All Forum Posts by: Cuong Thai

Good evening Dan, Paul, Jared, and JP P,

Thank you for your inputs.  I will think about it again before going forward with the refinance.

Take care and best wishes to you all,

Joe

Good evening my fellow investors,

How are you doing today?  We hope you are well.  I need your advice.  So please help me.  I live in the Inland Empire, CA.  I have two homes.  One is a rental, and the other is used as my primary residence.  Both of them have mortgages: Rental one owes about 195K, and the primary is 259K.  I would like to know if I could refinance and take out the equity in my rental property and pay off my primary residence.  Then I would have only ONE mortgage to pay.  Right now the combined mortgages are about 2600 dollars a month.  The money that I make from my rental is about 200 dollars per month after all taxes and mortgage are paid.  The refinanced amount would be about 460K and I would like to go 30 years fixed loan.  What do you think?  Is this a good idea?  Personal income taxes issue? Thank you very much for your help.  I am looking forward to reading your valuable inputs.  Joe

@Fred T. Thanks, Fred. Yes, it is a SFR.

I will ask him for what you have suggested.

Have a great weekend,

Cuong N. Thai

Good morning Everyone,

 A few weeks ago, I posted a question about refinancing my property.  I was able to find a mortgage broker who has agreed on GFE to work with me on refinancing my property.  He quoted me 3.879% with about 300 dollars worth of closing cost for 30 years fixed (Before refinancing, the rate was 4.675 for 30 years fixed which I had for over a year).  In addition, I have to pay for the appraisal.

Yesterday, he gave me a call telling me that the loan has been approved and an investor has agreed to fund.  Then he asked me to give him my credit card so he can order the appraisal.  I agreed to give it to him.

I talked to one of my friend about this matter, and he advised me to ask the broker for the cost of doing the loan before actually ordering the appraisal.  He said that I need to make sure that the amount of closing cost that he quoted before closely matches with the one that he offered.

Is he right on this issue?  What do I need to do?

Since I am new to this whole thing and still learning new things everyday, I really appreciate your opinions.

Thanks for your help,

Cuong N. Thai

@Stephanie W. 

 Good morning Stephanie,

I totally concur with you on this.  These guys have given me their best investment idea.

I am so new to this, and there are so much to learn.

Have a great weekend,

Cuong N. Thai

@Taylor Shields 

Good afternoon Taylor,

I love the way you ended your email.  That is so true.  I will definitely do what you suggested here.

Have a great weekend,

Cuong T.

@Brandon Hall Good morning Brandon,

Thanks for point it out to me.  I will certainly ask more questions to my CPA when I see him next time.

Have a terrific weekend,

Cuong T.

@Taylor Shields Good evening Taylor,

Thank YOU very much for making me think about this situation seriously.  The reason that I wanted to sell this property because of the tax issue.  Fortunately for me, Dave, Bill, and Craig have given me many good pointers.  I probably am going to keep this one and wait for the right time to do the 1031 exchange.  

I will ask my CPA if he is a real estate investor.  If he is not, how do I find a good CPA with a background in real estate?

Best wishes to you and THANKS again,

Cuong T.

@Bob E. 

Good evening Bob,

Thanks for your great advice here.  I really appreciate it a lot.  My wife and I will look into this matter very seriously and decide what we want to do with it.

Take care and best wishes,

Cuong T. 

@Bill Exeter 

Good afternoon Bill,

Thanks for further explanation.  I will keep it in mind and will contact you if I have any further questions.

Best Wishes,

Cuong T.