All Forum Posts by: Dan Garrigus

Good morning @Colby Wartman. We do DSCR Loans and can help answer your questions. Depending on how many units your looking to purchase, our team can handle 5+ units as well. Have a great day!

Hi @Jarvae Everett thank you for your service and welcome to BP. If you decide to stay here in SD I can help you see if buying up to 4 units, living in one of the units LTR renting 2 and STR the last unit would be an option for you. This potentially can allow you cash flow but most importantly gain equity through San Diego's top tier appreciation. Let me know if you would like to discuss.

Hi @Azaleia Sinclair. I help VA's just like you in CA and FL to purchase and refi their homes. I too would NOT be able use you GI bill allowance to help you qualify for more home. What I can do to help, is get you a low rate in todays market and provide a way to get an even lower rate to start your mortgage. I'd be happy to walk you through the process, let me know if I can help.

Agree with @Jon Schwartz. There’s not much value in it if you’re not going to be actively helping clients buy and sell real estate. Buyers agents cost you 0, yes you will miss out on collecting a commission at close if you were to be your agent but I assume you will be working full time if you’re buying homes? Will you have time to search for deals? Let an experienced investor friendly agent do all the homework for you. You will want another set of eyes on the deal anyway. We can always dive in deeper @Seth Michael Carp if you would like. Reach out always here to help! 

hey @Lionel Quiambao! So much great information here coming in from everyone. They're spot on! With house hacking its not about the cash flow, its about keeping costs to a minimum and building equity to be able to make the next purchase. The next purchase may be another house hack or potentially an investment property where you would rent out all the units. Would love to connect with you to learn a bit more about your end goals and to give you some numbers to work with. Lets connect!

Could not AGREE MORE with you. Here on the west coast in San Diego, we're seeing buyer demand increasing ahead of the spring rush and inventory falling off a cliff. Now is the time to buy if you're a FTHB and investors are competing heavily already here in 2023. Rates are not where buyers "want" them to be but now is an opportunity for them to buy. If it gets more competitive, they may be priced out of the market sooner than later. If buyer competition does in fact increase, at that point, the rates can be 1% and it will not help their cause no matter how bad they want to purchase. If you want to buy now and can afford to buy now, then buy now and stop waiting.

Extremely low inventory especially here in San Diego and the increase in listings needed to equalize the demand is nowhere to be found may very well be a very competitive Spring and Summer. Not to mention the buyers are far more qualified than in 2008 and with projected improving mortgage rates on 1-4 units to come later this year it will be hard to have a market crash similar to 2008. 

Another thing to note is the birth rates 30-35 years ago were increasing YOY which will certainly add more buying demand overall this year than last year. So, if you take everything else out of the equation and just look at the number of potential buyers as a whole, we're expected to see an increased demand in purchases. Add in lower rates, low inventory levels, little home starts and this may be the perfect storm to another competitive home buying year after last year's cool off. 

My advice is if you are planning on buying this year, Q1 is looking like it may be your best window to get the best deal.

@Russell Sherman I agree with @Jeff Copeland on your situation here on points 2 and 3. In the case of your first question, HELOCs have become more difficult to come. There is a potential solution for Second Position HELOAN on your investment property if a Cash Out Refi is out of the question for you. Cash Out Refi rates aren't that bad for that LTV right now and would be easy.

Have you ever refinanced this property before? If so when was the last time?

Can you go FHA and put more than the required 3.5% down to make the self sufficiency test numbers work and to avoid the 20-25% down payment? Maybe 10-15% down will work and make for a successful purchase.

Hey @Luke Andersen congrats on beginning to explore real estate investing here in San Diego. I don't blame you for feeling overwhelmed in this market, a lot of people in your shoes feel the same way. I wouldn't mind hopping on a call with you to explore your goals for investing into the SD market to see how the team and I can help you reach your goals. Let me know if I can be a resource and help you along the way here to making that first purchase. Have a great day!