All Forum Posts by: Sandy Hu

@Jeff Stansberry Joe is good. I used him in my last purchase and now we are working together towards my next and also my first flip. 

@Todd Powell I just called KeyBank. Unfortunately they don't issue HELOC in CA.

Any good HELOC lender you've used? Appreciate the referral.

I have a borrower coming to me asking a hard money loan @ 15% 6month term. I would come in as a junior lender. I don't have enough capital to cover the loan amount he is asking for. So i thought about HELOC. I personally think this is a safe solution. Any risk I'm not seeing here.

Does any one manage their own properties and use free property management software? Any recommendation of the software? Thx.

Does anyone know a good and reasonably priced gardener in Fullerton area? Thx

I just purchased a property and realized there is an undisclosed sewer defect. The property was previously managed by a management company. According to the plumbing company, the property manager was aware of the defect, but they are not sure if the owner knew the situation. However the property manager and the listing agent belongs to the same company, I highly doubt neither the owner nor the agent knew the defect.

Any advice on how to deal with the situation is appreciated!

@Kevin Fox

These are really good questions and considerations. I need to look more into details and loan terms to figure it out. That's exactly why I need advice to decide whether I took their money and which options to go for financing.

But one thing they did mention was that if you sell in down cycles, you don't need to pay back and you can decide when to sell.

@Kevin Fox

They see it more as an investment than a loan. They are expecting to take a ride when the value goes up. It makes sense in the long run cuz in big picture, property value always goes up. 

@David Fernandez,

They can't make me sell the property and i can refi as many times as i want. They'll always take the secondary lien position. The agreement naturally ends in 30 years, and if you haven't sold, then they'll order an appraisal and get a cut of the value increase.

Hello,

I need advice on 2 loan options when buying a duplex in southern California ranging .9m-1.3m.

1. 10%-15% down with 30 year fix of 4.75% interest rate. It will require PMI
2. I put down 10%-15%, and Unison matches my downpayment, which will bring my total down payment to 20%-40%. Then I took a 30 year fix with 4.75% without PMI. For the money from Unison, I pay no interest and no monthly payment. However, they'll get a 20-30% cut of my net proceeds when selling the property.

Which loan option would you go and why?