All Forum Posts by: Siouxzie Hanes

Thank you so much for being detailed and taking the time to respond. Very helpful!

Are origination fees different across the board and is there a cap?

My estimate was 4.8% rate conventional bank statement loan was high but was okay with it. Now it's coming back as 7.2% when they sent the paperwork and it also shows 2% points, $13,000 origination fee and $2k misc cost for a total of $16,050 in loan fees. Does this seem normal? 

Thank you. 

Thank you, lot's of good points to consider. 

@Eric FernwoodHi!Great post with very good points. I understand why you opt for no pool/spa, cost to repair etc. I would have thought in Vegas, a pool would be a must have for any tenant. Do you not see a big different in rents for homes with pools compared to ones without? 

Financing. Proof of Funds. 

Once you know exactly what you have to play with, what down payment and reserves you have,  then we can start searching for opportunities you can actually write offers on and most importantly close on. 

 If you plan on purchasing commercial 5+units and then it comes down to the income of the properties and how much money you have to put down. For residential (2-4 units) and if it is a flip type deal you want to work with someone who can fund smoothly with little delays. More often than not, a 2-4 unit flip type deal will find it hard to get financing depending on its condition and you will most likely get offered out by other investors putting in all cash. 

Plenty to think about.

:-) 

 yes. 

this is what we use.

"Both Buyer and Seller to cooperate with each other's 1031 exchange, if applicable, at no cost or delay to either party".

it was in reference to the post regarding the Wall Street Journal. Yes clients are selling, yes some are reducing prices. Our santa Monica listings have had two price reductions already. Yes, some are waiting for November before selling.  I don't think buyers expectation of huge price decreases is one to hope for though.  There will always be a strategy and Sellers won't give away their properites. But we shall see how it plays out...

Depends, Wasting your time and buyers time writing offers does not make sense unless you feel there is real motivation there. Keep them on the phone, ask some simple questions. Tell them you will run a valuation and send it to them if they are not sure on pricing and if they engage the valuation, close them for listing. If they insist on off market route, engage a serious number they want in order to sell.

Send your commission with the offer to the owner and follow up. Always try and close for a meeting, even if it is just a meet n greet where you can go over your market findings with them. Make sure you ask what they plan to do after the sale, if they have not thought about it or don't know, they are not ready to sell yet. Make sure you have the correct options for them if they ask you, what they should do post sale, this relies on your knowledge of taxes, what they can buy back into and 1031 if applicable (and other tax incentives not advertised to the public) 

If you are a real estate investor who owns more than 16 units or a commercial real estate agent you should be subscribed to this website along with several others and some that you pay for period. 

thank you. 

1. Some of my clients are holding to wait for the outcome

2. Some are selling selling selling because they fear the worst and they don't want to wait.

We got 6 listings in the westside because of this possible repeal. 

thank you