April 10th, 2011 9:58 PM by Eric Fang
The loan applications were slowing for the pastweek due to the higher interest rate. Only 5 loans closed with two purchases and 3 refi.
The purchase price still heading lower. Like I saidbefore, it will continue this direction for quite sometime. The two purchases closed were all good deals.
1)250k Purchase for rental in Roseville. Rental will be around $1800 to $2000. PITIis only $1400. Cash-flow positive.
2)350k Duplex in San Jose. PITI $1950. Rental around$2600. Cash-flow also positive.
More loan expected in coming weeks, even thoughthe rate is high. As I explained in previous blogs,higher rate may cause the lower purchase price.This will be good for purchase. At least that is the case at this moment. And I have 4 lucky buyers with offers accepted at very good price.
For those of you have refinance loans with me,the loans expected to be closed this week or the next.
Will report more activities the next weekend.