All Forum Posts by: Ko Kashiwagi

Hi Kevin,

Doing out of state investments without flying there is definitely doable with a good team. It would be a good idea perhaps for your first deal, but ideally you want to delegate and take advantage of the fact that you are in a position to delegate as an out of state investor.

You could probably narrow down to 1 or 2 markets by just talking to people online and doing research on the macro economics of the markets. Then, you can expand your network by finding an agent, PM, contractors and boots on the ground. 

Hi Joshua,

I've funded a couple of rentals there over the last few months. Happy to connect:)

Hi Troy,

Definitely worth looking around - if your current lender ends up having the best terms, you at least now know the you have a great lender. I've often seen quotes that come in wide range of rates so you might be surprised to when you see other quotes. I would make sure to check their reviews so that you don't get baited by a bad lender.

As far as appraisal, the lender is not supposed to influence the value, but you can provide comps/reports to the appraiser - it doesn't mean he will use it but at least you can help them out.

Hi Jordan,

How much is the extra rehab cost for splitting utilities? If you're keeping the property for a while, it sounds like it would be a good idea to say 300 a month given the breakeven number makes sense. I would also look at other comps and decide from there.

Hi David,

If you can rehab it now and sell it for her you might be able to avoid a lot of closing costs if you have the funds for the rehab.

If not, you could get a hard/private money loan but a lot of lenders don't allow non-arm's length transactions so it'd be important to check this beforehand.

Hi Bao,

You will need to have a new place before you close on the DSCR refinance, so you'd need to make sure to line this up in advance. However, I believe you should be able to right off most of your current debt if you are buying with conventional loan by indicating you will be moving out & renting it out. Depends on programs but I believe you can use 75% of market rent as rent and reduce the liability to make your DTI look better.

Hi Tom,

Lenders determine rurality differently but most consider rural if the CFPH says rural or the USDA website: https://www.fns.usda.gov/sfsp/rural-designation

I've financed a few rural flips by using programs that did not consider the deal rural on that specific program. Happy to take a look

Hi Fay,

That's surprising you're running into many issues - I've seen some local lenders say this but a lot of DSCR programs will do this with no issue! You can also set up a remote notary for the signing so you absolutely don't have to go to TX for the closing

Hi Haniyf,

Tough spot with 650 FICO but luckily if you can get it up 10 points higher your options should expand as a lot of programs cut off at 660 or 680. Also there are programs that can do 70% LTV with below 660 - happy to chat.

It sounds you could navigate this a couple of ways:

- Put someone else as guarantor if someone else is in the LLC or if you can add them (not all lenders will allow this)

- sell

- wait for your FICO to go up 10 points

- Refinance now with a better program

Hi Ally,

If you're looking at a specific, you can probably get a very deal specific advice if you post it here or ask local investors. I would definitely get a reputable GC from a reliable referral source - if not, at least get another Bid and talk to 2-3 investors who can give you advice.