All Forum Posts by: Ashish G.

@Wayne Brooks @Chris Mason 

Thank you for your inputs. What Chris says is correct. However the page 4, second column says the loan must be 2 years old and LTV below 75%. However Consumer Finance Law clearly says Fannie and Fradie cannot ask for any "seasoning of loan". See below statement (also in the last para in the link)

"Loan investors, including Fannie Mae and Freddie Mac, often create their own PMI cancellation guidelines that may include PMI cancellation provisions beyond what the HPA provides. But these guidelines cannot restrict the rights that the HPA provides to borrowers. For example, the HPA does not contain any requirements for a loan’s tenure before a borrower may request cancellation or be eligible for automatic PMI termination (known as a “seasoning” requirement). "

https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/

@Eric Veronica

@Wayne Brooks

It is a conventional loan. Per HPA law, the lender cannot have a minimum loan duration requirement to remove PMI. See below:

https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/

I have a PMI on a mortgage with Wells Fargo. In my recent appraisal done by them, my equity is 28%. But they are saying that I have not done any significant improvements and hence they cannot cancel the PMI. Can they do that? I thought as long as LTV is 80% or below, by law they need to remove the PMI.

Hi,

Given that we are still in low mortgage environment, I am wondering if I should buy down points on a new 30 yr mortgage or just invest that cash in stock market? I plan to keep the property for atleast 15 years and my points will breakeven in about 5 years of keeping mortgage. The interest rate I am getting without points is 4.25% and I think in 15 years stock market can return aleast 7% annually. 

Thanks

Hi

Im trying to purchase a condo where there are 27 units. These were constructed in 2009. 12 of 27 are still owned by developer. 3 of 12 are under contract. Rest 9 are not listed on MLS yet.

Fannie and Fradie restrict loans if a single entity owns more than 20% or 25% respectively unless the developer is actively trying to market units.

The developer has a sign outside property marketing units. But hasn't listed the other 9 on MLS yet. I have usually seen developers list only few at a time, sell and list few more.

How does one get traditional loan in this case? How do you prove that developer intends to sell more and eventually bring ownership below 20%?

Hi

I have a rental property in Hawaii that I want to do a 1031 exchange and buy a primary residence on Mainland. Is that possible? If yes, will Hawaii hold capital gain tax back? And will I need to recapture depreciation?

yes we did. I can connect you with a great realtor and property manager. 

Folks,

I wanted feedback from experienced investors who ever sold a duplex/tri-plex. Given the buyers are only investors (compared to SFH where you have a larger customer base), was it difficult to get a good deal on the house?

Anyone has experience selling duplexes in Cape Coral? 

Folks,

Does anyone of you have experience with buying a canal access home (upwards of $400k-$700k) and using it as seasonal rental?

Any leads on kind of occupancy rate and expected annual revenue?

THanks

Ashish

Hi,

There is a Rich Dad Academy 3 day workshop where they cover complete real estate investing (all kinds) and asset protection in detail. You can find details here:

https://richdadeducation.com/us/3DayTraining/RealE...

The training is $495 for 2 people. So if anyone is interested we can split it 50:50. The training is in SF Bay Area on June 9-11 and July 14-16. We can go to whichever class works best for you. 

Please let me know if you are interested. 

Thanks

Ashish