All Forum Posts by: Manish Shah

I recently became unemployed and have 4 rental properties that are at a loss because rents in general have gone down. Is there a way to work with my banks to lower interest rate without having to go through a full refinance? My interest rate's low, but I'm afraid with negative rental income and unemployment, I would not qualify for a full refinance, and even if I did, I think the rate would be higher (for investment properties) then I have right now.

I can sustain with my current costs, but I would prefer to lower my costs.

Thanks.

Manish

So, some scenarios (this isn't me, just trying to get a little more idea into it):

- If an investor has 4 properties and their DTI on the aggregate of the 4 properties is say, 90%, will the government lower principal/interest for all 4 properties, so the aggregate DTI is 31%? This is difficult, especially if all 4 are under different banks.

- How are banks going to execute this? I'm assuming this has to be bank driven then consumer driven right? Will the bank voluntarily send out adjustments? If so, good luck with that. I don't think the banks care as much and are just going along for the ride. Someone said the few thousand incentives are not worth it, I think I agree.

- If someone is on a non-conforming 30-year, will they readjust it to a 30-year, or keep it as an Alt-A?

- What if there is a primary value of $400,000 and the mortgage was say, $300,000, so someone took a $100,000 HELOC? And now, the home principal is down to $200,000 (the market value), what happens to the HELOC?

I think although the plan is conceptually a general way to slow down drops in values, there are a lot of details which are unclear, and as a result, will not be considered by the banks.

Also, I doubt the administration considered homes that are investments, but those have the same issues, or more issues, as primaries.

Manish

Thanks Jason.

Good question:

- Simple interface
- No accounts needed on either side (Note: The exchange mechanism is secure).
- Quick upload and go
- File Apartment is not a collaboration platform, but a file exchange platform
- File Apartment has support up to 1 GB. Google docs only supports 500 KB to 10 MB, depending on type.
- File Apartment supports for any file type. (Google docs only supports PDF, Word, Powerpoint, and Excel formats).
- Also, I hold the file for 4 days, Google docs is a collaboration platform that people can use for larger projects.

Each has it's own merits. Google docs is primarily for folks who want to track their Office documents, share, and collaborate. File Apartment is simply upload file, exchange with your colleagues or friends.

Manish

Hey guys...

After many frustrations about trying to send large files over email to my business partners, only to have it bounce back and then trying to go through hoops... I contracted some web site developers and created a platform called File Apartment. It's free and support up to 1 gb of exchange, with no registration. Just wanted to let everyone know that it's usable for anyone that needs to get around large files annoyances.. http://www.fileapartment.com.

You may say there are web sites out there, but they're all annoying and I had to go through hoops to get an account, and then have to figure out what the max is, etc. This is straight forward, no strings attached.

Manish

All,

I have 4 investment properties in Chicago, and need to put them in an LLC.

1) Can I just do this myself using a quick claim? I noticed the form only really needs a notary... or do I have to use an attorney?

2) Should I create one LLC for each property or put them all in one LLC?

What has everyone else done?

Manish

It's great to see so many varied responses from my first post back in April... I'm an IT professional and am doing REI on the side, along working as an agent.

Susan,

Just getting back to my forums...interesting option... ;)

Manish

Hey Jeff,

Give me an shout. I'm running a side web dev firm.... let me see if I can help out.

Manish

Hello,

I am looking to get a HELOC on an investment property to help expand my portfolio. Unfortunately, I am running into barriers in finding anyone that can do it. Does anyone know of an institution that will provide HELOCs on an investment party? I'm trying to stay away from hard money.

Thanks in advance.