All Forum Posts by: Mark Frattini

A colleague of my wife suggested we can also quit claim the title to an LLC after closing. But I will check with our loan company if this is discouraged for future loans against this asset.

@Michael Dumler thanks for the response!  I'm not trying to commit fraud I actually do plan on moving to the state.  I'm looking for a sunbelt state because being born and raised in chicago I'm sick of snow and cold. I lived in San diego for 5 years so I want the warm embrace of the sun for as long as possible.  Yea I hear a lot that 1% is hard right now and I'm looking for just cash flow. 100$ per unit after all is said and done. But the prices here in chicago for 3-4 flats are hard to come by.  I am currently working on a house to a 2 flat with a in law unit in chicago. I'm also currently trying to get another place here and then I would like to move. Thanks for your response and wisdom!  It is always appreciated 

My husband and I live in San Diego. We’ve always wanted to own in Big Bear and finally have the $$ for a down payment. But the current market has us pretty freaked out! We are hoping to at least break even with renting it as an Airbnb. Anyone have any opinions on the current market in Big Bear and trying to add another Airbnb to it!?

I feel confident in my ability to create a very attractive, unique airbnb. But we are going to have to rely on a management company because we are 3 hours away.

Would love some input while we try to make this decision! Thank you so much!

@Daniel Hyman

Thank you! Appreciate the help. 

@Mark Frattini That was more or less my backup plan if the duplex idea didn't pan out. Medium term rental sounds like a good idea and a way to bypass the whole STR quota issue. Have you done medium term rentals before? Is rent generally pro-rated on a sliding scale (i.e. 1 month > 3 month lease)? Any issues with vacancy? I imagine property management would be more expensive?

I'll probably need to reach out to a bank, but perhaps you have some insight - Once moving out, how difficult would it be to secure another VA/physician loan for another house to more or less repeat the process? Would I need to convert the previous VA loan to a conventional loan and potentially pay PMI?

Thanks for your help!

Hello,

First and foremost, thank you for taking the time to read my post. I am a new investor in San Diego, CA. My brother and I currently own a SFR in Riverside, CA (fully paid) that we inherited and have been renting for around seven years. We are now looking to buy a multi-family property in San Diego or Riverside County.

However, we are currently in a unique situation. We have around 40k saved for the purchase, our credit is in decent shape (low 700s), however; our employment situation is holding us back. I quit my construction engineering job (currently unemployed) in October 2021 to start a trucking business (still in process). As for my brother, he quit his construction job back in mid-2020 and started doing construction projects on his own. He did not register his business so he only reported his W-2 income for that year. He received better tax advice now, and wants to report 2021 income as self-employed (net income 110k). This could help us for the purchase.

We visited a mortgage company and they gave us two options.

1) Re-do 2020 taxes and show proof of self-employment income (to comply with 2 year of employment history).

2) Purchase with a 20% down payment.

Our original plan was to purchase with a 3.5% FHA or 5% conventional. Our market is very expensive and we can not afford a 20% down payment. Any advice on what we could do? Are there any other alternative options for us or is what they told us the only way?We want to go shop to other mortgage companies for other options as well. I would definitely like all recommendations/advice you have for us. We definitely want to get started this year.

Again, truly appreciate you reading my post and look forward to your advice.

So my husband and I are just starting real estate investing and we are in the process of getting pre-approval letters. They checked both of our credit (790 and above). They said my husband makes enough money for the loan so I don't have to be on the loan and I wouldn't qualify for it anyways (he makes 60% more salary than I do). Since I'm not going to be on the loan, I'm wondering if I would qualify for any other types of loans out there so that we could maximize the money for rehabs. My husband is second time home buyer but I'll be first time home buyer, I have a credit score of 792, I have consistent W2 salary and make decent money to live comfortably in San Diego CA (if I wasn't married). I have no other loans. My car is paid off years ago. Please advice.