All Forum Posts by: Ryan Henriksen

Thank you! The rate I have is with Wells Fargo. As mentioned prior, I do not need much more than 50k in rehab (at most) which I mostly use credit cards for materials, pay off in full for the points. This property is more of under-valued quick flip, as opposed to a “needing to be rehabbed” in order to obtain the upside potential. I’ve already gone through underwriting with the approval for a loan with a purchase price of $2,050,000 with 20% down on a property that was going to be primary residence which I backed out of. Also note, Wells Fargo does not have a pre payment penalty…. So… if my intentions are to move in, but instead decide to sell am I ok with a primary residence loan?? 

Hi all! I’ve come across an off market deal that I would like to buy and flip…. 
I can acquire the property for $1,050,000 which will require approx. $50,000 in rehab, and current Comps are 1.5-1.6. I feel that I can have it ready and on the market in approx. 2-3 months. Now, here lies the question. I currently own my existing home which I purchased 2 years ago as primary residence. I'm pre-qualified for another conventional loan but it's stated as another primary residence (as in I would be renting out my current home and moving into the new one). Am I ok to get my loan in this fashion and just pay it off within 3-6 months after the flip (there's no pre-pay penalty)… it is this a bad idea. Rates are bad for investment properties and my income and credit is too strong for me to ever consider hard money… my current approval is conventional 20% down, APR 5.95 @30 years, ZERO Points and only $850 origination fee. Thoughts?

Hi all, I will be Ca licensed within the next 3 weeks (courses complete, only need to take the test), but I am only getting licensed to assist with my own personal investments (and I plan to do many buy/sell and ground-up developments in the future). I am native to the northern Bay Area (Sonoma County) and I’m looking for insight with current market trends. For all cash buying investments (up to 5M) short term, would you recommend waiting as prices are starting to tumble due to the rise in interest rates???… or do you think now is the best time to buy… in other words, do you believe that the median is going to continue to decline in this area, or the entire bay area over the next 24 months??? 

Hi All! I’ve been searching for a new high end home (new build) up in fountaingrove in Santa Rosa, CA, and have noticed all the homes beginning to sit on the market with several price reductions. Anyways, is now a good time to buy (since homes are reducing in price and owners are taking “less than” offers) or is the market still shifting and will these high end homes continue to decline in value for quite sometime. We don’t need to buy, as this will just be a second home. All advice appreciated. Thanks! 

Hello, 

I have recently started searching for a single family home purchase (owner occupied) in the Greater Sacramento area (Roseville/Rocklin). I have a BK (Ch. 7) that is nearly three years old from discharge (Sept. 2014) with an excellent credit rebuild since having multiple credit lines (revolving) and a few auto loans (installments) paid off. My debt to revolving credit limit is less than 3% and my average FICO (between the 3 agencies) is at 690! I am looking at an FHA and not conventional because my BK is well over two years, but NOT over 4 years. I am looking to spend between $400,000-500,000 and I have 3.5+% ($21,000) that has been seasoned for more than 3 months. I am currently employed (approx. 1 year) and make a salary of $120,000 annually Which began on Jan. 2017. As for last year (2016), I only have approx. $6,000 of W2 Wages (same job) and $12,000 of rental income on a property I owned and also sold in 2016 (owner occupied two out of five). For 2015, I have NO W2 income and only rental income of approx. 12,000. My occupation for that year was classified as "Student" which I was full time for the last 6 months of 2015.

I have only tried one mortgage broker who is not able to get this underwritten because I don't have two years of solid employment. 

Any reccomendations??