All Forum Posts by: Keeya WangJones

Yes send me his info ... that would be great! Ideally if I can add a unit and even convert a garage under a 203k that would open up my options and make it safer to own a couple of units. House hacking would become a reality. Savvy is good and what I need! Thank you Michael Conway

Yeah I was hoping for more options. Michael Conway I just having a hard time finding a good property and trying to decide if FHA is a good way to go. It is great for 3-4 units. I'm learning single family unit is no good for FHA in a nice neighborhood. $580k. $612k in Jan. I want a 3 unit to 4 unit but so hard and frustrating to find in a decent neighborhood like El Cerritos, Del Cerro, College West, Mid-City. So I thought of single family and build units in the back. At least 1 for starters. FHA 203k covers only $35k max. I can't use 203k to build a unit.

Hi, Seeking advice on financing my first deal. My lender approve me at $900k for Quadplex. But quadplex deals in San Diego in a nice area is extremely hard to find. We visit Talmadge yesterday and found a single family house at $700k. It has a 2 car garage converted into a jr 1 bedroom unit. It even hand enough land to still have a yard and add a studio loft. I tell my lender and found out under FHA the loan has a limit of $580k. She suggested I can take out a second mortgage to try and cover the rest. Stats: $60k down FHA 5% down but at $700k - 60k down 8.5% Since it was in a perfect area of Talmadge close to SDSU, we wanted to put in an offer. But hearing about two mortgages seems drastic and not safe. Higher interest, drops of desperation. AND property is already under contract. Excellent credit, $60k, motivated, 6 figure salary.. My wife and I walked around Talmadge and a lot of homes have converted garages into units. Smart! What would you do? How do I make San Diego work? Cheers!

Has anyone used this contractor before here in San Diego? CallMHS.com http://www.callmhs.com/construction-services/203k-renovations/

Just in case your interested Michael Conway, I'm looking into StudioShed.com to add another unit. I'm wondering if getting a modular home increase the value of the home as if it was stick built home. If your interested in the info I'll let you know what I find out.

Same here! Would like a recommendation on a contractor to build a studio unit or install Studio Shed modular unit. FHA 203k mortgage deal. Any landscaper contractors too.

Hi Stephanie Irto Thank you for the response! Do you find that people tend to be more conservative and move towards locking in a lower rate, pay the upfront cost? Or do they go higher rate, get the points that can help take care the closing cost, and refinance? This is our first purchase and the purchase price will most likely be over $900k for Quadplex in California. Financing roughly $700k - $850k. Our lender has mentioned we are entitled to a tax credit for the upfront costs.

Well with racism on a higher rise, getting approved for a loan is going to be even harder for people of color to get approved. I'm working on pre-approvals with low interest now rather than later. Basically, hope for the best or wait until 2020. This is a hard time and unfortunately it is not all about the numbers but also social dynamics. I can imagine that it is worst for people of color investors in the south and middle America. I'm so fortunate to live in California where lenders are begging for my business.

Hi, Can anyone explain how some lenders are offering low interest 3.5-4% but I need to pay for points or upfront costs? What does the points actually do? How does this method of lending affect a 30 year fixed? Cheers!

Justin R. Hi there! I'm sort of in the same boat. FHA and I did some research on the restrictions and loan limits, tax breaks, etc. 3.2-3.5% are some online quotes I saw for FHA. The difference would be owner-occupied, which I will be doing. Any advice on what specific questions I should ask a lender? It's frustrating to get ideal numbers, because they all want to pull my credit so early. I'm also thinking maybe it is putting the cart before the horse until I finish my down payment goal. I wanted to have a list of trustworthy lenders so when I find a few potential properties I can have them all pull my credit in the 30 days that credit bureaus allow to count as 1 point.