Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Neil Aggarwal

Neil Aggarwal has started 8 posts and replied 508 times.

I am not 100% sure, but I think you have to refinance.

Post: Protecting the 2nd Lienholder Position

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228
Originally posted by @Nghi Le:

But isn't this also the same problem?  You have someone who isn't the 2nd lienholder (my private lender) foreclosing on the property.  Whether it's the 1st or some other third party, doesn't the 2nd and subsequent ones still get wiped out?

If the 1st lienholder forecloses, all subsequent leins will be wiped out.  That is why the wrap has to pay the 1st no matter what. 

Seller financing is sometimes a good option if the terms are reasonable.  Many times, you can get a good deal.

I think HELOC is for a property you own directly as your primary residence.

There are lenders that will give you a line of credit against an investment property, it is just not called a HELOC.

Post: hard money loan

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228
Originally posted by @Santana Urias:
  1. @Darrell Shepherdso how is the loan divided by 12 months when the loan is for 6 months.

Interest rates are quoted as an annual rate.  So, for example, if you borrow $100k at 14% interest, that means you will pay $14k per year in interest.  Divide that by 12 to get your monthly interest payment is $1166.67.  On an interest-only loan, the length of the loan does not matter for calculating the amount of the monthly payment.

Post: Finding money for major renovation flip

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

Everyone I have heard of will want you to put your own skin in the game. Nobody is going to take your risk for theirs. I think friends and family may be the only option to get more money than the lenders are offering.

Post: Question on Taxes for Private Lending

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

When I lived in PA and earned income in NJ, I got to pay taxes to both states, so the answer might be both.  It was in-state for where I resided most of the year and out-of-state for the other one.

Post: Protecting the 2nd Lienholder Position

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

I think a wrap note works for this.  The wrap holder collects the payments from the borrower and disburses payments to the 1st lien holder.  If the borrower stops paying, the wrap holder must continue to pay the 1st lien holder and may foreclose on the borrower to take over the property.  As long as the wrap holder keeps the 1st lien holder current, the 1st cannot foreclose.

Post: Origination charges - fair?

Neil AggarwalPosted
  • Lender
  • Richardson, TX
  • Posts 537
  • Votes 228

Look around and see if you can get a better deal elsewhere and pick the one that works best for you.

Since you are married, I assume most lenders will look at both of you.  I don't think you can buy it in only his name.