All Forum Posts by: Ilya Plugovoy

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

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?

A Heloc will have a variable rate but if you plan on pulling that money out, financing a deal for a few months and putting it back in, it is definitely worth doing. I've found credit unions that have helocs at 2.5% right now. Of course that could change at anytime, but if rates in general stay low, then the heloc should stay low. 

My wife and I are looking to buy a duplex and house hack it for 2 years. If after those 2 years, I rent out both sides but sell the property in less than 5 years, would I have to pay capital gains taxes on it since I lived in it for 2 of 5 years? It would be valued at under 500k. 

@Adam Tafel What do you have in mind when you say recoup the 150k? As in taking the money back out of the property with a HELOC or HE loan?

Hello All. The past few months I have been doing much research in rental properties and wish to buy one soon. I currently live in the Twin Cities but am looking to relocate to San Diego area if all goes well with my job transfer. The transfer may take a year or two. I currently own a home and if I sell, and the prices remain as they are, I would end up having about 150k. I'm seeking advice on either buying my own home in California first, and then pulling out a HELOC for an investment property, or should I buy an investment property first? The prices are quite steep in CA so I would love some insight from the locals there. I've been in MN for 3.5 years now, and it is much too cold to stay here any longer.

@Clem Foltz

This will be from my private residence. 

@Justin V.

I haven’t sat down with them just yet but plan to do so shortly to get some more details. 

I’m in Burnsville and work in Farmington. 

Hey all. I am new to BP and MN. Moved here from CA 3 years ago for work and have been looking to get into real estate investing. I've been doing lots of research and was thinking that the best way would be to get a HELOC for the downpayment and then go from there. From my research so far, I found I could get a HELOC from Affinity Plus at 90% ltv with a current rate of 2.5%. That is the lowest I have seen. But my question is if this is a good credit union to work with and has anyone worked with them? Or are there other banks/credit unions that y'all had enjoyed working with.