All Forum Posts by: Blair Murphy

the real estate agent said that other properties are selling high and 4-plexes are scarce in my area now.

yes, quite a few vacancies. Rents are $650. Mortgage is $1,220. Not much in repairs but did have to go through a squatter situation which made me appreciate that I have a PM company handling things. 

If you had a 4-Plex for a little over 3 years and it had 1 decent year of cash flow but hasn't cash flowed since last September and is appraised at over $100K more than when you bought it...would you sell it if a real estate agent says it would sell quickly?

I guess it's not just me: 

http://sebonic-financial.pissedconsumer.com/anothe...

Not sure how much success they've had operating in this manner but I can't imagine this has been an effective approach.

This is what I'm talking about. Although I have sent everyone emails stating I do not want to forward with the extension, this is what I wake up to in my inbox (I live in Japan so this all happens in the middle of the night for me):

"Good Afternoon Mr. Murphy!

I have taken the necessary steps to contact the individual who will review your file for the extension fee.

Please let us know if you have additional questions,

Erika S.

Client Care"

Just want to make sure I do not get automatically charged. Is this normal?

Thanks for your reply. Yes, I sent an email yesterday morning and hadn't received a reply which started to concern me because I wasn't sure if it would be automatically extended (and charged) since they have my credit card info from the appraisal.

Hi,

My rate lock with Cardinal Financial is due to expire April 8th. Overall, this cash-out refi just doesn't feel right at this point and I don't want to be charged 0.125% for a 7 day extension. Does this charge usually get auto-extended or will I need to sign-off on anything stating I do not want to move forward? Cardinal has been OK but they're a bit difficult to get responses from...they will email with requests for documents but in my experience with them over the past couple of weeks, when I have a question, nobody replies. I'll even have to ask them to "address the question in the previous email" before I answer any of their questions which I found to be a bit ridiculous. I've contacted everyone at Cardinal that I've dealt with via email to let them know my wishes but haven't heard back and I don't want to see a charge on my credit card for an extension I don't want.

Thanks!

Thanks for the quick reply. The refi is in underwriting stage with a rate lock til April 8th. I'm in a tight spot at the moment because I don't want bail out midway on the refi process but after looking at what this appraisal was and the timing of someone potentially interested has caused me to question some of my motives so to speak. Yes, higher cash flow is what I'm aiming at. 

Hi,

I bought my 4-Plex 3 years ago in Sacramento for $229K. I recently got it appraised because I'm looking to do a cash-out refi. The appraisal had it at $310K. About a week ago I got  contacted by a person interested in it. Overall, it hasn't performed terribly but it hasn't been outstanding either. I've been thinking to take a cash-out refi and purchase a like property in Arizona which seemingly would get more bang for my buck but now I'm considering looking at selling if things lined up. My strategy is a long game and selling this this early goes directly against that plan but in theory, if I could get what it was appraised at ($310K), use that income towards a new property or properties in a place like Arizona, would that sound like a sound move? What would you do?

Thanks!

Hi,

I've been in the process over the last couple of weeks looking into a cash-out refi on my 4-plex to re-invest into another like property. I'm at the stage where I've submitted almost all of the requested documents and today received a loan estimate. I've already been charged for an appraisal (last week) but the appraisal has yet to be conducted. I was contacted today by another lending company who I researched and has excellent reviews as well BBB rating. This is what he sent me:

"Ok so comparing your Loan Estimate to what mine would look like based on today’s loan pricing.

Your Loan Estimate:

Rate 4.875% with 1010 in points to get that rate and a 895 lender/origination fee (total origination charges 1905)
Your Escrow/title/notary fees are estimated at 925

My rate as of today:

4.625% with no points and a 995 lender fee/total origination fee (so mine is .25% better and 1010 cheaper) or 4.75% with no points and a 854 credit, reducing the origination fees to $141 (1764 cheaper)

My escrow/title/notary fees are 1165"

Any advice out there on how to deal with this? Can I cancel my appraisal with the initial lender and move forward with the seemingly better option? 

I'm really unsure what to do and appreciate any advice!

Thanks in advance!