All Forum Posts by: Elias Halvorson

Hi Kyle, 

1500-2000 is excessive. It's not likely you'll be able to rent rooms out for 1500-2K per month unless it is an extremely nice house/area. The military brings a lot of folks out here with a healthy BAH to rent but you usually can find 2 bedrooms hear for around 2000-2500 (depending on area). 

Do a personal loan. The fees for a refinance / cashout would be ridiculous compared to the amount of money you're seeking. Local banks, credit union, or SOFI.com are all good options for personal loans. 

Dan, 

It’s still early, I’m sure you’ll have 50 people reach out on here. I’d recommend getting 4 quotes minimum, tell all the lenders you’re shopping, etc. get at least 2 quotes from mortgage brokers, and at least two from a local bank. I would recommend getting quotes from mortgage brokers in your local area, vice some chump who is in xxx state but licensed in CA. Also, after you choose your lender, pay attention to mortgage rates daily, if they fall further, the bank should have a good rate float down/renegotiation policy - if not, tell them you will move to another bank and lock with someone else. Does that make sense? Feel free to DM me if you want any further clarification. I’m not licensed in CA but these are some things that can save you some $$

Chas, 

The best option you have is that VA loan - the difference is SO massive between a DSCR or investment purchase and the VA option. Offutt was my first base - lived at 16th & Farnam in the Old Market. Nice people but glad Im not in Nebraska any longer! lol

 Hi Kevin, 

I would look into both. Local banks/credit unions typically offer the best HELOC rates, but few of them offer investment HELOCs. A DSCR Cashout refi would get you the cash you want but you will pay points, have a 1-5 year pre-payment penalty, etc.

 No chance this is a legit offer Dennis. You have a right to be wary. Currently, the market rates are much higher than that. If you want to do people a favor you can get their offer(s) in writing and then when they try some bait and switch on you - report them to the state and national licensing boards. Companies like this make our whole industry look like used car dealers. It's disgusting. 

 Michael, 

Every bank has different rules. There is no set timeframe. Check with a few local credit unions as they usually have the best HELOC offerings. However, if you need more flexible terms then look for a local mortgage broker who has access to a lot of companies offering HELOCs with most having more flexible terms than local credit unions.

Happy Thanksgiving Rick, 

Go the conventional route. You're not buying a multi-unit, no need for FHA and the permanent MI which comes with it. Definitely recommend the seller financed buydown as if you refinance whatever the remaining balance from the buydown is can be used to pay down the principal balance of your loan.

Cheers, 

Elias

Not always true, however typically HELOCs will go to a max loan to value ratio of 85, sometimes 90%. Meaning, if you only put 5-10% down, then it will be tough to even get a HELOC. There might be Some exceptions such as you did a bunch of repairs/improvements which increased the value of your home .

Aloha Hunter, many lenders have physician’s loans but I’ve heard it’s tough to beat bank of America’s physician’s program. Definitely check with them.