All Forum Posts by: Shaun Weekes
Shaun Weekes has started 33 posts and replied 1673 times.
Post: Easing lending standard
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
@Diane G.
Roughly 3 years ago for Fannie and Freddie has always been 1 year tax return.
DTI wise about 3 years ago.
Post: Is there a max limit you can cash refinance a paid off property?
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
@Susan Tan
What type of property is it. How many units is it and what county and state is it in?
Post: Hard Money Lenders for Baltimore
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
Originally posted by @Jade N.:
Hello,
Does anyone have any HML recommendations for Baltimore?
What are you looking to do?
Post: Owner Occupied Investment Property
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
@Alan Polaski
You can buy the home as an investment property but that would require 20% plus down for a 2 to 4 unit home.
Post: Owner Occupied Investment Property
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
@Alan Polaski
Look up the term " straw buyer "
Post: Owner Occupied Investment Property
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
@Kirk Ziegler
It's very illegal to have someone buy the home with the intentions of someone else living in it.
What state is the home in?
Post: Cant access my equity :(
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
Originally posted by @Pablo Barrientos:
Hello bp,
I've been investing since 2015, all has been well and im very happy with my progress so far. I have 2 investment properties and my primary that i purchased last year. I've been able to buy each home by obtaining a heloc on each home and going onto the next. My problem now is my debt to income ratio is now too high(54%) because of all the mortgages i have. I am now having trouble qualifying for another heloc on my primary because of this. I feel stuck and not sure what to do. any advice experienced investors??
You can start looking into using Non Qm lenders. They have products that don't require your DTI to be included in the calculations. I would also look into this type of loan and or portfolio products from small banks in your area.
I hope this helps.
Post: New Investor in San Fernando Valley / SoCal
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
Originally posted by @Yvonne Chou:
Hello BiggerPockets! My name is Yvonne, and I'm a real estate investor excited to join this community of incredible people. I'm hoping to start my portfolio in the Los Angeles / San Fernando Valley area. I know this is a tough market, so for the past few months, I've just been reading and learning as much as I can. I'd love to hear people's thoughts on the Southern California market.
My family owns 3 rental properties in San Fernando Valley generating passive income, in addition to our permanent residence home in which my parents live. We have some liquid capital on hand to invest jointly in either multifamily commercial properties or SFH. I'm also considering entering the Assisted Living Facility market, as I'm a healthcare professional familiar with that industry. My family has lots of experience with contractors in the valley as we purchased several properties on foreclosure, so I'm happy to share that knowledge. I'm always excited to meet and chat with investors about their experiences in the industry and to bounce ideas back and forth. Looking forward to talking with you all!
Welcome to BP and it sounds like you have a good foundation. Just keep reading, learning, asking questions and you'll be fine.
Post: Financing my first rental
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
@Jeff Ostrander
If this is a Fannie or Freddie loan and an investment home the max will be 75% LTV for a cash out refinance and that's after 6 months. 70% if you use delayed financing and and it's an SFR.
The 85% you're referring to is for purchases on SFR investment homes not refinancing.
I hope this helps and have a good one.
Post: Repair Credit, deduct from listing price or closing cost?
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
- Posts 1,784
- Votes 757
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
Originally posted by @Shaun Weekes:
Originally posted by @Ken Ch:
My seller is offering us 12k Repair Credit. The agent asked if we want to deduct it from the listing price or just get it as a credit towards the closing cost.
I'm not sure which way will save me more money.
Any suggestion?
What is the list price?
The listing price is $749k, Looking to get a 500k mortgage
I would put it towards the closing costs then.
Can you explain the benefits?
12K will pay for most of the closing costs including taxes and insurances impound account. This is saving your client one-time fees. If you use it to lower a 700+ home, it's less than 2% of the sales price. A home worth that much most likely will appreciate by more than 2% per year. My thought process is to eliminate the one-time fees. If this home were 100K then I would have said add the credit to sales price because you're lowering the price by more than 10% is significant in my opinion. Moreover, your buyer is putting down a large Down Payment so getting the home for 12k less means nothing against potentially pay $0 closing costs in this scenario.
Just my 2 cents and I hope this helps.