All Forum Posts by: Carlos Valencia

Hello Kristin, 

When you say you want to work in RE 4 days a week are you referring to as working as an Agent, Flipper, buy and hold? If your looking to network with like minded individuals? My team and I host monthly meet up in Anaheim Ca at Karl Strauss. If your interested in learning more about our meet up send me a DM and I will send you all the details. 

@Albert Bui @Matthew Kwan

Hello Guillermo, 

Congrats on taking your first step to your Real Estate journey! Happy to connect with you. I know your in LA area. We actually host monthly Real Estate socials in Anaheim at Karl Strauss. If its not too much of a drive for you I'm happy to send you more information. Just DM if interested. 

@Albert Bui @Matthew Kwan

Hello Sarah, 

Yes your brother can stay in your place but in order to make sense of using FHA with low down payment both borrowers need to occupy the property for at least 12 months. Other wise if only one of the borrowers occupies and the co-borrower does not occupy the property then you will need 25 % down. Theres goes your 3.5% down option. At that point you might as well use conventional instead as it will also require you to put down 25 % down. Hope this helps clarify.

@Albert Bui @Matthew Kwan

Hi Chase, 

We host an monthly RE investor meet up in Anaheim. Please feel free to DM for more details. 

@Albert Bui @Matthew Kwan

Hi Tanner, 

I agree with @Garrett Christensen statement on finding a Realtor who also invest themselves. I would also like to add to also try to find a Mortgage broker that is also a real estate investor as they can help you guide you better with the mortgage planning as they will know all the guidelines need for real estate investing. Also recommend attending local real estate networking events in your area. Thats a great place to meet like minded people like your self to help inspire you on your future real estate investing path. Good Luck Tanner! 

@Albert Bui @Matthew Kwan

Hi Jarret, 

Maybe look into 203k Loan this loan allows to renovate the property but only if it will be your primary. If this deal is not your primary residence then dont even consider this loan. This loan allows you to purchase the home and add renovation cost. You will also have to appraisals one for current condition and one for after repair. Great Product for primary looking to renovate. 

@Albert Bui @Matthew Kwan

Hello Daniel, 

Yes DTI does affect your borrowing power. To be conservative 45% is usually the benchmark used for DTI. Some programs allow you to got a bit higher than 45% it just depends on your scenario. To keep it simple lets say your monthly income is 10k. This means that 45% of that can be used to qualify your for your next loan. This means you can use $4500 as your mortgage payment including Tax and Insurance. If your currently using 30% of your DTI in this scenario then this means you only have $3000-$4500 = $1500 remaining in how much you can pay for your next mortgage including Tax and insurance. In this scenario $1,500 monthly mortgage might not get you much all depending in the are you live or looking to invest. In your scenario you will be hit for the full PITI for your future primary purchase. If your primary will be a single family you wont be able to offset your PITI from roommate rents until you move out. If its a duplex then you can use the rents from the other unit to help offset your DTI and allow you to qualify for more. Hope this helps.

@Albert Bui @Matthew Kwan

Hello Sai, 

Welcome to the community. Theres definitely much to learn when going into that fix and flip space. I attend many meetups in Seattle where many RE investors come together and share ideas and discuss there wins and losses with one another. Many people in these meetups are happy to share their experience. You will meet all kinds of RE investors from flippers, buy and hold, house hackers etc... Send me a DM and I'm happy to share with you the upcoming events in Seattle. 

@Albert Bui @Matthew Kwan @Michael Haas

Like many people mentioned above dont purchase if your negative. Try your best to steer away from condos with HOA as well. I'll tell you from experience that I currently live in a condo and HOA just continues to go up every year. Even if your were positive cash flow that HOA start to eat up some of that cash flow. Good luck with your search. Also if your looking to network with other investors we host monthly meet ups and I also attend many in Orange County. Happy to share with you more details via DM.

@Albert Bui @Matthew Kwan

Hello Maryanne, 

Yes you can use conventional for investment properties with 25% down payment. Definitely get in touch with a mortgage broker to go over the mortgage planning with you and see if you can qualify for both. With 25 % down on each. Hope that helps. 

@Albert Bui @Matthew Kwan