to closing etc etc.  I know this, but the seller is a hard head and I don't want to rely on a difficult seller to make my 1031 transaction a success.

So my question is, are there any 'force majeure' clauses that kick in to extend the 45 day selection period given there was a natural disaster in the area?  I have been googling all day and my 1031 agent is lost on this and is pressuring me to identify additional properties in the next week before my 45 day identification window closes.

Any help regarding this would be greatly appreciated, thanks.

@Michael Seeker The 2-3% estimate was a verbal from the loan officer at my credit union.  This amount also includes escrows which maybe be very high due to my property taxes.

I am going to shop around some to make sure I get the best deal I can.  The 2-3% floored me a bit that's all.

I am asking a big bank for a preliminary estimate as well.

Hi BP,

I would like to refi my primary residence which has an 70% LTV. I want to lower my rate on a 30 yr fixed. I don't want to cash out. So far, all estimates have me paying 2-3% closing cost.

What gives? I thought I would be able to close fairly cheaply in a refi like this.

The principal owed us about 300k.

Hi BP, I would like to refi my primary residence which has an 70% LTV. I want to lower my rate on a 30 yr fixed. I don't want to cash out. So far, all estimates have me paying 2-3% closing cost. What gives? I thought I would be able to close fairly cheaply in a refi like this. The principal owed us about 300k.

@Roman M. I agree with everything your saying.  But I am committed to taking that first step.  I have already met a few flippers and am getting to know them.

If I offer them better deals, they maybe more inclined to lean my way.  I will post how i progress along.

Hello BP,

I want to become a hard money lender in South Florida but want to meet local HML's and talk about the ins and outs.

If you live in SoFla and would like a free lunch to share some of your thoughts please let me know. I want to start small and grow organically without going all in from the start. I have basic REI knowledge and own 4 rentals and have been doing RE transactions for the last 15 years or so.

Looking forward to some feedback on this forum, thanks.

Thanks guys...  I am debating whether I want to cash out via a loan and keep my assets.  I appreciate the feedback.

This may be a dumb question, but can I sell a long term held rental property to create an real estate investment LLC using a 1031 exchange?

I am looking into becoming a hard money lender and wanted to raise my capital by selling one of my rental properties that I have been holding for quite some time. Can I turn this cash into a 1031 exchange and create an LLC for lending?

I already know the best place for the answer is a CPA and/or a lawyer, I am asking on this forum for some feedback, not the "Captain Obvious" response.

Thanks to all!

Guys, I take it back.  I was a bit frustrated and may may have exaggerated a bit.  The numbers are not that drastic.  This is what they are asking for

• 12 month of taxes - $7000
• 12 months of insurance - $2500 (I assume this is going to insurance agent)
• 3 months of taxes for escrow
• 3 months of insurance for escrow

 Could it be that as a preliminary estimate, they simply included 12 months of taxes since they didn't know when the taxes were due?

@Charmaine M. @Jeff B.

I hope you guys are right.  I hope their initial estimate was inflated.  If you see my post above, you can see how far fetched they are being in escrow amounts.

My assumption is that this was only for the first estimate and that the final estimate will be more reasonable.

I swear to you the numbers and line items are above are whats in the Closing Disclosure.  I can paste a screen shot if you'd like.