All Forum Posts by: Ko Kashiwagi

What does your cost on the private money look like? Involving an extra step like that will likely incur extra cost in closing, title and lender fees

There are programs out there that can use other histories as line of credit like utilities, phone bills and rent. I'm doing one right now with one active line of credit.

Local banks, private money or second position financing would be some options.

Did they give you any details on why you didn't qualify? There's many factors other than DTI on a conventional financing. If you don't qualify for conventional, non-QM or DSCR may be an option for you assuming good credit.

There's mixed reviews on google and some reviews on yelp as well. There's plenty of lenders out there that have incredible reviews so might be worth looking around for sanity check

Usually HELOCs are used for short term purposes, so it would make more sense on strategies like flips. This is because HELOCs have shorter terms and higher interest rates, so it's intended to be paid off quickly. You could do this if it debt covers, but it usually makes more sense to do a refinance as it will be more stable and provide better rates

The value of a 1-4 unit is determined by comps in the area and most of the time it will be based on similar homes sold in a nearby area within the past few months. Differences (condition, bed/bath, age, amenities) are added/subtracted from the comps to determine the value of the subject property.

Are there comps in the area? Or is the nearest comp miles away? Some lenders can do rural if there are comps. Local lenders may be a good option too

The double transfer of title between LLC and personal name looks excessive. If you prefer conventional, you can buy it under conventional and get an umbrella policy to protect yourself. Assuming you are doing it as an investment property (no-owner occupied) and not a second home, you'd have to put 20%+ down for conventional so you can do DSCR at that point.

Definitely recommend finding a new agent. A good buyers agent will reply in a reasonable time frame, have your best interest, and give you info/resources that a listing agent wouldn't. I'd also say it's not a problem to work with listing agents directly, as long as you know what you are doing - knowing the value well, having a good idea of the rent and class of neighborhood, etc. I like doing this because I know the listing agent can be more cooperative at times if they can do dual agency.