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All Forum Posts by: Patrik Kusek

Patrik Kusek has started 11 posts and replied 42 times.

Post: Investment cash out re-fi for under 100K?

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

Thank you for that info. It was very helpful. 

Post: Investment cash out re-fi for under 100K?

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

Hi everyone,

Does anyone know where to get a 100K cash out refi for a property is free and clear. It's a condo in Indiana. We've been in contact with 2 lenders who say they can't do the loan because it's "too small". Min of 150K to 200K. What is going on here? We've done this type of transaction before with no issues. We have good credit and are trying to pay down our CC's with this refi. Any ideas on who can help?

Post: Live/work financing? and 1031X

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

Hi Nick, Thanks for the info I appreciate it. This is the type of info I was looking for. I have not spoke to broker yet but that is on the list. Thank you

Post: Live/work financing? and 1031X

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19
Quote from @Dave Foster:

@Patrik Kusek, There a plenty of these types of properties called "split use" or mixed use.  And yes, they would work with a 1031 exchange.  The key is being able to distinguish the % dedicated to investment (work use).  Similar to a home office.  The investment allocation for the property needs to be at least as much as the net sale of your old investment property.

So it’s possible for the “split” to be 75% investment and 25% residential as long as the investment portion is equal or greater than the old investment property? Doesn’t have to 50/50?  

Post: Live/work financing? and 1031X

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19
Quote from @Chris Jeub:

By "live/work" you mean work from home? Go residential.

I’m thinking more like along the line retail downstairs and residential upstairs. Is it the bank that makes this distinction? Meaning one lender might see it as residential and another commercial? 

Post: Live/work financing? and 1031X

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

We'd like to purchase a live/work property. Two questions 1) What kind of financing is typically available for this kind of property? Some say commercial some say residential. 2) Can we do a 1031 exchange so we can use the equity from on of our rentals? If so, we'd like to sell our primary home and also an investment property SFH to make a bigger down payment. Any ideas or ideas?

Thanks

Patrik

Post: Do not use Suncoast Property Management in Jacksonville

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

I used SunCoast for a couple of my properties. My experience was the same as others. Terrible. SunCoast has a corporate culture of lip service and excuses. I would stay away from theses guys. 

Post: Jacksonville investors stay away from Suncoast Property Mgt

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

I agree. SunCoast has been nothing but a nightmare. I wish I had seen this post last year!  As the original poster commented I have had nothing but issues with the renewal process from Suncoast. Literally 90% of what Will Ellis went through I am still currently going through. Does anyone have any recommendations from other property management firms that are good? 

Post: Refinancing multiple properties at once with same lender

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19
Thanks @Kevin Romines:

Thanks for the info. We've used Geneva before and were happy with them. Thank you

pk

Post: Refinancing multiple properties at once with same lender

Patrik Kusek
Posted
  • Flipper/Rehabber
  • Fairfield, CA
  • Posts 43
  • Votes 19

I'd like to refinance my properties. Is it possible to refinance two properties in two different states, at one time, with the same lender?

If so, who?  OR does each refinance have to be completed separately? 

Thanks