All Forum Posts by: Mayank S.

Welcome to BP @Jay Campbell.

@Darrin Wesenberg Let me know how did your inspection go with Bill. I am sure the one provided by @Darrin Carey must be great just that he was coming out to be $100 more expensive than others. I was happy with my contracted inspector and he did a thorough job however next time probably I would use Darrin's recommendation.  

Exactly as @Tariq B. mentioned, it's upto you. If you are jumping onto REI bandwagon and planning to buy properties through financing then you need to understand that most conventional financing lender do not lend money to LLC. Title should be on your name. If buying cash or having lot of properties in the portfolio then LLC makes sense for asset protection. Also keep in mind LLC does not provide full proof asset protection as entity. Attorneys can pierce the corporate veil if not structured correctly. Another route is to take umbrella insurance. Just my opinion.

Thanks @Chris Mason That's a great point, I will discuss this with my lender and see if rate lock extension makes sens or re-lock at current prevailing rate. Obviously it depends on where we are in terms of rate on rate expiration day and fees. Now have some knowledge about the mortgage technicalities, I am better equipped to talk to him and see what he has to say. Thanks again!

Thank you both @Darren Eady and @Shaun Weekes. I have reached out to my lender and he mentioned to do float down option if rates slide half percentage point down which is not where market is at this point from my locked rate. It slid only .25% however I am just 5 days away from expiring my locked rate (45 day locking period) and closing is expected after that. I guess if market still remain this way or plummet, I should get more favorable rate with him. To my question on getting market rate after locking period expires , this is what he said "In order to get the market rate, the rate would need to expire and not relock for 30 days. Once a rate is locked, that loan is sold on the secondary market before it even closes. I will do all I can!!"... Any suggestion at this point or just wait for the lock to expire on Feb 15.

I am in the process of closing on one of my investment property. It's conventional financing 30 years fixed @ 5% on 20% down. Interest rate was locked when initiated the application couple of months back at 5%. Now rates have plummeted quite a bit and I am thinking of asking my lender to provide me rate lock float down option. I believe industry norm is to provide one free float down incase rates dip for more than quarter percentage point. What do you think are my options? Is 5% still a good rate or I should negotiate with the lender to give me favorable rate? 

@Roger Lin tagging him and he would probably add you in the REI group.

I attended their 2 hour intro session followed by 3 day workshop. It was worth the money ($200) for a newbie like me at that time. Thankfully I didn't fall prey to their exorbitant hand holding "Mastery" program. I would rather shell out that much for buying some inexpensive property or use as down payment and learn while on the field. I am not saying anything against their Mastery course, it would be great and work great for many investors but not something I wanted to do. Instead I found this great website and hanging out with other like minded people, learn from them. It's time consuming but if committed, you would thank yourself one day for not parting with your $$ on huge educational ticket items. Everything is here "FREE EDUCATION"...Just my opinion and this is what I did.

Congratulations. Definitely no excuse for NOT taking action after reading your story. Great job!!

If you own your properties free and clear, it makes sense to put them into LLC otherwise you may run into risk of loan being called in full with note due on sale clause. Likelihood of note being called in full is very rare but still a risk. I would rather have umbrella insurance to get some protection. LLC are no way a full asset protection thing and attorneys can pierce the corporate veil if not formed correctly.