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All Forum Posts by: Samson Tefera

Samson Tefera has started 14 posts and replied 29 times.

So reached out to these commercial loan places like corevest, visio, their rates are double the offer I got if I was to refi under my name as an investment property.

The way I see it, I'm thinking to refi under my name, and doing a quit claim deed transfer to my LLC instead.

Unless there are issues there. And rent out the property by signing lease using my LLC.

HML is willing to extend loan for 3 months up to a year with a 2% origination fee. I don't mind refinancing, just not under name, I prefer under LLC so I will check out what Kerry mentioned. If I go with a commercial lender, the HML lender will still charge me 2% for not refinancing through them. But I understand. Thank you all for the info.

@Wayne Brooks I haven't found a lender who wants to refi under my LLC, they all want me to put it under my name.

I have a property for sale on a hard money loan which is due in 1 month. Property is under my LLC. I do not want to refi under my name and keep the property.

I want to extend the hml, interest only, and rent it out. If tenant rent covers the mortgage and I cash flow $500/month, fully inderstanding that it is interest only payment to hard money lender, and with the understanding that if I refi, some of the loan would go towards equity, why not just do that rather than incurring closing costs for refi?

I signed a 3 month contract with Real Estate agent to sell my house, however, due to covid-19 and showings suspension, I would like to get out of that contract, as I do not see the benefit of just online showings, since anything online is something I can do myself.

However, I do not have any force majeure clause in the contract.

I still have a month and a half left before contract expires.

Would it be unfair to ask to terminate my contract with the real estate agent and void all agreements on that contract?

Post: 1% Rule - Realistic?

Samson TeferaPosted
  • Houston, TX
  • Posts 29
  • Votes 2

@Bryan Beal. I have a property I bought in 2009 for $245k. Today it is worth about $390k.

Are you saying I should be renting it for $3,900/month? Currently renting at $2,050/month.

Almost all the houses in the same area all rent for $2000-$2400/month.

I don’t know if that 1% rule works for higher amounts say > $250k.

Thanks

Samson

What is an additional rider to a P&S agreement on a commercial property? Is it common? What do you look for? Thanks Samson
Great info Phyllis E. I will definitely try that one.
I believe so, I guess it wasn't as bad as I thought, mainly the re-painting of the whole house. In one of the closets, The contractor said he bought a cleaning supply called fabuloso, then warmed it or heated it up, and let it sit in the closet so the fresh smell got absorbed by the walls? That's what I was told. But every situation is unique I guess...
Has anyone worked with Noble Mortgage & Investments? I wanted to use them as my first hard money lenders. Please let me know what you think? Thanks Samson