All Forum Posts by: Samuel Persson

The lender stated the state (CA) applied to rule to slow down the buying surge 

We are looking to use  a cash out refinance on our current home. We have a second home we are interested in and would move to. We would rent our current home. I spoke with a loan broker and the cash out refi is not a problem, but there are current loan rules in place due to covid buying that blocks us from using the cash as a down payment. They suggested having a family member gift (what are the tax implications ) or hold the money for 2 months to have it cool off and use it then. Do any of you have input for how we should proceed?

@Matt Snow have you been to the area before?

Hey Matt.

I just bought my 1st piece of investment property in Sonora CA recently. The closing costs look good. How far is the lot from Pine Mountain Lake and 120? Who owns the tax lean? Who are you using for title? The might be able to take a look at everything and let you know.
Good luck   

Should I move this thread to a better location ?

Thank you all for input. I agree on the resale issues.

I will continue to look for other property 

Good afternoon everyone.

My question is a about the ins and outs of private money lenders.

I have an older neighbor who wants to invest some money in realestate and asked if he could be in on a flip with me.

How should I structure this? cash loan? percentage of profit? interest rates ? also legal issues and tax issues. 

Thank you all for any input,
Sam

MLS #

I was thinking as a rental property. There is a larger young working class from restaurants and such that would appreciate the location. 

There is a property near me that has been listed on the MLS for a bit. It's a small 1Bed 1Bath on a .25 lot. It's right in the middle of downtown and walking distance from everything. The issues my realtor mentioned are that it's backed against a railroad tracks and it's a homeless thoroughfare. The railroad only gets used once or twice a day during the week for hauling lumber. Do any of you have any experience with location like this?

Sam