All Forum Posts by: Alexandra Gomez

@Terry Lao they are in LV

What lending company in California do you use? How do I select a mortgage company that has good rates, any suggestions? Have you heard of Logix? I think they have a license to do business in other states, they are my second option. 

@Terry Lao I don't own any property so big plus!

Is applying for the loan same as getting Pre-Approval? I heard that Pre-Qual is different than Pre approval. If the answer is yes, I guess I need to apply for a loan ASAP (just providing any address). Now it is a good time because I do have paystubs for the last two months. If I wait, let's say one more month I won't  be able to show work income for the last month and that would be a headache.

I just spoke with a company that has a team (realtor, lender and property managers) and I am about to speak with the lender. Any questions besides the ones I have already asked you that you suggest I ask her? Also, should I find my own lender? considering I am not so experienced, I think it is better to work with a team like the one I am about to work with, however this is just an speculation of mine and would love to hear what you think.

Thanks!

That is good to know. Another concern I have is that I just started taking an unpaid family leave at work because I am taking care of a relative who's ill. I won't have income from my work for the months of December and January (unless I stop the leave and return to work) but I am still employed and can show proof of it. The leave started 5 days ago. I am aware that some financial institutions require the paystubs for the last 2 months, do you think is good to apply for a pre-approval now that I am able to show paystubs for the last two months? For how long is a pre approval good for? and can it be extended if I don't close any deal within the period of its validity?

Thanks! @Terry Lao

@Terry Lao That is good to know. Another concern I have is that I just started taking an unpaid family leave at work because I am taking care of a relative who's ill. I won't have income from my work for the months of December and January (unless I stop the leave and return to work) but I am still employed and can show proof of it. The leave started 5 days ago. I am aware that some financial institutions require the paystubs for the last 2 months, do you think is good to apply for a pre-approval now that I am able to show paystubs for the last two months? For how long is a pre approval good for? and can it be extended if I don't close any deal within the period of its validity?

Thanks!

@Terry Lao right now the money is in a mutual funds account. It is money that I can take out anytime. Do you think this would be an issue?

@Stephan Kraus Thanks, I sent you a message. Despite all the risks and most likely inclined to go for Long Term at this point, I would still like to talk property managers/realtors who have experience with STRs. 

@Terry Lao Are you currently looking into partnering? 

I could potentially do 20 to 25% but I definitely see the advantage that cash offers have. And my FICO score is pretty good, def higher than 740

@Terry Lao Thanks!

@Terry Lao your last comment made my day! Real State is better than gambling for sure!

And thanks for the diagram, it helped me a lot to understand the dynamics. I will continue my research and most likely will go for LTR. Considering both (cash flow and appreciation) circumstances, could you please give me your top 5 neighborhoods in LV that you suggest I look at?

Thanks! 

@Terry Lao Thanks for sending that link. So despite being late in the game as most of properties already increased in value and having very little room for Short Term Rental due to the regulations, would you say that Las Vegas is one of the best cities to invest in Real State for LTR? Do you anticipate the properties to continue increasing in value for a few more years or do you think they have reached the peak already?