All Forum Posts by: Joseph Quarto

Hi all,

I may be selling a property on Owner contract. There are No other liens on the property, it will just be the note to me. Aren't there companies that I can designate to hold the rental monies to assure the taxes, WSG, Insurance & the monthly payment to me is automatically paid. That way, IF the buyer were to default, at least the major items would have been paid. Also, what is the Proper way to Hold a note like this? A DOT? Or is there something similar that protects me better & allows for a quicker default process if they don't pay.

Thanks much,

Joseph  

Hi,

I am in the market for a RE attorney for a couple of items in the West Seattle area.

1) selling a property privately & need paperwork done up for this for an out of state buyer

2) Have a property we are looking to buy & need info on how to clear up a "Cloud" on the property

Any ideas as to costs & names greatly appreciated.

Joseph Q

Hi,

I am paying cash, but how does that clear up to problem? What if I want to sell 2 years from now, the same problem comes up.  I am not even sure what quiet title is.

Hi,

I am up against a problem I have never encountered before. We put in an offer on a property that was accepted by the current owners. However upon the Title company doing it's thing, they have come up with a DOT back in 1995 that DOES NOT show it was paid. Also the person who carried the DOT is now deceased. While common sense says it likely is no longer open, the Title company can't go any further until the current owners find info. So we have been in limbo now for 2 months. We were gonna walk away, but I really want the lake property as it fits into where we want to retire & build.

I'm not sure, but isn't there some way a "Quiet Title" or something can be done by a lawyer & get this cleared up a short time? I mean the DOT is already 20+ years old. The property as it is worth only about $85-90k.

What would it cost to clear this up & how much time?

ANy help, pointer greatly appreciated - Oh this is in Washington State

Thanks much, 

Joseph Q

Hi all,

So I think I may have a buyer for my 5 unit building in Seattle.  The next question is company to handle the 1031 exchange.  Have been talking to Asset Preservation, Inc. (API) who is a qualified intermediary.  Any opinions/comments on them.

They also had mentioned that rather than the "3 property" rule, I have another choice; 

The "200 percent rule", which I can ID any number of properties, as long as they DO NOT exceed 200% of the aggregate fair market value of the relinquished property.

Does this sound right?

Also their fee is $700 setup & $300 for up to 3 properties.

Any help, comments, advice appreciated.

Joseph Q

Cassie & Jennifer,

What do you think the CAP rates are for 3-5 mixed units in the Seattle area now?

Thanks, JQ

Hello,

We are retired, comfortable with pension & SS., looking to buy a property in Mexico. Property is about $200k. Would be all cash. We may rent it about 2 months a year at about 4,000 net per month. But it is mostly for us & family to enjoy.

We have a multi-use y unit building we live in with great positive cash flow & a ton of equity, with only $52,000 note balance.

Question: best way to pay for the Mexico property

A) take cash from 401k, (pay taxes)

B) use LOC on the multi building. Would this LOC payments be able to be paid & written off as usual. If we sold this building in the next couple of years, does that LOC loan come off the top as an expense before we pay Capital Gains?

Any comments, suggestions appreciated

Joseph Q

Hi Wesley,

We have a place in WS that might fit your bill. Live in and have rents. 5 unit, not cheap but great for long term and we might even hold the note. Any interest PM me.

Later, Joseph Q

What I am looking at ReFi wise right now is;

25 year amort. 7 year - 4.55% OR a 10 year 4.95%

Under $250k

Closing costs about $1,500-1,800 - NO origination fees. No appraisal.

Over $250k - same Except about $1200-1,500 appraisal, which they would pay half of.

Seems like a pretty good deal. Just curious about the LOC as compared to this.

Hi,

This question just came up.  On a building we have with lots of Equity (balance mortgage is $56k)

I am looking to free up some cash ($250-300k) for a future 2016 purchase, but wanting to get all approved now. Should I follow thru with the bank Refi & just "bank" the $ until next year OR get a LOC for about the same amount and avoid some closing costs & carrying charges until I make the purchase? This way the existing mortgage will continue to go down.

Pros/Cons, other than the obvious Rates may continue rising. Is LOC interest rates deductible?

Thanks,

Joseph Q