All Forum Posts by: Brian Ash

I had half a dozen contacts from three years ago that were doing non-guarantor and now they're not. Seems overall, the demand has dried up. I haven't been able to get past the first question with anyone yet, which is "can you do non-guarantor loans". 

Seems like appetite for those loans has disappeared with higher rates (higher risk). Anyone still loaning non-guarantor?

Thanks Guifre. I'm sure it just depends on how low rates go. But I'm ok if the payment is slightly higher. Loan originator quoted me a 20 year and my payment went to 2,251.20 PI. 25 year went to 1,978.89 PI. Current PI payment is $1,997. I could maybe live with that 20 year payment probably. Problem is I can't show income anymore. But I'm guessing stated income or bank statement loans are going to charge a higher rate anyway.

20 year rate was 3.625%

I'll try to be brief. I have a 30 year mortgage (3 years old) at 4.375% on my principal residence. Would like to refi to take advantage of lower rates. If I can keep a similar payment but change it to 15 or 20 years at a lower rate I'd love to do that or lower my payment and go to 25 years. Loan originator requires showing income again, which I don't have as I left my day job after buying this house and am now self-employed. 

Any stated income loans out there for 15, 20, 25 years with rates below 4%?

Househunt.com seems popular for buyer leads and has been around a long time. Apparently they have a seller lead program called moveup.com. Basically just a home evaluator, but they promise 5-10 leads per zip code. 

Anyone have experience with moveup.com that they could share?

TIA!

I am setting out to make a vendor list for Inland Empire (plumbers, electricians, painters, etc.) and I am sort of starting from scratch.

Anyone in the Inland Empire area already have any that they have relied on in the past and would recommend?

 I found two that do what I am looking for but not in my area:

- Simplistics

- PropertyShark

I found two that do what I am looking for but not in my area: 

- Simplistics

- PropertyShark

There's a tool that I found which allows you to add your own logo, contact info, photo, etc. and provide the report to clients. The report shows market activity for current year month vs. prior year month.

However, this company only provides reports for Orange County. 

Anyone aware of a similar tool at a similar price (19.95/month) that would provide reports for Inland Empire, CA (Corona, Riverside, etc.)?

Thank you everyone for your responses! I appreciate it. A lot of you stressed the importance of doing due diligence before investing in a turnkey property (or any property for that matter). What are the things that can be done to verify that everything looks good (not just for a turnkey property but any investment property)?

Property Value:

Would you hire an appraiser from the area that can give you an estimate on the value of the property? How expensive would that be? Or would it be enough to look at similar homes in the area and what they sold for recently? A question related to this: for those of us who aren't realtors and don't have access to databases like MLS, can Zillow be relied on for accurate and timely information?

Would it be a good idea to call a realtor from the area and ask their opinion on the particular neighborhood?

Rent:

How do you verify that the rent the turnkey provider stated is accurate? Check Craigslist for homes posted for rent in the area? Or is there a better way to do this?

Property Manager:

How do you monitor your property manager? Ask them to send photos after each repair? Is there a better way to do this? PM's charge a monthly rate, is that correct? So wouldn't their incentive be to do less repairs than are actually needed? Or do I have that backwards?

Am I leaving out any other areas of due diligence that would need to be done? Any suggestions are welcome. Thank you again for all of your advice. I really appreciate it.