All Forum Posts by: Matt H

Okay that makes perfect sense now. And I was reading over the mortgage statement and it's basically saying that I'll only have to pay off the interest for the 10 year term. However, the loan amount is due and payable after 10 years. I don't understand that though, so I wonder if that really means I don't actually have to pay any principal back during the term, other than whatever amount I decide to do. I guess that would make sense though as worst case senario they would just want to renew the loan term.

So does anyone know by chance is that typically how it works with some mortgage lenders that they only require interest payment on their loans? Man if that is true then and or if this does turn out to be as they are stating then I'm getting a sweet deal. I guess I'm just trying to figure out if this is for real without having to find out from the lender. I don't want them changing anything on this. LOL

Hello, could someone please try to explain this...

I just bought a building. I used two separate online mortgage calculators which both indicated that I would be paying 10,458.53 per month on the mortgage amount below.

However, on the mortgage statement I received it says in writing that my monthly payment will be: $7476.68 This makes no sense?

here are the numbers:
Loan: 1,783,700
Rate: 5.03%
Amortized over: 25 years
Term: 10 years

Like I don't get it? Why is the mortgage document showing the lower amount but yet the online mortgage calculators all say about the same at over 10k. I don't know if I want to ask my mortgage company as I'll be saving 25% off what I thought I'd pay per month. I don't want to alert them to a possible error if that's the case. Or have them try to pull a fast one on me because I don't understand what the case is.

Let me know if you understand this.

go to home depot and get an instore credit card. Use it to rake up over $500 on supplies. That way you don't have to pay interest for 6 months. Its some kind of program they have enabled. That way, you can do your flip without worrying about the bills upfront.

Matt

A gas station use to be there and the tanks leaked?

I would never use cash. Way too risky. Also the government might look at you as a terrorist or a drug dealer.

well I just bought a 50 unit apartment. It's my second building. Biggest deal of my life. Only had to put down 7%. It will pull in about $10,000 spendable cash per month after everything. Kinda excited!

I started working on the biggest deal of my life last August. At last it's almost a done deal. This is fantastic!

How long does it generally take to get the cash out from start to finish? And what is the procedure? I'm assuming getting an appraisal then finding a lender to go with?

1 month maybe? Longer? Shorter?

And the reason is I'd like to make an offer on a building, but I don't have enough cash in hand. So cash out refinancing on a building I own is one option. What other options do I have? Or how can I structure the offer in a way that buys me the time to do this?

Thanks.

How long does it generally take to get the cash out from start to finish? And what is the procedure? I'm assuming getting an appraisal then finding a lender to go with?

Hello, I have a quick question. I have a 15 unit building. I'm thinking of refinancing in order to unlock some cash. I've never done it before so I'm trying to understand how much cash I'd get out after refinancing.

The building has a first mortgage of about $615k

It should now appraise at about $1.2m

So does that mean something like the lender will borrow me say 75% on that new appraised value of $1.2m, say giving me 900k in which I'd payout the first mortgage, leaving me with the remaining balance of $285k which I'd be able to pocket?

I think this is how it works when using refinancing to unlock cash from your property but I'm not 100% sure?