All Forum Posts by: Ed Wood

looks legit here's a screenshot each expired listing is listed up to 2283 count.

I just put a ticket into the MLS... I'll let you know what they're response is...

its calculated from the agent entry of status change in the MLS system. I think our MLS rules are within 1 day Sold status has to be entered and for a new Listing must be activated within 2 or 3 days (don't recall exactly) of the contract date.

Cap rates are low in OC 3-5% range. Here's a example at 650k sales price so you can build your spreadsheet to find your utility. If you're penciling this down to after tax factoring include depreciation. For more reference look up IRS form Schedule E.

$22,750 Down Payment
$627,250 Loan Amount

$3,131.77 PI Payment 30 Year fixed at 4.375%
$705.66 FHA MI (Loan Amount x 1.35% YR/12)
$677.08 Taxes (Sales Price x 1.25%YR/12)
$120.00 Hazard Insurance Estimated

= $4,634.51/mo

We can do it owner occupied FHA 3.5% down but here's how FHA works.

1. Either your income qualifies totally for the mortgage payment of 50% or less DTI also payment shock will be considered. Such as you can't be living at your parents house rent free then take on a $4000 mortgage payment.

2. If your income does not qualify for the mortgage the 3 units that are rented must debt service the mortgage and FHA only alows you to use 85% of those 3 rents.

stars and planets lining up just perfect it can be done!

If you have the ability to go conventional financing and pay market price for the home that is your best option. Seller financing is generally for buyers who do not have the ability to get conventional financing. What is your opinion on why seller financing is a better option for you?

Cheapest 4 unit in north OC is in Santa Ana at 635k the next is Placentia and Anaheim for 659k are you going FHA?

Even in Buyer's Market, Homeownership Expected to Decline

Commentary: What's in Store for Housing in 2014, Part 2