All Forum Posts by: Sarah Jukes

I'd happily retire now at 48 lol. I think we want to time it so we pay off the 2 investment property loans around the time we retire and our income drops, so there's less tax paid on the rental income we'd get.. We don't want more properties, even renting out this 2nd one has become a pain and we decided to pay into an IRA for my husband and pay down the home loans so they'll be paid off in 10-15 yrs.. and then we will enjoy life lol (any extra beyond that I'll pay more into my County job retirement perhaps (I only just started that job and retirement plan).. !

Hi,

Section 8 tenant lease started Friday, following day they decided to move out! The lease is between us and the tenant. Section 8 were to pay the rent (but the first payment takes a few weeks to be deposited and is back paid). 

Security Deposit was via tenants a CA cash aid program (CalWORKS). Now we have to find a new tenant. 

Lease states unpaid rent can come out of security deposit. What do we as landlord provide to do this? We can take 1 month right?

Hi! Just purchased our 2nd investment rental property. Loan amount $304,000 7.3% interest (house value $600,000). Other rental loan is 3.5% $553,000 (house value $770,000). We can pay an extra $3000/mth. Could pay off the smaller loan higher % loan in 6 years if we use for that. Or pay the $3000/mth into my husband's SEP IRA, or my 457 plan (I newly work for the county).

Our retirement plans are new and empty. We are 47 +48 yrs old. Would like to retire by 58/60...

We own our primary residence with no loan (house value $1.7 million). So the 2 investment properties we could pay off by the time we retire and that income is our retirement (current total gross rent $7300/mth), although we now have the new IRA and 457 plan......

Any advice!? Or who would we speak to about this without them 'selling' us something.. financial advisor? tax advisor?

 Our realtor handles everything for us. For example we saw a preforeclosure. It’s in a trust, she’s written up our offer to the bank to try for a short sale. Our realtor specializes in these types of deals.. she’s in CA maybe can help you too. Not sure. She still gets her commission from the seller/bank etc. Or she offers to the owner and helps handle and liens etc etc. find a realtor who understand this. Many don’t!

I'll send you the info of the broker we used to release $ from our home to purchase our first investment property. He was the only one out of 4 I spoke with that could help us (we needed a bank statement loan). He's very quick to respond..

we work with a Realtor who specializes in preforeclosures etc.. she gives us a list. I think she pays for access to the info.

Has anyone got their Real Estate License primarily to benefit your own investments? To save on the commission, to gain more contacts etc? Here in CA 6% is a big chunk of money, we fixed up our first investment property and decided to rent it out. To sell it would have cost $42,000 in Realtor fees! (renting it out is going great so that worked out for us). 

Also, to gain better access to the real estate world, contacts, listings, knowledge etc?? I would also aim to work as a Realtor at least to make those connections....

We are both self employed and our tax returns do not show what we’d need. 

6 months ago we got our 1st refi cash out against our home to purchase a rental property, plus a mortgage on that property. Costing us over $10,000 in broker/underwriter fees for the 2 loans. Our mortgage broker contacted me this week to say he could get us lower rates due to the China Trade Crisis. At the time he was the 4th broker we'd spoken to and the only one able to get us what we wanted. My Realtor is not satisfied with the broker's costs, saying he's not treating us fairly given we are now repeat customers. Realtor is saying the 'rebate/credit' is basically buying me a higher rate, and the Points are too high... It's based on bank statements, this is how we previously obtained our loans. At same time as reducing interest rate we will get more cash out to purchase a 2nd investment property. How does this look? My Realtor is calling other brokers to see if can get better deal.  We plan to pay off loans in 20 years, no plans to sell.

Here's what the broker is suggesting, it would be a new $700,000 cash out: 

Here's one for the cash out refi.
Last time the origination was 1.5%, and since you're coming back to us, I talked to my broker and was able to lower it to 1.25%.
The lender is giving a credit of 0.67 points = $4,690, which offsets the origination charge.
So the net to you is $4,060 or about half a point, which ends up being a full point lower than last time.
So we're lowering your interest rate from 5.625% to 4.625% with a net cost of about half a point.
All of the loans I do for conventional are no points, but bank statement loans are structured differently, with origination charges.