All Forum Posts by: Satyajit Bappanadu Manjunath

Hey @Suzanne Miller,

Yes, that is the process I followed. I got the pre-approval from a lender and started looking at listings in parallel.

By the time I went under contract, I had interviewed multiple lenders. It was easier to pick one as most lenders said that I was crazy investing on a property as a rental when I did not have a primary and most of the lenders did not understand terms like "cash on cash return". A few did understand my strategy and I chose a mortgage broker who was not a "say yes to everything" person. I tried to ask her things that I knew would not be possible and she was honest about it.

I used the same broker the 2nd time as well. Service is more important than the decimal interest rate difference IMO.

Hope this helps!

Regards,

Satya

Thank you @Don Cornell and @Tariq Khan for the leads. I found a few more leads browsing through other threads. I'll call them up and check.

Anyone has any leads on HELOCs for SFH rentals in 2nd lien positions in CALIFORNIA? I am mostly looking at LTV 75%+.

I see Fremont Bank and Cal Coast Credit Union in this thread. Anything more to add to that funnel would help me to call them up and enquire. Appreciate your help!

Thanks @Polo Vazquez for sharing the link. I did get a few quotes from lenders over the phone. Will ask them to send me the itemized closing costs / loan points details etc. so that I may compare.

Thanks @Jay Hinrichs for that. Yes, I am making sure that the loan officer I am comfortable with the loan officer I am working with and they are open about everything.

@Nate Marshall, thank you for that tip. I have reached out to a bunch of Mortgage Brokers as well in my area.

Thanks for clearing that up @Will Fraser. I will start on option a) right away. 

I am a rookie investor looking to invest in SFH to hold as rentals long term. I am planning to use conventional financing to finance my investment. I have started looking for listings recently.

I am a bit confused when people ask to "shop around" for a conventional loan. As of now, I have a list of 4-5 lenders that I have done some research on. What is the typical way to go about this?

a) Get a pre-approval from ONE of the lenders and use it to put in offers. Later, once the offer is accepted, check with the 4-5 lenders on who can give me the best terms?

b) Get pre-approval from ALL lenders and use the best one to put in offers. Once the offer is accepted, use the deal with the best terms to finance the property.

Option a) will involve starting the relationship with most of the lenders once the offer is accepted. I am not sure if this is a good idea given that I will have to close quickly.

Option b) will involve submitting documentation to all lenders (I don't mind that), but I will be using the services of only one lender. Seems like I am wasting time for others.

Some insight from experienced investors who use conventional financing or lenders would help me. Thanks for taking a look at my situation.

Hey, I am a Software engineer from Bay Area. I am a newbie investor, planning to invest in my first property in early 2021.

Hey @Nicholas Aiola , thanks for opening up this thread.

I am newbie into REI and plan to buy a rental property by the end of the year. I am currently in the USA from the past 5 years on a work visa and plan to go back to India in a couple of years.

If I plan to hold on to the rental property once I leave USA (and I will be considered a non-resident for tax in US), what would be the implications of taxation on:

a) the rental income I receive every year

b) capital gains if I decide to sell the property while I am a non-resident.

I would not have any other income from US sources once I leave the country. I read some threads that talk about ECI and treating rental income as ECI. Would that be the case or would I have to shell out flat 30% of my income as non-resident taxes? If this is too complicated to discuss in a thread, I would be willing to DM you and discuss over a call. Please let me know.

I am 28, have 0 properties. Hoping to acquire a SFH by end of 2020