Silicon Valley Investors Club - An Investment Community For Tech Professionals

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What Our Community is Talking About

What Our Community Is Talking About

2 days ago

TL;DR: does anyone know of a lender who will either:
* Lend on a second home that is 30-35 miles from a primary residence.
* Do a $750k cash-out refi (<=75% LTV) on a primary residence and can commit to close on it in <30 calendar days (to use the proceeds for the above purchase).

The longer version is that I'd like to buy a place closer to the office on the bold assumption that I ever work in person again. The problems I've encountered:
* Wells Fargo won't do a second home loan unless the house is >70 miles from my primary residence (IMHO stupid as the office is >70 **minutes** from my primary residence or I wouldn't be willing to tie-up the money doing this).
* Wells Fargo will do an investment property loan, but the interest is 1% more than a second home loan, and given the interest won't be deductible because I'm already at my interest tax exemption limit, it makes no financial sense.
* Wells Fargo isn't doing cash-out refis or HELOCs, period (and hasn't since April).
* Most lenders don't expedite refis and so they take >30 days.

I haven't contacted anyone else yet. Obviously I know of many other lenders, but if I start calling all of them sequentially and explaining the above each time, it will be a very long day. ... See MoreSee Less

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Mike Fuller good to hear from you, sir. Let me check my network. What city is this property located?

I’m in a similar boat and found a broker who could help me out but can’t get it done in under 30 days without a much higher rate at a different lender

Btw word has it Chase may allow this. I'll speak with someone there tomorrow.

Fwiw I've been running into all these same problems with big lenders, and I don't have a solution

I've haven't had much luck with the big banks either. I got more positive feedback from CoAmerica, Star credit union, and brokers with LTV

FirstRepublic did a cash out refi but it was on investment property. But worth checking with them.

Mike Fuller see below for my lenders response. Lmk if this helps.

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2 days ago

Hey group! I am working through a refinance with two options:

1) 3.125% at no points + $1,050 origination fee
2) 2.875% at 0.75 points + same fee

Anyone have any advice on how to think through this decision? Does anyone know of a resource/calculator where I can plug in some assumptions?

It's an investment property I plan to own for the foreseeable future.

Thank you! ... See MoreSee Less

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The longer you own it the better the decision it is to go for the lower rate.

A dirty back of the envelop : 1. Find simple interest on principle for both rates. 2. Divide the 0.75 point cost by the difference. That's your break even period. If you you hold the property longer than those many months, lower rate is better. Obviously, nuances like considering tax rates etc is next level of optimization which can be ignored.

I used the calculators here in the past: www.mtgprofessor.com/A%20-%20Points/how_do_you_find_the_rate_point_breakeven.htm This takes into account opportunity cost of the $ you use to buy the points.

Thank you both!

19 hours ago

Fascinating piece on $PLTR. Is anyone bullish or bearish?

#pltr #stockmarket #investing ... See MoreSee Less

Does Palantir See Too Much?

www.nytimes.com

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Interesting script with visual effects.

I think we need a login to view the article.

1 week ago

Not exactly in Silicon Valley, I'll be sharing my experience investing while working full time as an engineer in Los Angeles. ... See MoreSee Less

Learn about multifamily investing with local (and TX) investor Fay Chen

www.meetup.com

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Faymous Chen awesome. TY for sharing. Will this be recorded?

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