All Forum Posts by: Eugene Rogachevsky

Fremont quoted me 65LTV at 7% on investment property two month ago. However, most lenders wont allow you to get a HELOC on investment property if you already have 4 investment property loans.

Nigel McFarlane My wife and I are currently looking to house hack our first 2-4 unit property in Long Beach. Certain parts of LA and the South Bay have rent control so be wary of that. Also, if going the FHA route, the rental units must cover the mortgage (tough to do in SoCal these days). I'd love to hear about your experience searching for suitable properties. Let me know if you want to connect.

Garan Kama Welcome! I'm an investor and agent living in Long Beach. Let me know if you wanna connect. Good luck!

Hey Domonick S. Let me know if you want to connect and if I can help you in your search or answer any questions you may have about investing in Long Beach. I live in Long Beach and invest here. I'm also a realtor.

Chris Mason hmmmm. Ya I was told if I have more than 4 financed I couldn't do FHA. So the property I'm selling will be around 200k (around 90k net to 1031). The upleg will be between $800k-1.2m (3 or 4 unit). Down payment funds would come from all three of three following if necessary: 1. 1031 exchange (90k) 2. personal liquid funds (50k) 3. Gift funds (100-150k) I'm assuming I'd also need reserves in the range of 6% of all outstanding investment property principal. So from an underwriting perspective, I just want to make sure my plan is kosher and would potentially allow for less than 20% down. Ideally I would like to lever as much as possible so I have funds remaining for renovation.

Chris Mason will it be possible to get a loan on this type of loan structure with less than 25% down? I wouldn't qualify for FHA because I currently exceed 4 financed properties, but I'm hoping to get in with 20% down max (and obviously less if possible). Thanks.

Chris Mason I've been told by a couple people (big bank lender and mortgage broker)that this won't be possible. I still think they might be mistaken. That is why I'm posting to find an investor who has actually worked with a lender that has done this type of loan structure or a lender that will do this type of loan.

Chris Mason it's not fraud. As an example, for a fourplex, 3 of the units will be 'investment' so the 1031 exchange funds will be attributed to that. The owner occ unit will be 'primary'. So yes, that non-fraud language will be used.

Does anyone know a CA lender that will lend on a 2-4 unit property that will be owner occupied and that will use 1031 exchange funds as part of the down payment. Thanks in advance! Eugene

Josiah Collins did you use a CA lender and were able to get a loan for an owner-occupied MF with less than 25% down? If so, who did you use. Thanks!