All Forum Posts by: Marcell Z.

@Justin R. Great input.  As @Tim G.mentioned, it seems like this first meet up will probably be a smaller group in the 10-20 range unless this thread really picks up.  I like point #3 of meeting up at a local spot for dinner and drinks to network.  

I think what's most important is to take the first step and get a meet-up going.  We can then see where it grows organically from there with all the ideas that get thrown around at the meet-up.

@Cristina Ruffini @Account Closed looking forward to meeting you both.  If you have friends or colleagues who may be interested in this meetup please invite them so we can make this happen.  Making use of the @ symbol for your colleagues is a great way to invite BP members.

Thanks for getting this idea going Tim!

Where are all of our San Diego investors, agents, realtors, lenders, rehabbers, flippers, wholesalers at?  This is a great idea for the San Diego area in addition to the investment clubs that already exist.  Like minded people getting together to increase our knowledge and expand our network can and will lead to new success.  

Keywords to improve reach: wholesale, wholesaling, newbie, SD, southern California, so cal, landlord, turn-key, out-of-state, cash buyers, hard money, private money, private lending, multi-family, direct mail marketing, door knocking, probate, evictions, tenants.  

 @Neil Aggarwal  

You may have missed it but I am dealing with a seller chosen escrow and that is the reason for my post. If you can offer any advice I can pursue that would truly be helpful. 

@Jay Hinrichs Thank you for the advice; I hadn't thought about that.

Keywords to improve reach of the forum post.

Mortgage, Loan, Note, Promissory Note, Interest Rate, Escrow, Financing, Lender, Broker, Realtor, Real Estate Agent, Title, Escrow, Costa Mesa, Orange County, Southern California

Hello BP community and thanks in advance for any advice provided.

I'm helping a client purchase a home and they will be receiving 100% of the purchase funds from a family member.  We need to create a mortgage note to pay the funds back to the family member.  Here are the details.

Loan Amount to be $550,000

Interest rate to be 4% fixed

Term of loan to be 30 years

My client and I were relying on the seller's chosen escrow company to handle the note creation.  I have never needed to perform such a transaction.  The escrow company created the document but came up with a monthly payment in the amount of $787.74 monthly for principal and interest.  The math doesn't add up as $787.74 x 360 months equals $283,550.  Here are my questions.

How do we determine the correct payment?

Can the escrow company impound the taxes and insurance?

I've used a mortgage calculator from Zillow and am coming up with a payment of $2,626 for principal and interest.  Am I on the right track?  

Thanks @Joe Homs!  I'll give him a call.

Hello Everyone,

I'm helping a buyer client in Costa Mesa and haven't done a transaction there yet.  Can anyone recommend a Home Inspector for a residential real estate purchase?

Thanks in advance!

Key Words to Improve Reach: Irvine, Huntington Beach, Newport, Fountain Valley, Orange County, Home Inspection, Property Inspection, Due Diligence, Contractor, Agent, Realtor, Real Estate Agent

@Breanne A. Is the actual rental income of $3500 for all 3 units? If so, using an FHA loan you are expected to live in the property meaning that you will not have rental income from one of the three units. This would drop your rental income to $2,333.33 assuming all units rent for equal value.

Also, there are probably a few closing cost fees that you may want to take into account if you haven't already done so including inspection fees, escrow fees, lender's title policy, loan origination fee, etc.  These are one time fees but are something you should consider for your immediate out-of-pocket costs involved with the purchase.