All Forum Posts by: Stella Guan

@Kam Olsen Thank you! Am looking into structuring it as investment. PM-ed you. 

Hi, I posted in the lending forum but was advised to post here as my question is California specific. I'm newly self-employed (~6 month) after resigning my W2 job and trying to get a loan to purchase a single family residence (as primary) in California. Due to Covid, lenders have withdrawn a lot of the non-QM programs and my self employment history is too short to qualify even though I have high credit score and strong bank statement. I am looking into private lending right now - seems like the only option left for me besides waiting till next year. Does anyone have advice on my situation? Thank you!

@Dylan Vargas In the Los Angeles area. I am definitely looking into private money right now and may try the 2nd strategy you mentioned. Thank you!

@Andrew Postell Thank you! Will repost in the California forum 

Hi, I'm newly self-employed (~6 months) after resigning my W2 job and starting a business. Been trying to purchase a single family home in California as primary residence. Due to Covid, most non-QM programs have dried up. I've spoken to quite a few brokers and none of them have good answers because my history of self employment is too short (they require at least 12-24 months of bank statements). Apparently none of the compensating factors like high credit score, putting 25-30% down, strong bank statement counts now. I know most people here are looking for loans for investing and not primary residence. Anyone has advice on this? Is waiting until next year my only option? Not sure if getting a private lender is an option or worth it. Thank you! 

@Enrique Huerta Thank you for your advice! I think it makes a lot of sense to rent in CA first and get familiar with the area. I find that inventory for fourplexes is hard to find - I found some but they are very limited. I've been mainly going on the popular listing websites like trulia, zillow, realtor.com etc. Is there a local MLS that's better at finding listings? I tried searching on Google but didn't find much else.

@Tom Murtagh Thank you! I have heard of people investing there and prices still have good potential. One concern I've seen people raised is - will it be difficult to find a reliable cleaning crew in the Hi-Desert area? Given that it is in the middle of the desert and less populated than Palm Springs, I'm curious if maintenance would be a big headache. 

@Wendy Schultz Thank you Wendy! I am definitely open up investing out-of-state. Am reading up more on STR - any market that's particularly good (with few regulations) for this type of rental from your experience?

@Rob Massopust Thank you very much for your advice! I have a friend who receives steady cash flow every month from his attached unit with separate entrance kitchen and bathroom. The unit came with his purchase and I thought that was a special case and hard to replicate - good to know it’s a trend in California to ADD the guest unit! Will definitely think about it once I move and get familiar with the area.

@Travis Moe Thank you for your advice. I think that makes a lot of sense. I am aware of the restrictive regulations in the Palm Springs area and therefore hesitant as well. I am definitely going to think about it more. And @Ali Boone made a good point that cash flow is hard in CA - I have toyed with the idea of investing in the midwest instead. Will explore just buying in CA for primary residence.