All Forum Posts by: David Dye

Hey @Jason W.!
Welcome to BP!
@Kiersten Vance is an agent in OC and she is also a multi-family investor so she knows the ropes.  I'd reach out to her.

Nice to see someone from Lake Forrest. I grew up there! :) 

Hope this helps!
David

@Yanis P.

You are smart for considering this.  Generally, I ask borrowers to give me their best guess as to what their credit score is.  Often, they pull a free version of their report themselves and then send it to me.  While we cannot use this for the loan, it gives me a good idea as to where they stand and can issue an approximate quote based off of that.  The amount you qualify for will be altered very little by the score itself, however, the debts you have reported could make or break the deal.

Hope this helps!

Mario!

Congrats on the offer being accepted! I would not count on the garage for any additional income. You are going to run into a lot of problems when it comes to zoning and permitting...

-David

@Cris Johannsen

Keep in mind that HELOCs are adjustable. If you are trying to get into a stable loan, HELOC would not be the way to go.

Would love to connect with you!

-David

Hey @John Harris!
Welcome to BP! You will find a great deal of information here.  Please feel free to reach out to me if you have any questions regarding financing or buy and holding (those are my two areas of expertise).

Cheers!
David

Hey Michael, 

With foreclosures you need to wait 7 years in order to get a conventional loan (it's a different story if it is a pre-foreclosure, deed in lieu of foreclosure, short sale, bankruptcy, etc). However, you can get an FHA loan if you wanted to house hack. Not sure what your current situation is.

From what I see you can a) take the FHA and live in it for a year, b) look for seller financing, c) cash out your other properties to the max and use that to purchase another property for all cash.

Hope this helps!
David

85% LTV is the lowest most programs will go for investment.

Teresita Alvarez Welcome to BP! Great to see another SoCal investor here. There is a plethora of information on this site and I hope it helps you as it has helped me. Looking forward to networking with you! -David

@Connor Wingfield

If you are looking for options, I would find yourself a solid mortgage broker.  Reason being, a broker is going to do exactly what you want: shop your file around.  This is what brokers are for, they take your info and go from lender to lender to find the best rate and terms for your situation.  Most brokers have many more lenders on speed dial than you can feasibly get quotes from.  

When going from bank to bank to get quotes, you are limited to their programs and their rates.  With a broker if one lender turns you down, they just shoot your file over to the next best one and get the deal through.  I say broker all the way... But, then again, I am a little biased.  Haha.

Hope this helps!
David

@Devon Morgan

Credit is very important when getting a loan for real estate.  If you want to pay all cash, it won't matter much.  

Many people think that they won't be able to get financing with their low credit score.  However, I would talk to a local loan officer and see what programs they have.  Yes, financing will cost you more with a lower credit score but if the deal is good and you are getting a good return, it might be worth it.  

Although, you should really look at why your credit score is how it is.  You really need to look at your personal financial situation and see if taking on another debt is going to be a wise move.

Hope this helps!

David