All Forum Posts by: David Dye

@Ashton Sharp

How much do you think the house is worth and how much do you have left on the note?

Getting out of the FHA loan is key. If you can qualify for conventional (even with less than 20%), you can buy out the PMI on a conventional. Example: If your rate is 3.5% now, you may be able to take a 3.75% rate without PMI on a conventional and it will be much cheaper than paying the PMI.

-David

@Brianna Jackson

At 1,000 miles away I would consider letting a management company take care of placing the tenant.  You do not have to let them manage it. There are companies that will screen and place a tenant for generally 1 month's rent and that's it.  Lots of the places will guarantee the tenant for a year.

Hope this helps!

-David

@Jessica Oots

The buyer is going to have to qualify with the bank to take over the payments (assuming the loan is assumable)... The bank will not be happy (and it will not be pretty) when they find out that a sale occurred on the property without them knowing...

Are the loan terms so good that you/the end buyer cannot get better terms?  It is hard to believe that they cannot get better terms considering where rates are right now...

Hope this helps!

-David

@Raul Villalva

What is the problem?

-David

Hey @Kevin Phu!
Welcome to the area-ish! 

If you are looking to invest but not live in the property, I would look in the AV area.  Great prices, great rents, great rental market.  Don't get me wrong, you have to carefully screen your tenants in the area but the returns are really good.

Let me know if you are interested in the details or want me to put you in touch with my agent out there.

Cheers!

David

Welcome @Christopher Yoo!

This site is filled with more information than you could ever imagine!

Cheers!
David

Hey @Adam Jaken, 

Would love to connect with you.  I am a lender out of Woodland Hills and we just opened an office out in Las Vegas for this exact reason.  After the dust settles, it seems like there is going to be quite a bit of opportunity.  Keep in mind though that the Las Vegas rental market is very 'in and out' few people stay long in rentals out there.  That said, I am actually looking into picking up a condo out there in the next couple months.

-David

@Joe Kim

Generally, you pay down secured debt from highest interest to lowest.  However, I am confused as to why you want to do this?  Being an investor, you should be concerned with the cash flow of your properties.  If I were you, I would refi them out to thirty years (every time it makes sense to) and take that extra cash flow to use for another property.  There is no way to grow if you are not cash flowing and owning 100% just slows you down.  Use the bank's money to make you money.  If you can make a higher return than the bank is charging, you should leverage your properties out (safely).

Hope this helps! Feel free to PM me if you have any specific questions regarding how I would structure it.

Cheers!
David

@Renee Ren

Run. Check out the link below that is a blog post made a little bit ago.  It does a great job helping protect yourself from fake lenders.  Always go with someone who is licensed.  100% financing is very very very hard to find and even more rarely with terms that are profitable for you.  If you think about it, lending is all about risk.  Why would any lender give you money if they are taking 100% of the risk?

https://www.biggerpockets.com/scam

@Account Closed,

I am a CA investor as well.  Never undervalue the ability to get up and drive to your properties.  There are tons of things that come up which you will want to deal with hands on and you cannot do that if you live far away.  Also, a management company will eat up 10% of your gross rents just to collect them.  Do not think that because you are in CA there are not any cheaper options, just go a little ways outside the large cities and you can find them. 

Hope this helps! Would love to connect with y'all!

Cheers!
David