All Forum Posts by: Gordon Cuffe

@Joshua Ricker I am a mortgage broker in Rocklin CA and I am quoting people at 7% to 7.25% for non owner conventional mortgages as long as they have a 640 plus credit score. I am surprised you got quoted that high of a rate for a conventional loan. 

@Netra Krishnappa do you have any furniture to turn it into a short term rental?   If you did not purchase it , would you just keep living with family with no rent payments?  Call the loan servicer every day to keep pushing them to approve the loan. It should not take longer to close an assumption. They are just moving slow because they are not working on commission. 

The supply of homes for sale in the three county area around Sacramento CA was 2272 properties for sale in July 2023. The supply of homes for sale in June 2023 was 2158 Homes for sale . There were 4457 homes for sale in July 2022 which was the peak homes for sale in any month of 2022. That is why we saw such a rapid decline in property values for the rest of 2022. 

I am selling a duplex at 10061 Nebulay Way Sacramento ca 95827 for 570k obo. There are not any active duplex listings in 95827 right now so if an investor has 1031 funds and needs a property fast, here you go. One side is owner occupied. The other side is rented at 1600 per month. 

@Gordon Cai If you do not own anything locally then you might as well purchase a property locally and take advantage of the low down payment options of a owner occupied buyer. I am close to you so if you ever want to ask questions about buying out of state, I can answer those questions. I have lost and made money out of state investing.  

sorry you were scamed. I am a real mortgage broker in CA and never ask for money upfront. Your first clue should have been their 100 dollar website. I see so many scam lender posts on REI pages in facebook , it sickens me. That is nice that you have warned people here, however, the scam artist will just create a new website and keep scamming people. If a lender asks for money upfront. RUN

@Sabin Timilsina If you own the land ,you should know what the land is zoned. Does the land have water and sewer hooked up?  does it have electric?  Go to Sacramento county building department and ask them what they want, ask how much are permits, etc. 

Dont use KClend.com. They took 8 weeks to close a hard money loan for me last year. it was a 60k purchase price. ARV of 160k. The appraiser only took 2 weeks but for some reason they were slower than the us government.

@Eunice Lee You have enough money for a flip. The tough part is finding a deal that makes you money. I know of a duplex in Sacramento for 350k and the comps are 500k plus. The tough part is by the time that you contact me about it, it will be sold. DO you have people that can work on the property you want to flip?

@Karim Kane The only way to buy a property with only 20k with the prices in Oakland and surrounding areas is to take out a FHA loan with 3.5% down or a 3% down conventional loan. You will just need to see how much the mortgage payment is and if she can afford the payment. Then you will need to see how much the market rent is for that type of property to see how much negative cash flow the property will bring in. It is very tough to get positive cashflow with such a small down payment unless you hold on for some years.