All Forum Posts by: Jared Standiford

@Juan S. More banks are becoming willing to refi if the property is held in a trust. You could pull it out of the LLC, and put it in the name of a trust with yourself or spouse as the beneficiary of the trust. The bank will need a copy of the trust. But possibly check with some local banks if they’d be willing to do this.

Hello all, I am looking to refinance a loan on a property I acquired subject to. I have owned the property in a trust since May of last year, and recently transferred the property to my name in November. The balance on the loan is $58k, and the value is approximately $90-$95k. I would like to pull out $10k. The property is located in Taft, Ca. I am looking for referrals for mortgage brokers that would be able to refinance this for me. Any help is appreciated! Thank you

Hello All,

I have a question concerning a possible fix and flip deal that I may be involved in.  I am working with an experienced fix n flipper who has over 50 flip deals.  He picked up a house local to me and I pitched the idea of a possible partnership between the two of us on this deal.  Myself with no fix n flip experience and he has a lot of experience.  The property was picked up at $230k, needs about $40-$60k in rehabs.  I offered to contribute $25k to the deal, and run the job (ie meet with contractors, get bids, make sure jobs are getting done in a timely manner, etc.  He has the deal funded, and is considering working with me.  My question is, taking into consideration my contribution to the deal, running the job, and my little experience, what do you think would be a fair way to structure this partnership?  What would be a reasonable way to split the earnings?  Any advice is appreciated.  Thank you

Hello, I am recently working on a yellow letter campaign. I am targeting an audience with 60-100% equity, absentee owner, and non trustee owned. My question is when I get a response to my yellow letter, how should I approach the return call? What type of questions do I ask? And what is the best way to make your offer without scaring them off? Thank you Jared

Hello, I recently acquired a property subject to the existing financing on the home in California. There is $60000 left on the mortgage, with 17 years left, payments of $598 + ins & taxes. I have rehabbed the property (have about 17k into it) and want to sell the property with owner financing. I want to sell the home for $94,900, 15 year term at 8% with the loan due in 5 years. Would like above $15k down. Would I be able to use a land installment contract in this scenario? Or would a contract for deed be more applicable with a promissory note? Also, what would be the best path so the buyer could refinance the loan if need be? Thank you

Hello all,

I recently had an appraisal done on my primary residence for a HELOC. The appraisal came in a $305,000. The outstanding balance on my original loan is $227,365.47. The difference being now $77,634.53 And I recieved a heloc in the amount of $43000. Now that the ratio of the value of my home to the outstanding balance is greater than 25% ($77,634.53 / $305,000= 0.254) would I now be able to remove the PMI from my original mortgage? How would I go about this and who would I need to talk to?

Thank you,

Jared 

Just wanted to update this thread.  I had a walk through appraisal done and the appraisal came in at $305,000.  $35,000 more than the first.  Pretty unbelievable, but it all worked out for my heloc with a ltv at 89% I got $43000 out of my property.  Thank you all for the advice and comments:)

@Michael Chilcott it's definitely better to get in at a fixed rate if possible, but it just depends on if you want to take the gamble and how sure you are of the value that may come back. In my opinion, and in my situation, having those costs covered was worth it. My thoughts are that an adjustable APR on such a small amount is negligible, when compared to the cost of an appraisal. Just my $ .02

I just went through this process. First appraisal was a drive by and valued at 270k. I knew it was higher and asked for a walk through, and it valued at 305k. The bank that I went through covered all appraisal costs. I didn't pay a dime. If I were you I'd shop around for a bank that can provide these services without the fee.

Maybe lease options or owner finance deals may be a better option for you? Sell the house with positive cash flow integrated into the deal and leave the maintenance/repairs to the tenants/prospective owners.