All Forum Posts by: Timothy Au

Hoping to get some advice. 

I've been buying my investment properties with 25% down of my own money and recently another investor recommended that I should be using my HELOC for the downpayment to allow me to write off the interest on the downpayment.

Does anyone have any comments or insight on this advice?

I asked my CPA who basically said "yes I can do it" but didn't provide a recommendation if this was beneficial or not for me.
 

I am in the highest income tax bracket if that matters any. 

Thanks in advance.

Thank you all for your feedback. 

I should have gave more context.  I am doing my analysis and due diligence and the property would meet my criteria and check all the boxes. This is when I would then ask to set up a showing.  And this is where the hang up would happen. She would then do some additional analysis for me etc. which would take sometimes up to a week before even scheduling a showing. 

But I had a good talk with her and we will move quicker as a team. 

Appreciate all the feedback!

Thanks Lexey, great advice, i'll have that conversation

I have been working with a realtor and she is excellent. She finds me great properties and does great due diligence when we find a potential property.  However the due diligence part takes a while and by the time she is done with it and brings me her evaluation the properties are pending and we haven't even offered on them.  This has now happened on 3 properties in the last 3 weeks. 

The email I get will often be "here are the comps, I called around and confirmed rental rates, etc...But it looks like the property has accepted an offer already"

Any recommendations? Should I find a new realtor?

She works hard and I do appreciate how thorough she is and doesn't try to get me to offer on the first property I'm interested in.

Thanks in advance for you recommendations

Thanks for posting. I just posted the same.

This was my most recent quote:
rate of 5% with 3.049 points at a cost of 3,315.77

Hi,

I am hoping for advice. I had found a lender in Indianapolis.

1 week ago I reached out to a lender and was given this quote

1 unit single family home 4.875% no points

2 – 4 unit single family homes 5% with points.    

300k purchase price pts = $1550.25

200k purchase price pts = $1033.50

100k purchase price pts = $516.75

I was interested in offering on a property today and the new quote had a rate of 5% with 3.049 points at a cost of 3,315.77.  I do understand that rates have been steadily rising but does the 5% rate with that many points seem right?

Thanks in advance for any advice