All Forum Posts by: JC Smith
JC Smith has started 4 posts and replied 15 times.
Post: Looking for Multi-Family brokers...
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Thank you Both @Troy Fisher and @Phillip Dwyer !
I am having a dilemma in finding a cash flowing property in Socal within resonable driving distance from my work..
most everything is around 450k-500k for a 4 unit and being an owner operator in at least 1 (FHA guidelines) isn't going to net me cash flow...
I have been getting very anxious because I fear I won't be able to acquire something that will be a good investment...
Post: Looking for Multi-Family brokers...
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
@Tiger M. thank you for the guidance! I have been having trouble getting the enthuisiasm out of my current real estate agent that I am looking for.
@Phillip Dwyer Now were talking! Let's get started, wanna give me a call when you get this @ 562-2!3-75SevenThree
Post: Looking for Multi-Family brokers...
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Hello again BP,
I am looking for some seasoned Multi Family broker/agents to assist in locating me some solid investment properties.
I have about 35k working capital, and was preferring to either
A) Purchase 25% down multi-family properties in Las Vegas or other high ROI areas.
B) Purchase 3.5% FHA Southern California property and live in one and rent the other
Let me know if you guys could recommend anyone!
Thanks again,
J.C. Smith
JCTWO Revenue LLC.
Post: Where to buy multi unit investment property in SO-CAL!
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
@Steve L. Is the ROI in Elsinore strong?
I have family out that way but definetely wouldn't be excited about the travel!
Post: Where to buy multi unit investment property in SO-CAL!
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
@Zaid R. Thank you for the detailed response!
I was kind of hoping to stay around 500-600k Max, I am a first time buyer and want to ensure Vacancy isn't going to rape my bank account. (Currently floating around 95-110k yearly income)
How do I get access to the MLS? Thank you for the REDFIN I haven't seen that
Post: Where to buy multi unit investment property in SO-CAL!
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Greetings BP, JC again. Thank you for all the help so far but I had another question to propose.
I am looking for maximum monthly return on my investment on my FHA loan, which means I am going to have to live there for 1 year. I work out of Cerritos Auto Square and would like to stay 45minutes to 1 hour away MAXIMUM.
I am having literal anxiety trying to decide the best area for a good Investment/Rent ratio, I don't mind living in a rough area. Looking for 3-4 units!
Thanks again!
Post: Do these Loan Details look right for FHA?
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Also getting 5k credit from FHA towards closing costs
Post: Do these Loan Details look right for FHA?
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Can you ellaborate? A 4.250 seemed very aggressive for a first tiem buyer and FHA...
Am I missing something?
Thanks for your help!
Post: Do these Loan Details look right for FHA?
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Sorry for the sloppy post..
My only real estate source is informing me to be careful with Lenders, this particular one happens to be with Alpine Mortgage
Post: Do these Loan Details look right for FHA?
- Real Estate Investor
- Lakewood, CA
- Posts 15
- Votes 1
Hi BP!
JC again, thank you all for the help so far.
ANYWAYS here is the scoop, should I trust this Lender?
|
LOAN DETAILS AND MONTHLY PAYMENT OVERVIEW |
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LOAN DETAILS |
MONTHLY PAYMENT ESTIMATE |
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|
Sales Price: (leave blank for refinance!) |
$420,000 |
Principal and Interest: |
$2,028.72 |
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|
Down Payment (percentage) (leave blank for refinance!) |
3.500% |
Taxes ESTIMATED AT: |
$420.00 |
|||||||||||
|
Refinance Loan Amt (without UFMIP / Funding Fee): |
Hazard Insurance ESTIMATED AT: |
$100.00 |
||||||||||||
|
Loan Amt (without UFMIP / Funding Fee): |
$405,300 |
PMI/FHA Mortgage Insurance: |
$455.96 |
|||||||||||
|
UFMIP / Funding Fee PERCENTAGE: |
1.750% |
MI Factor |
1.350% |
|||||||||||
|
UFMIP / Funding Fee DOLLAR AMOUNT: |
$7,092.75 |
HOA Dues |
||||||||||||
|
Total Loan Amt (with UFMIP / Funding Fee): |
$412,393 |
2nd Mortgage Principal and Interest |
$0.00 |
|||||||||||
|
Interest Rate: |
4.250% |
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|
Loan Term (in months): |
360 |
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|
Value: |
$420,000 |
TOTAL MONTHLY PAYMENT ESTIMATE: |
$3,004.69 |
|||||||||||
|
Loan to Value: |
96.50% |
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|
Estimated Payoff |
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|
ESTIMATED FEES |
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|
ESTIMATED LOAN COSTS--BUYER |
ESTIMATED PREPAID & ESCROW COSTS--BUYER (SEE NOTES BELOW) |
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|
ORIGINATION FEE |
0.000% |
$0.00 |
Per Diem Interest on New Loan |
ASSUME |
$48.02 |
|||||||||
|
LOAN DISCOUNT |
0.000% |
$0.00 |
(from the day of funding through month end). Amount will change depending on the actual close date. |
@ |
5 |
DAYS |
||||||||
|
APPRAISAL (estimated) |
$650.00 |
|||||||||||||
|
CREDIT REPORT |
$21.00 |
ESTIMATED PER DIEM INTEREST: |
240.09 |
|||||||||||
|
ADMINISTRATION FEE |
$995.00 |
Mortgage Insurance Premium |
$1,200.00 |
|||||||||||
|
PROCESSING FEE |
Hazard Insurance Premium |
|||||||||||||
|
DOCUMENT PREP FEE |
(First year, estimated. The homeowner's insurance agent is your choice) |
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|
POSSIBLE APPRAISAL REVIEW |
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|
OTHER: |
OTHER: |
|||||||||||||
|
OTHER: |
OTHER: |
|||||||||||||
|
TOTAL ESTIMATED LOAN COSTS: |
$1,666.00 |
TOTAL ESTIMATED PREPAIDS: |
$1,440.09 |
|||||||||||
|
TITLE/ESCROW ESTIMATED FEES: |
FOR IMPOUNDS ("ESTIMATED NET FIGURE TO BE COLLECTED"): |
|||||||||||||
|
SETTLEMENT/CLOSING |
$2,000.00 |
HAZARD INSURANCE |
3 |
months @ |
$100.00 |
|||||||||
|
TITLE INSURANCE (REISSUE FEE) |
$800.00 |
= |
$300.00 |
|||||||||||
|
TITLE CO. ENDORSEMENTS |
$100.00 |
MORTGAGE INSURANCE |
months @ |
$455.96 |
||||||||||
|
RECORDING/FILING FEE |
= |
$0.00 |
||||||||||||
|
TITLE CO COURIER |
REAL ESTATE TAXES |
6 |
months @ |
$420.00 |
||||||||||
|
TITLE CO DOC PREP/DOC FEE |
= |
$2,520.00 |
||||||||||||
|
WIRE FEE |
FLOOD INSURANCE |
months @ |
||||||||||||
|
NOTARY FEE |
$200.00 |
= |
$0.00 |
|||||||||||
|
TRANSFER TAX |
||||||||||||||
|
OTHER: |
||||||||||||||
|
OTHER: |
||||||||||||||
|
OTHER: |
||||||||||||||
|
TOTAL ESTIMATED TITLE/ESCROW FEES: |
$3,100.00 |
TOTAL ESTIMATED IMPOUNDS: |
$2,820.00 |