All Forum Posts by: Sanjeev Kaushik

Thanks @Basit Siddiqi. Yes, this is a creative way, but it is hard as you said. @Dave Foster has nailed it very well. Thanks all!

Thanks @Dave Foster. This makes perfect sense.

I have a partnership in a multifamily LLC (2 apartments - 50 units & 20 units) and now we are about to sell the property. Just wondering if I can use 1031 exchange using the proceeds of this sale to buy an SFR. Please share if this is doable and any other helpful link/example.

@Bryan Yaninek My property is in WA and lender is NASB, I think this bank is based at Kansas MO

Thanks @Kathy Henley

Last month, I got the quote for refinancing mortgage (primary home) 3% 30 year fixed with no points. I submitted all documentation, but lender has not started the process yet. Now rates are further down by another one quarter. What options do I have? Can I negotiate the rate with the lender or walk away and find another lender? Suggestions?

Thanks @Jeff Copeland and @Theresa Harris. I really liked your idea.

Hello BP,

I am looking to refinance my primary home to reduce my monthly payments. Since I have enough equity, I am exploring to pull extra cash and pay off the mortgage of one of my investment property which is at a higher interest rate. Here are the details:

Current primary home balance: $227000

Current mortgage term: 2.675%/15 Years, started in 2015

Current P&I: $2200 (based on original loan amount)

Current Investment property balance: $48000

Current mortgage term: 6.5%/30 Years

Current P&I: $358

Option 1: Refi with primary home mortgage balance:

Refi amount: $227000

Refi term: 3.675%/30 Years

Refi P&I: $1042

Option 2: Refi with cash out of 48k to pay mortgage on investment property:

Refi amount: $275000

Refi term: 3.675%/30 Years

Refi P&I: $1262

If I go with the 2nd option, I will be paying extra $1262 - $1042 = $220, but I will be eliminating $358. So net saving will be $358 - 220 = $138/month

One impact I think of is the tax return of that property in that state. Interest will be computed against my primary instead of investment property.

So looking at the numbers it makes sense, please share if I am missing something else. Any red flag?

Thanks @Laurence Jankelow and @Kenny Dahill

@Laurence Jankelow Process is simple as explained by Kenny. My property is out of state and I used the service of same attorney who was on the closing. They charged me $150 + county recording fee.

@Kenny Dahill Can it be done without visiting to recording office or without using attorney for out of state property?

When I purchased a rental property it was already tenanted and rent was flowing. After 3 months I moved (QC) this property to my LLC. Can I put rent in LLC bank account immediately after closing or I have to wait until QC Deed work is done? Is there any relation of bank account for rent collection (personal or LLC) and the name on the deed?