All Forum Posts by: Mak K.

Curious how did you find the property? MLS?

 I heard the same issues you mentioned. Thanks for responding. Will go with traditional gas tank heaters

Replacing a water heater at a rental sfh 2bath property in Houston, TX.  Any suggestion on if tankless is better or not? Any pros or cons?

Hi,

I have always been a cash buyer and this is the first time I am looking at a lender for a deal. I am trying to decided the differences and especially the interest & expenses associated with the different type of loans. This is my understanding but please help me to get a clear picture.

Lets take $100,000 for the amount to be loaned out.

1> Line of Credit (based on stock portfolios)

- Lender says it will 0.5% origination fee ($500) one time cost

- Lender says prime -MINUS 0.5 = 8.5-0.5%= 8% loan as of today.

- No other fees or cost. I can withdraw and payback as needed. Only thing I need to pay is interest every month.

- More like a credit card where you limit is fixed. You pay interest based on what you use.

- Floating rates so I guess rates would go down as FED cuts the rate

2> Mortgage on property

- Lender says if it is LLC, then it is prime plus 2.5% = 8.5% as of today

- Lawyers & lender fees to be added- COST ADDER

- Survey and appraisal to be added- COST ADDER

- insurance, property taxes on property required etc to be maintained etc

Per my discussion, it looks like LINE OF CREDIT based on stock is easy and cost effective. Am I missing something? Anything I need to know?

Not very common but you can buy the house and continue and manage insurance claim under previous owner name. It’s possible but how it’s done I do not know..

Update and sharing what I learnt so far:-

I went to a local credit union and they said they give line of credit based on 80% equity. Also rates are prime plus 2.5. So as of this date you are looking at 8.5ish. Loan involves a fresh appraisal and origination fees etc. 

Another suggestion banker made was it’s easier to get a loan on a stock portfolio. It cost less, there is no Leon, and rates are prime minus 0.5 meaning as of today it is 8%. the benefit is it did not require Lein, home insurance, etc etc making it cheaper to acquire 

So I have a property rental where the neighbors dog keeps breaking the fences. It is an aggressive dog. The dog breaks the fence and we get a letter from HOA.

how should we handle this situation? As a landlord should I write a letter to the neighbor or HOA or call animal control!? Or should the tenant do it?

the tenant is a single mom working to meet the ends meet and nice lady. So trying to help the situation as landlord but I do not want to overstep and take this issue on my hands if there are any risk?

I am an agent. I love supra. Question- Do I need to have subscription $14/mo on supra to open the lock box. All I need is to open the doors. I never plan to use Supra boxes myself. So do I still need supra subscription?

Hi,

So I have 3 properties under 3 different LLC. I would like to get a loan or line of credit on the portfolio. The way I want is to get a Line of credit such that it is authorized, and I only pay interest when I withdraw from it. What is this type of loan called and who does it? I called Chase and other banks and they said we can give you 80% of the equity but you pay interest from day 1 if you use it or not?

I want something like an overdraft where I can use the loan cash for buying other properties. I am ok with little high interest rates. What is the exact term and what type of lender does such loans?

For HCHA Harris County Section 8, what is a good acceptable rent increase amount?