All Forum Posts by: Jesse Rivera

If he was that confident that could find you a loan he wouldn't be charging an upfront fee. Not saying it's a scam, but there are plenty of loan officers that charge no fee to hassle with that mess.

0 Votes

What's your relationship to the private lender? I sound like a broker record on this forum, but private lenders are all about relationships. Would you lend money to someone you didn't know? Even if it was a smoking deal?

0 Votes

Originally posted by @Francis Jonas Helstab:

Hi Luke, I have to agree with Andrew, but let me add this one thought; have you spoken with your lender about the possibility of an appraisal waiver? It's possible, using certain metrics, to bypass the appraisal altogether. There are also certain lenders that are starting to create their own appraiser networks (mostly to alleviate what you're dealing with right now). This is definitely a common problem that many people are running into right now. We just had an appraisal process in Rio Rico, Arizona that took six weeks and cost close to $1600.00. Without the appraisal waiver, you are pretty much at their mercy, but I think you would be surprised how often a home qualifies for the aforementioned appraisal waiver. That's how we have been overcoming the problem. We also constantly have our eyes out for lender programs that either alleviate or eliminate the appraisal process. Hope this helps.

Any loan officer worth their salt would try and get the appraisal waiver first. And it's not up to the loan officer nor the lender, it's up to Fannie Mae/Freddie Mac automated underwriting system. There are some things you can do to increase your odds, but ultimately, not even Moses coming down the Sinai could get one if not approved by Fannie or Freddie.

0 Votes

Originally posted by @Mike D'Arrigo:

@Eduardo G. It depends on what your objectives are. If your goal is cash flow, you should probably be considering STR. I'm a lifelong resident of CA and have seen huge appreciation over the years but I'm not a believer in banking on appreciation a lone. If you go the STR route, you could have the best of both worlds, however, the upfront capital required is a big hurtle. If you're goal is solely cash flow then you might consider OOS markets, particularly in the Midwest.

This was the post I was going to write, but Mike beat me to it and did it much better than I could. Cheers Mike!

1 Vote

I love living in CA, but if you're an investor and like to have your properties in LLCs, it kind of suck. $800 yearly tax for each LLC.

0 Votes

Welcome!

0 Votes

Look no further. I'm in Long Beach. Best rates in town.

1 Vote

Los Angeles County, California

I love getting creative. Need more info:

Value of current home, equity in current home, price of new home, county of new home, how much down payment would be ideal for you?

0 Votes

DSCR loans only use rental income to qualify. You won't get the best rate, but as long as the numbers work...

2 Votes

Find another lender.

2 Votes

All Forum Posts by: Jesse Rivera

Jesse Rivera has started 24 posts and replied 460 times.

Post: Commercial Lending - Non Bank

Post: How to let a Private Lender Know I am Serious as a Beginner

Post: Appraiser shortage guidance.

Post: CA: Is it worth it in the end?

Post: What state is the best to open an LLC for real estate investment

Post: Real estate agent , living in SoCal, hi 👋 everyone!!

Post: Best Mortgage Company/Bank to get Pre-approval in Los Angeles

Post: Creative loan financing

Post: Loan Qualifying Income

Post: Home Equity Loan Debt-to-Income Question