All Forum Posts by: David Dye

@Eric C.

You need to be very careful with trying to do a loan for less than a year and getting all costs paid... The lender will come after the broker for all the fees because they would not have had any time to make the fees back on the higher interest rate...

-David

@John Turchick

They are to me.  Don't get me wrong, they are not the best areas to be, but they are great rental areas.  Just screen your tenants well.  

I got a SFR out there for ~$180k and the first week I had eleven applications. The quantity allowed me to be extremely selective. I think that is the key.

-David

Hey @John Turchick!

Welcome to BP!

A little bit of advice I like to toss out to anyone I see from LA: As another investor from LA, I always run into the high price problem and people always have told me to go out of state... But I can't fathom not being able to drive to my properties at this point in my career.  

My advice to you, look out in the AV or IE areas.  The prices are low and the rents are really good.  They practically qualify themselves at 20% down.  I know you said you have your license but if you want me to recommend an agent in either of those areas, I have two good ones.  I have my license as well but I generally get an agent out in the area.  They know the area better (good sides/bad sides of town, common types of construction, city permitting, etc.) and it only adds value. 

Hope this helps!
David

@Ashley S.  It sounds like you do not plan on keeping the house once they pass.  Is this correct?

Have they considered using a reverse mortgage?  They could pay off the $250k, stay in the house and not have any payments.  When the house is sold, what isn't used to pay off the loan is split between the heirs.  They do not have to take anything out except to pay off the $250k and the interest rate would be lower...

Transferring title to you is going to be very sticky in terms of taxes.

Hope this helps!  Feel free to let me know if you have any other questions.

-David

Hey @Gayle Eisner!
You can refinance the rental property without a job as long as it is producing a decent amount of rent. Rental properties can get loans based on the cash flow of the property without tax returns or income verification. As for the primary residence, you are going to have a little more trouble. If it is an FHA loan, you can streamline it to lower the payment, if it is conventional you need to have documented income.

Hope this helps! Let me know if you have any questions.

-David

Welcome to BP @Yvonne Szu!

This site is packed with information and individuals with a wealth of information.  It is hard not to learn something every time you log in!

Would love to connect with you.

-David

203K is a very finicky program to deal with when it comes to approvals.  When you say add units, how many are you talking?  Sometimes its best to just get a solid fourplex and live in one to build a solid foundation first.  Once you have some equity to play with, you can get a conventional renovation loan to grow.

Hope this helps!

David 

Try Lima One.  I know they do down to $45k.

Hope this helps!

-David

Hey @Amanda Phillips, 

It depends on the type of loan you are getting.  The reason they say this on some loans is because investment loans generally come at a slightly higher rate.  If need be, you can just take the investment loan rate, cash out, and get a primary residence rate on the new place.  It really will depend on the specifics of the deal to see what the best way to finance it would be.

-David

@Eric C.

As long as you own it free and clear and it is insurable, you should be good to go! Is this the case? Also, your LTV got cut off in the post :)