All Forum Posts by: David Ten

you could see if you can get a heloc / debt consolidation where you pay off the car and credit card and pull some cash out? That would be your best bet. since its an owner occupied property you will have issues getting a private lender

Hi Chris,

Thank you for the comment.

That is I am looking right now.

0 Votes

Orange County, California

Quote from @Ko Kashiwagi:

Hi David,

Since most HELOCs are not investments loans, having a high DTI would make it more difficult to pull out cash.

Have you considered refinancing, especially for loans that doesn't look at DTI like a DSCR loan?

Hi Ko,

Thank you for the comment,

I don't want touch my first mortgage, because I got low APR 3 years ago when I bought this house.

DSCR is not touch my first mortgage ?

0 Votes

Orange County, California

Hello Hello,

I need to access My Equity But my DTI is High, this some information :

- My Equity is about 240K

- My Mortgage Payment = $ 1750/Month ( include everything ( PITI ))

- My W2 = $4700/month

- My Credit Score 690 (based on soft pull)

I need :

- 70K to build 4 separate bedrooms on my backyard, so I can rent it out. and generate income.

I have Debt =

- Car Loan 35K / Monthly Payment $720

- Credit Card 25K / Monthly Payment $700 ( this debt not for luxury, but to build room addition about 250 Sqft, 2 years ago)

So my total monthly payment debt + mortgage = $3170

My Taxable Income W2 only $4700

But my Family (from other country) deposit to my chase checking account about 25K ( about $2000/every month) per year.

And No, I don't have anybody can be my cosigner / co-borrower.

I need help or I have question :

- What type of loan is fit for my situations ?

- Anyone ( all the Seniors and Masters here) can share or recommend solutions or Maybe can Help me ?

Thank You - Arrigato - Xie Xie - Terima Kasih - Gracias - TohDah - Dhanyavaad - Shukran

1 Vote

Orange County, California

Quote from @Clara Arroyave:

Leasing per room will be great, and I admire that you are doing it to make it accessible for people, while it will be also profitable on your end. It's a win-win.

Keep in mind how many bathrooms are you planning to build: 2 would be ideal, and one will make the rent lower for tenants.

Rental per room will be always more profitable than as a whole, depending on the market of course (rural vs urban) check local listings for comps. (if you need help with that let me know).

Hi Clara,

Thank you for your Comment,

I have rookie question : What is "Comps" mean ? and How I do that ?

Sure, I need help..

0 Votes

Hi There,

Newbie here.

I have plan to build 4 separate bedroom on my backyard with bathroom inside. And I want to rent those 4 rooms, rent it as each room, not as a whole. My Reason is to make it Accessible for people. what you guys think? or better I build 3 bedroom guest house and rent it as a 3 bedroom house ?

Thank you

0 Votes

All Forum Posts by: David Ten

David Ten has started 4 posts and replied 15 times.

Post: High DTI Home Equity Access

Post: High DTI Home Equity Access

Post: High DTI Home Equity Access

Post: Room Rental ?

Post: Room Rental ?