All Forum Posts by: Chinmay J.
Chinmay J. has started 51 posts and replied 1181 times.
Post: Best practice selling duplex
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Nick Clurman:
Im thinking seriously about selling a duplex in a c-b neighborhood. My tenants are moving out on one side and I'm planning on doing a quickie fix-up ( floors, paint bathroom ect.). Am I better off getting new tenants before listing or have it vacant for a potential owner live-in situation? Thanks for your opinions.
If the buyer is a newbie, income from day 1 is a good selling point. But anyone who is experienced knows that it's only as good as the quality of the tenant you have in there. It takes time to get good tenants in B&C neighborhood. Those tenants don't mean anything unless they have proven 5-6 months of history of paying on time and respecting the property.
If I am the buyer, I'd much rather have the freedom to put in my own tenant than inherit someone.
On the contrary, you can always explain how good business to proposition it is to get a vacant unit, even to a newbie.
Post: Zillow Estimates trustworthy?
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Anna Buffkin:
Zestimates can be all over the place especially for multifamily. They work best in homogeneous areas comparing apples to apples. I use Zillow more for historical data than the Zestimate. Think of the zestimate as asking your buddy's opinion as a starting point, but not a true expert on the subject.
I was going to post the exact same thing.. You nailed it right on the head..
Post: finding reliable part time property manager
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
@Jacob G. Why do you want someone who is part time? What makes you think part time is better than full time? Property Managers by default are thieves. I sold my long distance properties, because of the fact that after struggling for 2 yrs, I couldn't find a PM who does half as good a job as I do managing my own properties. I got tired of firing old, and hiring new PMs...
Post: Inspiring Detroit Michigan investor
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Ryan Smith:
Hi everybody. My name is Ryan Smith and I am new to the world of real estate investing! Any and all advice is welcome!
Learn the difference between inspiring and aspiring.. For real.
Post: REFINANCING A PROPERTY UNDER 65, OOO DOLLAR VALUE????
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
You should consider reaching out to a mortgage broker, who may have the right product for you, since brokers have contacts with several banks, along with small credit unions. Also don't ignore online lenders as opposed to brick and mortar banks....
Post: Mortgage Rates for REFI..
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Joe Splitrock:
@Chinmay J. did you review sample settlement statement from both lenders? I had a lender quote me a lower rate a while back and the fees were thousands more. I wasn't paying points either, they just jacked up everything else.
I just got quoted 5.5% no points for a 30YR conventional mortgage on an investment property. I know investment property is higher but I thought .5-1% at most higher. Looks like I need to check further.
Yep. I was fully aware that this could be the case, so I asked for sample CD to get the breakdown. I am getting better lender credit with the new guy. In fact the closing costs are only $2700, and with the old lender the were $3100-3200 with no credit.
Post: Mortgage Rates for REFI..
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Chris Mason:
Originally posted by @Chinmay J.:
Originally posted by @Joshua Baker:
@Chinmay J.
Ahahaha no I didn’t actually, should probably get a bigger phone screen lol.
Regardless of my missing it, that is incredible man! Who did you end up going through?
Got a referral from my title company. Called the guy, who gave me another referral of a broker. He hooked me with a lender called Provident Funding..
That's potentially dangerous for that mortgage broker to have done! They have a LOT of overlays and extra BS, and the overlays aren't all published for the mortgage broker to see. So you can end up with lots of "whoopsies." You don't go there for a reasonable balance of reliability, speed, communication, and rate, you go there for ONLY rate, rate maxed out at the expense of all the rest, and ONLY for A+++++ paper clients who aren't in a rush. There's actually a minor cottage industry surrounding conspiracy theories around if they intentionally make up last minute BS conditions just to delay closings and collect on rate lock extension fees at the 11th hour to stay in the green, but if you are super A++++ and perfect then that will not be applicable to you since they won't have any "excuses."
And, hey, good for you if it closes with minimal brain damage suffered on your part. :)
Good points Chris..When I broke the news to my original lender about the rates I was getting elsewhere, he brought up the same points that you are bringing up. I wasn't sure if he was just BSing me or there was some truth to it.. Seems there is some truth to the blown locks and overlays Anyway, my response was if this lender blows the lock and comes with some last minute BS, I will go with the next best or wait.. I am in NO HURRY at all. I will not miss a single payment because this refi didn't get done.
Post: Mortgage Rates for REFI..
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Joshua Baker:
@Chinmay J.
Ahahaha no I didn’t actually, should probably get a bigger phone screen lol.
Regardless of my missing it, that is incredible man! Who did you end up going through?
Got a referral from my title company. Called the guy, who gave me another referral of a broker. He hooked me with a lender called Provident Funding..
Post: Mortgage Rates for REFI..
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Chris Mason:
Originally posted by @Chinmay J.:
Update: I shopped around a lot, and was able to secure 4.00% when my regular lender was robbing me at 4.37%.
It's always interesting how Realtors go from not rate sensitive at all when it's time to refer a client, to hyper rate sensitive when it's their own personal house. :)
You said you felt that your regular lender was "robbing" you. What do you think your clients think when you refer them to him/her and see that exact same thing? You never know why a client ghosts you, but some percentage of the time it's that.
In any case, post back when/if it funds. Refinances have lower pull through rates than purchase mortgages.
As I realtor I give my clients several options. None of my clients are forced to take my recommendations if they know someone who is reliable and will close. Going forward, I will recommend him with a caveat. In some cases slightly higher interest rate is not a bad thing.. Some cases are borderline with the credit score and other ratios and all.. My case WASN'T borderline at all. It was pretty much slam dunk, hence the term robbing was used.
Mortgage Lending is a competitive business. All the info is out there for public consumption. There are thousands of other banks, brokers, direct lenders out there. There is nothing secretive or niche about this..
The loan has received conditional approval and will be sent back to underwriting once the lender gets couple of pieces from me, which will happen tomorrow.
Post: Mortgage Rates for REFI..
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Joshua Baker:
@Chinmay J.
The 4.25-4.3% range for a 30yr fixed is pretty solid. With your credit profile you could possibly find a broker with good connections that might be able to get you down another tenth +\- I have had a few lines offer as low as 4.15% in the last few months so I know it’s possible. Reach out to an established broker in your area and see what they can do for you! Best of luck.
LOL.. I hope you saw my post right above yours where I got 4.00% no points..