All Forum Posts by: Samuel Yi

Hello, I am interested as well! Can you send me more info to [email protected]. How much is the insurance? Average cost for gas? Trash? Sewer? Terms of owner financing? How many years? Looking forward to working with you.

Hi Jay, 

Can I please get a copy as well?

[email protected]

Thank you so much.

I would try calling different banks to for their LTV requirement. Last month I called 10 banks to inquire and they all had different LTV requirements. Best I found was 75% but many claim that 80% exist and I am sure it exist. Good luck!

Andy, please take this with a grain of salt. I am a newbie. I would think refi makes more sense because of low rates. I would want to get fixed rates. With HELOC your rates will increase when fed increases the rate. Also you may have to shop around. Some banks do not do HELOC on rental properties. I find it easier to get refi on rental than HELOC. I have no idea why. Finally, don't pull too much equity. Make sure you will cash flow after you pull equity. Again, I am a newbie! I am interested in hearing from real experts as well.

Michael Biggs so the buyer asked me for seller financing. He will first get a loan from bank for 85,000 and he wants me to finance the rest as a silent second. 85,000 is the original money I put in it. Is this a good deal? What Is the risk involved with seller financing as silent second? Thanks for your advice.

@Account Closed thank you for the idea Michael. I have never done an owner financing and I have zero idea when you say note selling. 

That being said, if I do owner financing, will I be able to do 1031? Or will I have to pay taxes?

AJ Singh thank you AJ, I have so many questions for you. Can we connect/pm if you don't mind?

Hello all, I have a duplex property in Barstow, CA that I purchased for 85k few years back using my equity line of credit. If I knew BP then, I wouldn't have purchased it, because of barstow neighborhood... (I would say it is D??) Last month, tenants for both units moved out. (They were family). So, I put it on the market and I had a buyer for 125 but the house didn't appraise well. So, I talked to my agent and came to the conclusion that I have 2 options. Convert it to section 8 and collect about 1000~1100 gross income/month. Or Try to sell it for about 100 ~ 110 K and do 1031 to out of state. Out of state would be better neighborhood I assume. I still owe about 70,000 on my line of credit for this property. I would really appreciate your advice. Thank you.

Can you send more info to [email protected]? Thank you.

@Sanober Khan of course. I will keep you updated. I actually visited one last Tuesday. I am also meeting Joe (read the tread) tmr at 1:15 if you want to join. We can carpool to mission viejo.