All Forum Posts by: Chase Gochnauer

But using that theory, anyone you ever write a check to is a risk as it has your routing and account number on it.

Hello all. I have around twenty to twenty five mortgages on various investment properties. They are all currently 4.25-4.5% locked for five years with a 20 year amorts. These are all through a local bank. I have three new ones I am looking to finance and am looking for a strategy to lock in the rates for longer terms and get 30 year amorts. I plan on holding for the long term. Does anyone have any recommendations on a good loan structure for this? Are my current rates about as low as I can get currently? Thanks!

When you get into larger properties they are even further off. 22 unit apartment building here was bought last year for $675k and will sell fully rehabbed for $1.9m. Assesses for $350k. (this one isn't mine)

They are almost always wrong. They typically use some sort of formula based on square footage, condition, etc. They don't take into account any cosmetics, etc. It may get you into a +/- $30k ballpark but that's about it. I have a house I'm selling now for $175k that assessees for $125k. Conversely, I just bought a townhome for $72k that assessees for like $100k. I'd use a zestimate before using tax assessed value.

I would not use the tax assessed value for any sort of valuation purposes.

Yes I use this deduction on my main business that is more related to cleaning up homes for banks. It's a good deduction.

Kuang I'm not following why you have two separate checking accounts? Them having your checking account number wouldn't allow them to withdraw money from the account they're depositing into.

Yeah I agree with that timeframe. No disrespect intended, but I would say though that if reserves are that tight where 5-7 days makes a big difference then I'd work hard to improve your reserves somehow.

In your scenario, pay down your house with your cash, get a large LOC. Then your surplus of cash can at least be saving you interest on your house and the funds are available if you need it

The LOC is nice to minimize interest expenses. Example my biz may require about $200k liquid for bills and emergencies. Then let's say I have a $200k rental property that is paid off. I can either finance the rental on a fixed mortgage and drop $200k into my checking account and let it sit there. Or, I can get a line of credit for $200k and just leave $10k sit in my checking account and just have the LOC there for emergencies. In scenario one you're stuck paying interest no matter what. Scenario two you can have cash available for emergency but minimize your interest expenses