All Forum Posts by: Shaun Weekes

Is there any logic in obtaining a CA Real Estate license to avoid realtor fees (without the intention of becoming a real estate agent)?

Currently have some free time on my hands as I am saving for the purchase of a new primary residence in about 9 months.  Would this be a productive use of my time?  Has anyone done this?  What are the logistics in regards to a broker holding my license?  Will rent out my current property after purchasing a new residence.

TIA!

I seem to be in an unusual spot perhaps. I bought my investment property 3 months ago using a conventional mortgage with 15% down. I've made two payments so far, so not much equity there. I was using all personal finances to rehab the property, but my big source of funding is taking a lot longer than expected, and the project is moving faster than expected. I basically have a duplex; both units are getting renovated, and the detached garage is getting converted into an ADU.

My problem is that I need cash to finish the project without accessing the big source of funds (because I don’t know how long it’s going to be before that’s available).

So far I’ve learned that I need a second lien lender, but I can’t get any appraisals done on the property because they are both under construction. Looking for any suggestions or lenders who can specialize in this kind of loan. My property is located in San Diego, Ca. Thanks!

@Shaun 

@Shaun Weekes

You are correct. I Can refinance but with that low principal I Will have to pay points to cover the "junk" fees.

I started the refinance process so I can get a 10 year 2.25% loan on my primary residence. I expected it to close within a month but it has taken quite longer than I expected. I now have information from my job that would make me uncomfortable going to that payment. I'm anticipating the process to finish up in the next couple weeks. If I cancel, are there any fees that I would be responsible for? i.e. title, origination, etc

First closing date aug 26 the August 28 now September 4 Closing delay and I'm clear to close came to find out lender didn't lock rate and missing disclosure no CD was sent to me but he got fired my case file it's all over what I can do they say CD gonna be sent next by tuesday and I close next Friday September 4 what can I due for them to mess my file up this took a big toll on me and seller

I joined BP just yesterday after the webinar - I have been reading posts and articles in this website but yesterday's webinar convinced me to join the Pro membership. Thanks for all that you guys do - its really awesome to be part of BP community.

I have 2 duplex properties in Indiana. I purchased them in cash and added new appliances, repairs, etc. Both the units in both duplexes are currently rented. While trying to find lender to refinance those properties, I'm struggling find those who would allow 75-80% LTV on the properties to be cashed out. Are there any pointers or lenders that BP folks have good experiences with?

Does a 3.5% cash out rate on a refi with excellent credit and excellent income/debt ratios sound like a reasonable deal for right now for a long term investment SFH rental? Also paying a point to get that. Thanks for any insight on this. I don't have time to call a million places and the big one that just became RocketMortgage won't give a quote without all the verification up front which is a no-go for me personally. I experienced a bit of a bait and switch issue with the lender I was referred to who I'm moving forward with and am second guessing a bit. I'm at the point where we locked in the rate but I haven't signed anything yet.

I am in the process of a refinance. The bank said we will close next week or the week after that. I have a payment due September 1st. If the refinance closes before that date, I wouldn't have to make the payment but there is a chance it will close first few days of September. If I just make an early payment on my mortgage, am I losing the interest portion if we do close before the end of the month? Or regardless the bank will collect their interest for the month of August and it will be all calculated in the payoff?

Currently only rental property I have is in my retirement plan, so cannot be used here. Also an asset depletion loan is like a portfolio loan. That is what I am trying to avoid. 

I am specifically wondering why having more assets/cash that is many time more than the cost of the property not able to offset the income portion that is being used. The cash left over in the bank can easily pay off the mortgage, and even be able to pay all the bills for the period of the loan, but it is like that isn't weighted accordingly.