All Forum Posts by: James Choi
James Choi has started 6 posts and replied 13 times.
Post: Bank Statement Loans
- Posts 13
- Votes 8
Quote from @Caroline Gerardo:
Investment mortgage you need 20% and good FICO. We use the last 3 6 12 or 24 months deposits depending on what you fit.
You have to be self employed. A big variety of programs exist.
Owner occupied SFR there are 10% down programs with 12 or 24 months.
Some programs take a haircut off the deposits for the type of business, number of employees, expense types, some ask for letter from CPA, some require an online website or storefront.... many variables
Do you own a home with a mortgage now? What will you do with that house?
Second home-- you mean in a vacation area? Where? It has to really look like a second home and you qualify with both your primary and this mortgage and your debts. Second home is tighter because you cannot use rents to offset...
My wife and I currently own a duplex. The mortgage is under her name and this is our primary residence. The other unit is rented out.
Also, @Upen Patel thanks for that info.
So it seems like there are no Bank Statement Loan programs out there that do 10% down for non-primary residences?
Post: Bank Statement Loans
- Posts 13
- Votes 8
Quote from @Ernesto Garcia:
James,
would this be an investment or a personal purchase?
Hi Ernesto,
I haven't decided yet - what would be the difference with regards to the loan? It wouldn't be a primary so either second home or investment.
Post: Bank Statement Loans
- Posts 13
- Votes 8
Hello,
I'm looking to find a lender who does Bank Statement Loans with 5-10% down. Would like to purchase in MA. TIA!
Best,
James
Post: Any STR investors in MA or NH?
- Posts 13
- Votes 8
Looking into getting one and was wondering if anyone on here has any STRs in MA or NH. Would love to connect!
Hello,
I’m a small business owner and landlord. I’m looking for a CPA and tax expert who can help me strategize and plan for the future. Would love to find someone located in MA and who has expertise in this area. Thank you!
I'm actually thinking about doing the same to my basement as well. Would love to hear what you end up doing!
Post: Physicians Loan (Dentist)
- Posts 13
- Votes 8
Hello BP Community,
My wife and I are looking to get pre-approved for a physicians loan. Does anyone have any lenders they recommend?
Also, for other dentists, how do you guys report your salary with it being a base + production/collection? TIA
James
Post: Medium Term Rentals - Next Big Thing?
- Posts 13
- Votes 8
I definitely think there is a growing market for this, especially with the rise of remote work.
For those of you who do MTR, where do you go to find tenants?
Post: Physicians Loan for multi-family
- Posts 13
- Votes 8
Has anyone here used a physicians loan for a multi-family property? If so, how has it been going? Any lenders you can recommend?
Thank you!
Post: Hello! I am looking to get my first RE Investment property.
- Posts 13
- Votes 8
Thanks @Lindsey Buxton! Always looking to learn so I'll be sure to take a look.
@River Sava Nice! Where in Boston are you from? Happy to chat.
@Cornelio Duarte That's awesome! Where is your duplex? Would love to ask you some questions regarding your journey.
@Lien Vuong I've been looking at Everett (currently live here), Malden, East Boston, Medford, and Fitchburg. I feel as though Fitchburg has the greatest chance to cash flow, but the former areas will probably appreciate better.
@Nick Riccio Thanks! who would be the essentials for getting a team started?