All Forum Posts by: Rudy Vazquez

@Yasser Siddiqui

Yes, and No. Also, you need to be looking at what zoning its on. I've seen situations where a land is purchased,

with building permits on hold for about 8 months at the minimum. 

-Rudy Vazquez

@Jason Ngo

If, you need recommendations on Realtor Contacts wherever you are, let me know. 

-Rudy Vazquez

@Jason Ngo

Jason, first off, I'm always for fixed rate. And Real Estate out paces stock, hands down. 

So, if you have enough equity, I would refinance for fixed rate, and use it towards the other property. 

Ensure to get a good CPA that deals in income properties, because you can write off depreciation costs etc., also in a year or so you can upgrade if you wish, and do 1031 exchange.

Anyhow, hope this helps,

-Rudy Vazquez

@Matthew Zachman from Houston, Texas

Cash is king, Conventional is welcomed, all others well. But most importantly get a knowledgeable realtor in the area, to help you out on what's overpriced or not.....days on the market, etc. 

I have contacts out there, let me know if you need their info. Otherwise, hope that helps!

-Rudy Vazquez

@Jake Mires from Redding, California

Hi Jake, I'm against taking out a personal loan, only because you'll be cutting down on your purchasing power. 

Mortgage Lenders look at your debt to income ratio...

If, you're currently working, and you been there for a while, how about 401(k) or 403(b), etc. any form of retirement plans. Most, not all of retirement plans will let you take out a loan for the purchase of your primary residence. 

Hope this helps,

-Rudy Vazquez

@Gina Williams from Upland, California

I strongly recommend speaking to a Mortgage lender experienced with Multi-Family homes. 

Only because, those numbers are very fluid, they will change, depending on the overall acquisition price. 

Too bad you are in Upland, otherwise, I could refer you to some down here in Los Angeles. 

-Rudy Vazquez

@Anissa Pearson from San Pedro, CA

Got it, it changes a lot of factors now. Health issues, and the loan modification. 

Keep in mind, even though, you change Title of ownership of the property, the loan will still be outstanding on the property. So, very little loan, will be there for cosmetics, if at all depending to the loan modification. The lenders check how much loan has been taken out of the property, etc. 

Best bet, if you all wish to keep it in the family, is change title to a "Family Trust" and if all the siblings can pitch in for repairs etc. This way it protects all family members interests longterm. 

Sorry, couldn't be much help on this. 

-Rudy Vazquez

@Anissa Pearson from San Pedro, CA

First off, sorry to hear, that your parents, need to go thru this. 

Do they have some type of 401(k), or other retirement plans they can borrow from? Keep in mind there are some retirement plan that won't let you borrow even under hardships. But it's worth to investigate. 

There are other loans, that borrow from the equity for cosmetic loans, but come at a higher interest rate, also, it places a lien on your property for security, you know. 

I'm strongly against, deeding it to another family member, simply because YOUR PARENTS will be relinquishing "all rights" to the property. Real property for Nothing. A big NO, NO. 

Lastly, I know you are against it, but it's much better protecting your parents equity than deeding it to someone else. And its selling the property, CONTINGENT upon acquiring another property. It gets more details than this.

Anyhow, hope this helps.

-Rudy Vazquez 

@Anissa Pearson from San Pedro, CA

I have clients, that buy Multi-Family units, and use one unit as their primary home and the remaining units as income properties. If, you have any questions, shoot away....or connect with me, to get more specific, if you wish. 

Hope this helps,

-Rudy Vazquez

@Paul Martinez from WHITTIER, CA

Hi Paul, since your parents don’t have a lot of equity in the home, I suggest for them to wait and increase it for a while, and in the time being, fix their credit.  On the flip side, if you wish to help them, depending on your income, and credit, you might be able to get a loan for a duplex. A good lender, will guide you through the process. Hope this helps, -Rudy Vazquez