All Forum Posts by: David Slovak

Quote from @Ace Kaspar:

Also this is my first post!

Congrats Ace! Always good to bounce ideas off locals and others that invest in the area.
This may apply to most areas, but in a nutshell, yes if the numbers work.
As of late, prices have become inflated for rental properties. 3 years ago, a used yet maintained 4plex was in the 250 to 300k range. These days, same 4plex is in the 350k to 450k range, up to 500k for new 4plexes. It just depends on what you are looking for. You may be able to find off market deals or the right deal by actively searching. I haven't seen a ton to fit the 3.5% down and live in one unit scenario. Some things have changed on the lending end so it's proving difficult in my opinion. Higher down payment and an offer could work, unless you intend to do a single family and rent part of the home.
Hope this helps! If you want to chat more, feel free to reach out.

@Patrick Flanagan

On a similar note:

1. Not starting sooner.

2. Not doing all my research on mortgage programs as I was told I couldn't purchase a multifamily according to my lender despite being told I could right before closing.

3. Not house hacking!

Do your research people. Don't be ignorant like I was. Best of luck!

@Robert Johnson

Hey Robert,

Hope all is well. We spoke sometime back. Ask your lender about the seasoning period as they would know best. When I refinanced my personal residence, the program I used required a 3 year seasoning period given the assistance program I used. I have heard others says 1 year and a day for owner occupancy to refi. As I am not a lender, I cannot verify this for you but definitely get with your lender. Sounds like a killer deal if your numbers workout. Keep us posted on your findings. I'm curious as well to see the final numbers with your deal and refi.

Best of luck!

@Mike Martinez The valley is great. Take your pick. Several of us agents in the area. If you are looking in Brownsville, I know of a couple. I as well as several others focus in the mid to upper RGV. Do your research, feel free to ask agents questions. We all have the same goal in mind. I am trying to do the same in the next several months with an FHA 4plex. Feel free to DM.

Originally posted by @Elin Trinh:

Hi @Justin Ross Ramirez 

Thank you SO much for your response. I have been analyzing a lot of properties and the ones in Edinburg fit my budget and the numbers make sense. Are your long term rentals SFH or Multi-family? What do you think of these neighborhoods?

https://www.zillow.com/homedet...

https://www.zillow.com/homedet...

Thanks!!

Get them while they're hot! This market has been crazy. MFR haven't stayed on the market for long. Used to live down the block. I've often seen small families and college students occupy those areas. Small apartment villages if you will. UTRGV is a short bike ride away. Best of luck!

@Hector Briz

I agree with @Polo Vazquez. Shop around if you wish, but it does look pretty typical. In my experience, as it is a loan estimate, there is a chance that fees will reduce slightly from the overall closing costs. Most lenders will also make you aware that you are allowed to shop within 30 days of your initial pre-qualification without your credit score being affected any more than it already has. Wise decision to reach out on this forum. Best of luck with your purchase!

@Hector Briz My thoughts are 25% conventional but purchase as an investment property. This is what I would recommend to a client but I am not a lender so I cannot say with absolute certainty given my status. In my personal opinion and from my knowledge, 25% investment property is the norm. I'm confused as to why he/she would say owner occupancy as part of the fine print when that tends to be typical with anything less than 25%. If you'd like to chat more, DM. We can get it sorted. Know plenty of local lenders to square it away. I don't like getting the run around anymore than the next person.

@Damon Reed I'd say it has definite potential. My family lives in Brownsville and there is plenty happening in the area in terms of new development and business. I guess that goes for a lot of places in the valley but LNG will definitely give the area a nice bump. Edinburg is still ripe in my opinion. Plenty of growth along 281 and the north side of Edinburg. New housing developments, new shopping areas; it will be less costly to shop and less expensive for new businesses to open given some of the businesses coming to the area. Bottom line: there will not be a slow down in Edinburg, especially on the north side of town.

@Robert Johnson I'm not a tax or financial expert, but from my recent experience dealing with lenders, they require documentation of some sort, often in the form of current lease agreements, to prove that income is consistent. They will take 75% of whatever the rent may be paid as part of your income to include in the debt to income ratio. If you'd like to talk more about it, please DM me. I know a few lenders in the area that may be able to get you more information on that. Keep up the good work!

@Mike Cumbie

I appreciate the information you shared. This had been a reservation of mine regarding obtaining a license. Glad to know there are different avenues.