All Forum Posts by: Matt Turbitt

Im not commenting on the unwillingness to provide details or personal info but in regards to the 12 months in advance that is EXTREMELY common in the Asian community so don't let that part scare you away. Most commonly when they have a weathly family back home that is footing the bill for everything stateside.

Assuming this is a normal, conventional loan you need to weigh if the will eventually close. If you switch it will add minimum 30 to 45 days plus you won't get any fees you've paid back. 

They also will not help you with your living expenses, it'd be nice but that's just life, they are a bank.

If I were in your shoes I'd be keeping in endless contact with the current lender. Email or call them everyday to see where things stand, ask what you can do to speed things along, when they realistically expect to be ready, ask if you should be cc'ing someone in underwriting on your daily emails (they won't want you doing this one but you get the point.) Don't let them put you on the back burner or drag their feet.

You can check out commercial lenders where dti is irrelevant. They want to know, what's it worth, what's it cash flow, do you have 30% down payment. 

you need to find a portfolio or non conventional product. Call around, there will be a few lenders in your area that lend based on the deal and don't get bogged down in the details of the home. I use one here everytime I buy a home with no utilities. These lenders will keep the loan in house as it does not confine to secondary market standards.

a major driving force for the ups and downs is can you easily get financing. Banks like sfh. They hate condos, townhouses, manufactured and mobile homes. Those are all the first to take the hit and the last to clime back out. Obviously that's not everything but a critical part of the financial movement.

the middle step between all cash and all financed are portfolio or commercial lenders who lend based on the deal. They would still do an appraisal but if the gas/water/electric are on or off is irrelevant to them. There's still a pay to play fee but it's better then hard money and requires less cash on your end then a cash deal. Other benefits are it allows you to write offers that aren't contingent on inspections.

can you park on both sides of the 2 car garage? To where you could rent one side to one tenant and one side to the other that way only 1 car is ever in the driveway and only one car could ever need moved rather then 2. Then you can up charge year round for the 2 people who park in the garage.

What I would do is remove the vanity, toilet and the tile wall up to the shower and all the wall paper. Have the shower walls and tub re-glazed and re-caulked white ~$500. new vanity $200, toilet $100, faucet $50, $50 for lighting, $200 in paint and drywall and for $1100 you have a brand new bathroom rather then a detracting eyesore.

I'd pay the < $1000 6.8% loans off, then roll all the federal loans together. Then I'd focus on paying off the private loans. There is nothing in the world (in my opinion) more shady then private student loans. Pay off or pay way down the private loans and then switch your full focus to real estate. 

Probably best to seek advice from your agent or lawyer as CA does everything backwards but for example here in Ohio if a tree that has not been previously noted as neglected or negligent falls on someone's car or house it's their responsibility and their insurance on the hook.